Connor Clark & Lunn Investment Management Ltd. Buys 45,635 Shares of Zillow Group, Inc. (NASDAQ:Z)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in Zillow Group, Inc. by 22.8%, owning $16.87 million worth of shares after acquiring an additional 45,635 shares in the 1st quarter.
• Insider trading activity showed that both Director Gordon Sheridan Stephenson and CEO Jeremy Wacksman sold shares of Zillow, indicating a 6.02% to 26.12% decrease in their ownership positions.
• Analysts have varying views on Zillow Group, with price targets ranging from $76.00 to $100.00, and an average consensus price target of $88.29.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) by 22.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 246,115 shares of the financial services provider's stock after acquiring an additional 45,635 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.10% of Zillow Group worth $16,874,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in 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 buying an additional 1,628,577 shares in the last quarter. Caxton Associates LP bought a new position in shares of Zillow Group in the 4th quarter valued at about $51,835,000. Castle Hook Partners LP acquired a new stake in shares of Zillow Group in the fourth quarter valued at about $49,887,000. Polar Capital Holdings Plc bought a new stake in Zillow Group during the fourth quarter worth about $33,504,000. Finally, Altimeter Capital Management LP raised its holdings in Zillow Group by 52.0% during the fourth quarter. Altimeter Capital Management LP now owns 1,300,738 shares of the financial services provider's stock worth $96,320,000 after acquiring an additional 445,158 shares in the last quarter. Institutional investors own 71.01% of the company's stock.

Insider Activity

In other Zillow Group news, CEO Jeremy Wacksman sold 10,984 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $68.98, for a total transaction of $757,676.32. Following the completion of the sale, the chief executive officer directly owned 171,517 shares in the company, valued at $11,831,242.66. The trade was a 6.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jeremy Hofmann sold 7,959 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $68.98, for a total transaction of $549,011.82. Following the completion of the transaction, the chief financial officer owned 97,481 shares in the company, valued at $6,724,239.38. The trade was a 7.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 195,713 shares of company stock valued at $16,197,138. 25.03% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on Z shares. Wells Fargo & Company raised Zillow Group to a "hold" rating in a research report on Monday, April 28th. 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 report on Thursday, August 7th. Zelman & Associates reaffirmed a "neutral" rating on shares of Zillow Group in a report on Friday, August 8th. Keefe, Bruyette & Woods decreased their price objective on shares of Zillow Group from $80.00 to $76.00 and set a "market perform" rating on the stock in a report on Wednesday, May 7th. Finally, William Blair assumed coverage on shares of Zillow Group in a research report on Monday, April 21st. They issued a "market perform" rating on the stock. Nine investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $88.29.

Zillow Group Price Performance

Shares of Zillow Group stock traded up $4.67 during trading on Wednesday, reaching $84.84. The company's stock had a trading volume of 4,995,004 shares, compared to its average volume of 2,668,503. The firm's 50-day moving average is $75.36 and its two-hundred day moving average is $72.77. Zillow Group, Inc. has a 52-week low of $51.94 and a 52-week high of $89.39.

Zillow Group Profile

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.