Belpointe Asset Management LLC Makes New Investment in Zillow Group, Inc. $Z

Key Points

• Belpointe Asset Management LLC has acquired 10,083 shares of Zillow Group, valued at approximately $691,000, signaling strong institutional interest in the stock.
• Other notable institutional investors such as Vanguard Group Inc. and Ninety One UK Ltd. also increased their holdings in Zillow Group during the first quarter, with institutional ownership now at 71.01%.
• Zillow Group's shares are currently trading at $87.78, having seen a price target increase from various brokerages, with an average consensus target price of $88.29.

Belpointe Asset Management LLC acquired a new position in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,083 shares of the financial services provider's stock, valued at approximately $691,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Zillow Group by 7.8% during the 1st quarter. Vanguard Group Inc. now owns 22,589,955 shares of the financial services provider's stock worth $1,548,767,000 after purchasing an additional 1,628,577 shares in the last quarter. Independent Franchise Partners LLP raised its stake in shares of Zillow Group by 2.5% during the 1st quarter. Independent Franchise Partners LLP now owns 11,153,697 shares of the financial services provider's stock worth $764,697,000 after purchasing an additional 271,084 shares in the last quarter. Ninety One UK Ltd raised its stake in shares of Zillow Group by 11.4% during the 1st quarter. Ninety One UK Ltd now owns 4,029,503 shares of the financial services provider's stock worth $276,263,000 after purchasing an additional 411,742 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Zillow Group by 3.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,584,537 shares of the financial services provider's stock worth $108,636,000 after purchasing an additional 45,828 shares in the last quarter. Finally, Altimeter Capital Management LP raised its stake in shares of Zillow Group by 1.8% during the 1st quarter. Altimeter Capital Management LP now owns 1,323,554 shares of the financial services provider's stock worth $90,743,000 after purchasing an additional 22,816 shares in the last quarter. Institutional investors own 71.01% of the company's stock.

Zillow Group Trading Down 1.7%

Z opened at $87.78 on Friday. Zillow Group, Inc. has a 1-year low of $56.82 and a 1-year high of $91.93. The stock's fifty day simple moving average is $82.05 and its 200 day simple moving average is $73.30. The stock has a market cap of $21.27 billion, a PE ratio of -337.62, a price-to-earnings-growth ratio of 9.36 and a beta of 2.04.

Analyst Ratings Changes

A number of brokerages have recently issued reports on Z. Bank of America upped their price objective on Zillow Group from $81.00 to $88.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. upped their price objective 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 seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Zillow Group currently has an average rating of "Moderate Buy" and a consensus target price of $88.29.

Insiders Place Their Bets

In related news, CTO David A. Beitel sold 22,510 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $90.97, for a total value of $2,047,734.70. Following the sale, the chief technology officer owned 144,549 shares in the company, valued at approximately $13,149,622.53. This represents a 13.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jeremy Hofmann sold 25,000 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $89.99, for a total value of $2,249,750.00. Following the completion of the sale, the chief financial officer owned 84,146 shares in the company, valued at approximately $7,572,298.54. This trade represents a 22.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 657,087 shares of company stock worth $56,286,479 in the last quarter. Company insiders own 25.03% of the company's stock.

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.

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