DNB Asset Management AS Sells 65,001 Shares of Zillow Group, Inc. $Z

Key Points

• DNB Asset Management AS reduced its Zillow Group stake by 66.3% in the fourth quarter, selling 65,001 shares and leaving it with 33,011 shares worth about $2.25 million.
• Insiders also sold shares, including CFO Jeremy Hofmann and Errol G. Samuelson, with recent insider sales totaling 33,047 shares over the last three months.
• Zillow beat earnings expectations in its latest quarter, reporting $0.53 EPS versus the $0.43 estimate, while analysts currently rate the stock a Moderate Buy with a consensus price target of $77.00.

DNB Asset Management AS cut its holdings in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 66.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,011 shares of the financial services provider's stock after selling 65,001 shares during the period. DNB Asset Management AS's holdings in Zillow Group were worth $2,252,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Jain Global LLC bought a new stake in shares of Zillow Group in the 3rd quarter worth about $6,220,000. Rakuten Investment Management Inc. bought a new stake in shares of Zillow Group in the 3rd quarter worth about $2,919,000. Coronation Fund Managers Ltd. bought a new position in Zillow Group during the 3rd quarter valued at about $18,141,000. Y Intercept Hong Kong Ltd grew its holdings in Zillow Group by 63.1% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 85,210 shares of the financial services provider's stock valued at $6,565,000 after purchasing an additional 32,975 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Zillow Group by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 23,073,862 shares of the financial services provider's stock valued at $1,777,841,000 after purchasing an additional 71,336 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Jeremy Hofmann sold 5,501 shares of the company's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $37.40, for a total value of $205,737.40. Following the completion of the sale, the chief financial officer owned 68,315 shares of the company's stock, valued at approximately $2,554,981. This represents a 7.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 Errol G. Samuelson sold 2,939 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $37.97, for a total transaction of $111,593.83. Following the completion of the sale, the insider directly owned 134,039 shares of the company's stock, valued at $5,089,460.83. The trade was a 2.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 33,047 shares of company stock worth $1,246,715. 25.03% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Z has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft cut their price target on shares of Zillow Group from $80.00 to $68.00 and set a "buy" rating on the stock in a report on Friday, May 8th. Wall Street Zen upgraded shares of Zillow Group from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. UBS Group cut their price target on shares of Zillow Group from $80.00 to $75.00 and set a "buy" rating on the stock in a report on Tuesday, April 28th. Needham & Company LLC reiterated a "hold" rating on shares of Zillow Group in a report on Wednesday, February 11th. Finally, Barclays upgraded shares of Zillow Group from a "strong sell" rating to a "hold" rating in a report on Thursday, January 29th. Three analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $77.00.

Zillow Group Price Performance

Shares of Z stock opened at $36.47 on Thursday. The company has a market capitalization of $8.34 billion, a P/E ratio of 145.88, a P/E/G ratio of 1.54 and a beta of 2.07. The company's 50-day simple moving average is $42.41 and its two-hundred day simple moving average is $56.35. Zillow Group, Inc. has a one year low of $34.70 and a one year high of $93.88.

Zillow Group (NASDAQ:Z - Get Free Report) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.10. The business had revenue of $708.00 million for the quarter, compared to the consensus estimate of $705.10 million. Zillow Group had a net margin of 2.27% and a return on equity of 1.41%. On average, research analysts expect that Zillow Group, Inc. will post 0.9 EPS for the current fiscal year.

About Zillow Group

Zillow Group, Inc is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company's platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company's automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.

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