Atreides Management LP Sells 737,910 Shares of Zillow Group, Inc. $Z

Key Points

• Atreides Management LP sold 737,910 shares of Zillow Group in the quarter, cutting its stake by 86.2% and leaving it with 118,098 shares valued at about $9.10 million.
• Company insiders have been net sellers—including recent sales by the CTO and general counsel—with 60,801 shares sold in the past 90 days; insiders own 25.03% of the stock while institutions hold 71.01%.
• Analysts’ consensus is a “Hold” with an average target price of $90.60, even as the stock trades around $42.90 (one‑year range $41.13–$93.88) and carries a very high P/E.

Atreides Management LP reduced its stake in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 86.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 118,098 shares of the financial services provider's stock after selling 737,910 shares during the quarter. Atreides Management LP's holdings in Zillow Group were worth $9,099,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in Z. Empowered Funds LLC lifted its holdings in Zillow Group by 4.7% in the first quarter. Empowered Funds LLC now owns 3,822 shares of the financial services provider's stock valued at $262,000 after buying an additional 171 shares during the period. Intech Investment Management LLC grew its holdings in Zillow Group by 21.7% during the 1st quarter. Intech Investment Management LLC now owns 20,518 shares of the financial services provider's stock worth $1,407,000 after acquiring an additional 3,653 shares during the period. Los Angeles Capital Management LLC grew its holdings in Zillow Group by 25.1% during the 2nd quarter. Los Angeles Capital Management LLC now owns 4,946 shares of the financial services provider's stock worth $346,000 after acquiring an additional 991 shares during the period. National Pension Service raised its position in shares of Zillow Group by 340.4% in the 2nd quarter. National Pension Service now owns 2,541 shares of the financial services provider's stock worth $178,000 after acquiring an additional 1,964 shares in the last quarter. Finally, SBI Securities Co. Ltd. raised its position in shares of Zillow Group by 58.2% in the 2nd quarter. SBI Securities Co. Ltd. now owns 503 shares of the financial services provider's stock worth $35,000 after acquiring an additional 185 shares in the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on Z shares. Needham & Company LLC restated a "hold" rating on shares of Zillow Group in a research report on Wednesday, February 11th. Zelman & Associates upgraded Zillow Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, February 12th. Keefe, Bruyette & Woods dropped their price target on Zillow Group from $80.00 to $65.00 and set a "market perform" rating on the stock in a research note on Monday, February 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Zillow Group in a research report on Wednesday, January 21st. Finally, Barclays upgraded shares of Zillow Group from a "strong sell" rating to a "hold" rating in a research note on Thursday, January 29th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $90.60.

Insider Activity

In related news, CTO David A. Beitel sold 3,966 shares of Zillow Group stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $44.22, for a total value of $175,376.52. Following the completion of the sale, the chief technology officer owned 136,690 shares of the company's stock, valued at approximately $6,044,431.80. This trade represents a 2.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Bradley D. Owens sold 2,602 shares of the business's stock in a transaction on Friday, February 13th. The shares were sold at an average price of $44.42, for a total transaction of $115,580.84. Following the sale, the general counsel owned 33,355 shares of the company's stock, valued at $1,481,629.10. This trade represents a 7.24% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 60,801 shares of company stock valued at $2,683,986. Corporate insiders own 25.03% of the company's stock.

Zillow Group Price Performance

Shares of Z opened at $42.90 on Friday. Zillow Group, Inc. has a one year low of $41.13 and a one year high of $93.88. The company has a market cap of $10.29 billion, a PE ratio of 476.72, a P/E/G ratio of 2.40 and a beta of 2.10. The stock has a 50-day moving average of $55.37 and a 200-day moving average of $68.48.

Zillow Group (NASDAQ:Z - Get Free Report) last posted its quarterly earnings results on Tuesday, February 10th. The financial services provider reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.03). The firm had revenue of $654.00 million for the quarter, compared to analyst estimates of $650.40 million. Zillow Group had a return on equity of 0.56% and a net margin of 0.89%. Analysts expect that Zillow Group, Inc. will post 0.32 EPS for the current fiscal year.

About Zillow Group

Zillow Group, Inc is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company's platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company's automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.

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