AXQ Capital LP Makes New Investment in Zillow Group, Inc. $ZG

Key Points

• AXQ Capital initiated a Zillow Group position in the second quarter, purchasing 64,220 shares valued at approximately $2.015 million. Other major institutions, including Norges Bank and Technology Crossover Management, also recently acquired stakes.
• Analyst sentiment is mixed: 11 analysts rate Zillow a Buy, 13 recommend Hold and one rates it Sell. The stock has an average target price of $53.14, despite several firms recently cutting their price targets.
• Zillow exceeded quarterly expectations with earnings of $0.52 per share versus $0.44 expected and revenue of $772 million, up 17.9% year over year. Shares opened at $35.32, near the lower end of their 12-month range.

AXQ Capital LP bought a new stake in shares of Zillow Group, Inc. (NASDAQ:ZG - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 64,220 shares of the technology company's stock, valued at approximately $2,015,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Technology Crossover Management XI Ltd. acquired a new position in Zillow Group in the 2nd quarter worth $73,694,895. Norges Bank acquired a new stake in shares of Zillow Group during the fourth quarter valued at about $152,050,000. Independent Franchise Partners LLP increased its position in shares of Zillow Group by 1.1% during the fourth quarter. Independent Franchise Partners LLP now owns 2,024,556 shares of the technology company's stock worth $138,135,000 after acquiring an additional 21,862 shares during the last quarter. Kahn Brothers Group Inc. purchased a new stake in shares of Zillow Group during the second quarter worth about $37,265,000. Finally, Tiger Global Management LLC lifted its stake in shares of Zillow Group by 30.7% in the fourth quarter. Tiger Global Management LLC now owns 1,023,733 shares of the technology company's stock worth $69,849,000 after acquiring an additional 240,690 shares in the last quarter. 20.32% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ZG has been the subject of several research analyst reports. Cantor Fitzgerald reduced their target price on Zillow Group from $34.00 to $32.00 and set a "neutral" rating for the company in a research note on Thursday, August 6th. Citizens Jmp cut their price target on shares of Zillow Group from $75.00 to $46.00 and set a "market outperform" rating on the stock in a report on Friday, August 7th. UBS Group reduced their price objective on shares of Zillow Group from $75.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. DA Davidson dropped their target price on shares of Zillow Group from $60.00 to $50.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Finally, The Goldman Sachs Group cut their target price on shares of Zillow Group from $53.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday, June 12th. Eleven analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Zillow Group presently has an average rating of "Hold" and an average target price of $53.14.

Insider Buying and Selling at Zillow Group

In related news, CEO Jeremy Wacksman sold 9,339 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.18, for a total value of $319,207.02. Following the completion of the sale, the chief executive officer owned 138,574 shares in the company, valued at approximately $4,736,459.32. This trade represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Dan Spaulding sold 3,169 shares of the company's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $35.37, for a total value of $112,087.53. Following the completion of the transaction, the insider owned 44,561 shares of the company's stock, valued at $1,576,122.57. The trade was a 6.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 39,330 shares of company stock valued at $1,351,327 in the last three months. 29.88% of the stock is owned by insiders.

Zillow Group Stock Down 2.0%

Shares of Zillow Group stock opened at $35.32 on Friday. Zillow Group, Inc. has a 12 month low of $29.03 and a 12 month high of $90.22. The stock has a market cap of $7.94 billion, a PE ratio of 160.55, a price-to-earnings-growth ratio of 1.57 and a beta of 1.97. The business has a fifty day simple moving average of $34.15 and a 200-day simple moving average of $38.25.

Zillow Group (NASDAQ:ZG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.08. The business had revenue of $772.00 million during the quarter, compared to analyst estimates of $758.25 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.Zillow Group's quarterly revenue was up 17.9% compared to the same quarter last year. During the same period last year, the company earned $0.40 earnings per share. Analysts expect that Zillow Group, Inc. will post 0.89 EPS for the current fiscal year.

Zillow Group Company Profile

Zillow Group NASDAQ: ZG is a U.S.-based online real estate marketplace that connects consumers, real estate professionals and mortgage lenders through a suite of digital products and advertising services. Founded in 2006 by Rich Barton and Lloyd Frink and headquartered in Seattle, Washington, the company operates a portfolio of consumer-facing brands and tools designed to simplify home search, rental discovery, valuation and mortgage shopping.

Zillow's core products include its consumer websites and mobile apps that list homes for sale and rent, the Zestimate automated home value estimate, and marketplaces that connect buyers and renters with agents and lenders.

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