Edgestream Partners L.P. Buys New Shares in Zillow Group, Inc. (NASDAQ:ZG)

Edgestream Partners L.P. acquired a new stake in shares of Zillow Group, Inc. (NASDAQ:ZG - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 11,704 shares of the technology company's stock, valued at approximately $783,000.

Several other hedge funds also recently modified their holdings of ZG. Norges Bank bought a new position in Zillow Group during the 4th quarter worth $165,326,000. Arrowstreet Capital Limited Partnership raised its position in Zillow Group by 1,261.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 260,465 shares of the technology company's stock worth $18,454,000 after purchasing an additional 241,331 shares during the last quarter. Virtu Financial LLC raised its position in shares of Zillow Group by 101.3% in the 4th quarter. Virtu Financial LLC now owns 420,255 shares of the technology company's stock worth $29,775,000 after acquiring an additional 211,482 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Zillow Group in the 4th quarter worth about $14,916,000. Finally, Sone Capital Management LLC bought a new position in shares of Zillow Group in the 4th quarter worth about $11,185,000. Institutional investors and hedge funds own 20.32% of the company's stock.

Zillow Group Stock Down 0.1%

Shares of NASDAQ ZG traded down $0.08 on Friday, reaching $74.40. 767,267 shares of the company's stock traded hands, compared to its average volume of 557,427. Zillow Group, Inc. has a 12 month low of $40.30 and a 12 month high of $86.58. The business's 50 day simple moving average is $68.99 and its two-hundred day simple moving average is $70.11. The company has a market cap of $17.96 billion, a price-to-earnings ratio of -218.82, a price-to-earnings-growth ratio of 13.74 and a beta of 2.09.

Zillow Group (NASDAQ:ZG - Get Free Report) last announced its earnings results on Wednesday, May 7th. The technology company reported $0.41 earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.06). Zillow Group had a negative net margin of 3.51% and a negative return on equity of 1.62%. The business had revenue of $598.00 million for the quarter, compared to the consensus estimate of $587.88 million. During the same period in the prior year, the business posted $0.36 EPS. Zillow Group's revenue for the quarter was up 13.0% on a year-over-year basis. Analysts forecast that Zillow Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Jeremy Hofmann sold 7,959 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $68.98, for a total value of $549,011.82. Following the sale, the chief financial officer owned 97,481 shares in the company, valued at approximately $6,724,239.38. This trade represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Dan Spaulding sold 5,534 shares of the firm's 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 $381,735.32. Following the completion of the sale, the insider owned 68,889 shares in the company, valued at $4,751,963.22. This represents a 7.44% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,093 shares of company stock valued at $6,989,688. Company insiders own 17.14% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ZG. The Goldman Sachs Group lowered their price objective on Zillow Group from $77.00 to $69.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Piper Sandler lifted their price target on Zillow Group from $80.00 to $82.00 and gave the company an "overweight" rating in a research note on Thursday, May 8th. UBS Group cut their target price on Zillow Group from $98.00 to $85.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Citigroup cut their target price on Zillow Group from $98.00 to $87.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Finally, Canaccord Genuity Group lowered their price target on shares of Zillow Group from $86.00 to $76.00 and set a "hold" rating on the stock in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $82.45.

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.