Contour Asset Management LLC Sells 1,831,663 Shares of Zillow Group, Inc. $Z

Key Points

• Contour Asset Management LLC has significantly reduced its stake in Zillow Group, selling 1,831,663 shares, which represents a 74.1% decrease in their holdings during the first quarter.
• Zillow Group's stock price has been under review, with various analysts updating their price targets, including Bank of America raising its target from $81.00 to $88.00 while maintaining a "neutral" rating.
• Recent insider trading activity includes Dan Spaulding selling 100,000 shares for approximately $8.59 million, indicating a notable shift in ownership among executives.

Contour Asset Management LLC reduced its position in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) by 74.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 638,947 shares of the financial services provider's stock after selling 1,831,663 shares during the period. Zillow Group accounts for about 1.7% of Contour Asset Management LLC's holdings, making the stock its 22nd biggest holding. Contour Asset Management LLC owned approximately 0.26% of Zillow Group worth $43,806,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. IFP Advisors Inc raised its position in Zillow Group by 288.9% in the first quarter. IFP Advisors Inc now owns 455 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 338 shares during the period. National Pension Service boosted its stake in shares of Zillow Group by 74.8% in the first quarter. National Pension Service now owns 577 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 247 shares during the period. GAMMA Investing LLC lifted its stake in Zillow Group by 47.7% in the first quarter. GAMMA Investing LLC now owns 607 shares of the financial services provider's stock worth $42,000 after acquiring an additional 196 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Zillow Group in the first quarter worth approximately $49,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Zillow Group during the fourth quarter worth $119,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Z has been the subject of several recent analyst reports. Bank of America boosted their price objective on shares of Zillow Group from $81.00 to $88.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Keefe, Bruyette & Woods decreased their target price on shares of Zillow Group from $80.00 to $76.00 and set a "market perform" rating for the company in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Zillow Group from $79.00 to $94.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $88.29.

Zillow Group Stock Up 0.2%

Shares of Z traded up $0.20 during trading hours on Thursday, reaching $83.70. The company's stock had a trading volume of 2,072,376 shares, compared to its average volume of 2,720,386. The company has a 50 day moving average of $80.04 and a two-hundred day moving average of $72.88. Zillow Group, Inc. has a 1-year low of $52.86 and a 1-year high of $89.39. The firm has a market cap of $20.28 billion, a price-to-earnings ratio of -321.92, a P/E/G ratio of 15.73 and a beta of 2.04.

Insider Transactions at Zillow Group

In related news, COO Jun Choo sold 45,710 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $85.21, for a total value of $3,894,949.10. Following the transaction, the chief operating officer owned 117,098 shares in the company, valued at approximately $9,977,920.58. This represents a 28.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Thielke Claire Cormier sold 8,247 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $79.86, for a total value of $658,605.42. Following the completion of the transaction, the director owned 725 shares in the company, valued at $57,898.50. This represents a 91.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 581,587 shares of company stock valued at $49,418,676 in the last ninety days. 25.03% of the stock is currently owned by insiders.

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.