Atreides Management LP Buys Shares of 469,061 Zillow Group, Inc. $Z

Key Points

• Atreides Management LP has acquired a new stake in Zillow Group, Inc., purchasing 469,061 shares worth approximately $32.16 million, marking it as the fund's 27th largest holding.
• Insider trading activity revealed that General Counsel and CFO of Zillow sold over 11,000 shares collectively, with significant drops in their ownership percentages.
• Zillow Group's stock has seen fluctuations, currently trading around $84.31, with financial analysts having mixed opinions, resulting in a consensus rating of "Hold" and a price target of $88.29.

Atreides Management LP acquired a new position in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 469,061 shares of the financial services provider's stock, valued at approximately $32,159,000. Zillow Group makes up approximately 1.0% of Atreides Management LP's investment portfolio, making the stock its 27th largest position. Atreides Management LP owned about 0.19% of Zillow Group as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Flynn Zito Capital Management LLC increased its holdings in Zillow Group by 4.5% during the 1st quarter. Flynn Zito Capital Management LLC now owns 3,856 shares of the financial services provider's stock worth $264,000 after purchasing an additional 166 shares in the last quarter. True Vision MN LLC increased its holdings in Zillow Group by 2.4% during the 1st quarter. True Vision MN LLC now owns 7,599 shares of the financial services provider's stock worth $521,000 after purchasing an additional 176 shares in the last quarter. GAMMA Investing LLC increased its holdings in Zillow Group by 47.7% during the 1st quarter. GAMMA Investing LLC now owns 607 shares of the financial services provider's stock worth $42,000 after purchasing an additional 196 shares in the last quarter. National Pension Service increased its holdings in Zillow Group by 74.8% during the 1st quarter. National Pension Service now owns 577 shares of the financial services provider's stock worth $40,000 after purchasing an additional 247 shares in the last quarter. Finally, IFP Advisors Inc increased its holdings in Zillow Group by 288.9% during the 1st quarter. IFP Advisors Inc now owns 455 shares of the financial services provider's stock worth $31,000 after purchasing an additional 338 shares in the last quarter. 71.01% of the stock is owned by institutional investors.

Zillow Group Stock Up 0.2%

Shares of Zillow Group stock traded up $0.20 during trading on Thursday, reaching $83.70. 2,072,376 shares of the stock were exchanged, compared to its average volume of 2,720,386. The stock's fifty day moving average is $80.04 and its 200 day moving average is $72.88. The firm has a market cap of $20.28 billion, a price-to-earnings ratio of -321.92, a price-to-earnings-growth ratio of 15.73 and a beta of 2.04. Zillow Group, Inc. has a 1 year low of $52.86 and a 1 year high of $89.39.

Insider Activity at Zillow Group

In other news, CFO Jeremy Hofmann sold 8,168 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $85.35, for a total transaction of $697,138.80. Following the completion of the sale, the chief financial officer directly owned 84,146 shares in the company, valued at approximately $7,181,861.10. This represents a 8.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jeremy Wacksman sold 11,275 shares of the stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $85.73, for a total transaction of $966,605.75. Following the sale, the chief executive officer owned 153,113 shares of the company's stock, valued at approximately $13,126,377.49. This represents a 6.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 581,587 shares of company stock valued at $49,418,676 in the last quarter. 25.03% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Z has been the subject of a number of recent research reports. Keefe, Bruyette & Woods decreased their price objective on Zillow Group from $80.00 to $76.00 and set a "market perform" rating for the company in a report on Wednesday, May 7th. Bank of America boosted their target price on Zillow Group from $81.00 to $88.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. boosted their target price on Zillow Group from $79.00 to $94.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, Zillow Group currently has a consensus rating of "Hold" and a consensus target price of $88.29.

About Zillow Group

Zillow Group, Inc operates real estate brands in mobile applications and Websites in the United States. The company offers premier agent and rentals marketplaces, new construction marketplaces, advertising, display advertising, and business technology solutions, as well as dotloop and floor plans. It also provides mortgage originations and the sale of mortgages, and advertising to mortgage lenders and other mortgage professionals; and title and escrow services.