CenterBook Partners LP Sells 35,794 Shares of Zillow Group, Inc. (NASDAQ:Z)

Key Points

• CenterBook Partners LP reduced its stake in Zillow Group by 50.5%, selling 35,794 shares during the first quarter and now holding 35,075 shares worth approximately $2.4 million.
• Several institutional investors, including O Shaughnessy Asset Management and National Bank of Canada FI, have made significant changes to their positions in Zillow Group, with institutional ownership now at 71.01%.
• Wall Street analysts have mixed ratings for Zillow Group, with an average consensus rating of "Moderate Buy" and a target price of $83.71, while some analysts have adjusted their target prices downwards.

CenterBook Partners LP lessened its position in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 50.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,075 shares of the financial services provider's stock after selling 35,794 shares during the quarter. CenterBook Partners LP's holdings in Zillow Group were worth $2,405,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. O Shaughnessy Asset Management LLC increased its holdings in shares of Zillow Group by 45.6% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,323 shares of the financial services provider's stock worth $616,000 after acquiring an additional 2,606 shares during the last quarter. National Bank of Canada FI acquired a new stake in Zillow Group during the fourth quarter worth approximately $55,000. Resona Asset Management Co. Ltd. acquired a new stake in shares of Zillow Group during the 4th quarter worth $3,300,000. Envestnet Asset Management Inc. increased its holdings in Zillow Group by 2.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 56,318 shares of the financial services provider's stock valued at $4,170,000 after buying an additional 1,243 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in Zillow Group by 4.7% in the fourth quarter. Russell Investments Group Ltd. now owns 21,014 shares of the financial services provider's stock valued at $1,556,000 after acquiring an additional 948 shares during the last quarter. Institutional investors own 71.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on Z shares. Keefe, Bruyette & Woods cut their target price on shares of Zillow Group from $80.00 to $76.00 and set a "market perform" rating on the stock in a research report on Wednesday, May 7th. Wells Fargo & Company raised shares of Zillow Group to a "hold" rating in a research note on Monday, April 28th. William Blair assumed coverage on Zillow Group in a report on Monday, April 21st. They issued a "market perform" rating for the company. JPMorgan Chase & Co. cut their target price on Zillow Group from $93.00 to $79.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Finally, Wedbush reiterated an "outperform" rating and issued a $100.00 price target on shares of Zillow Group in a research report on Monday, May 5th. Eight investment analysts have rated the stock with a hold rating, four have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, Zillow Group presently has an average rating of "Moderate Buy" and a consensus target price of $83.71.

Zillow Group Trading Up 3.3%

Shares of NASDAQ Z opened at $85.18 on Thursday. Zillow Group, Inc. has a 1-year low of $41.67 and a 1-year high of $89.39. The stock has a fifty day simple moving average of $73.96 and a two-hundred day simple moving average of $72.67. The firm has a market cap of $20.57 billion, a price-to-earnings ratio of -250.53, a price-to-earnings-growth ratio of 15.24 and a beta of 2.09.

Insider Buying and Selling

In other Zillow Group news, Director Gordon Sheridan Stephenson sold 10,000 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $70.69, for a total value of $706,900.00. Following the sale, the director owned 28,290 shares of the company's stock, valued at $1,999,820.10. This trade represents a 26.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jun Choo sold 10,000 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $70.65, for a total value of $706,500.00. Following the transaction, the chief operating officer directly owned 120,186 shares of the company's stock, valued at $8,491,140.90. The trade was a 7.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 83,371 shares of company stock valued at $5,775,204 in the last three months. 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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