Engineers Gate Manager LP Grows Position in Zillow Group, Inc. $ZG

Key Points

• Engineers Gate Manager LP increased its Zillow Group position by 1,290.7% in the second quarter, purchasing 89,059 additional shares and bringing its holdings to 95,959 shares valued at approximately $3.01 million. Other institutional investors also raised their stakes, with institutions collectively owning 20.32% of the stock.
• Zillow Group reported stronger-than-expected quarterly results, with earnings of $0.52 per share versus the $0.44 consensus estimate and revenue of $772 million, up 17.9% year over year.
• The stock opened at $33.23, well below its 52-week high of $90.22. Analysts maintain a consensus “Hold” rating with an average price target of $53.14, while insiders have sold shares primarily to cover taxes on vested equity awards.

Engineers Gate Manager LP grew its holdings in Zillow Group, Inc. (NASDAQ:ZG - Free Report) by 1,290.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 95,959 shares of the technology company's stock after buying an additional 89,059 shares during the period. Engineers Gate Manager LP's holdings in Zillow Group were worth $3,010,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. AQR Capital Management LLC grew its stake in Zillow Group by 40.5% during the 1st quarter. AQR Capital Management LLC now owns 12,890 shares of the technology company's stock valued at $862,000 after acquiring an additional 3,717 shares in the last quarter. Millennium Management LLC raised its holdings in Zillow Group by 110.8% in the 1st quarter. Millennium Management LLC now owns 290,999 shares of the technology company's stock valued at $19,456,000 after acquiring an additional 152,955 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Zillow Group by 7.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,912 shares of the technology company's stock worth $5,878,000 after purchasing an additional 5,737 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Zillow Group by 5.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 21,093 shares of the technology company's stock worth $1,445,000 after purchasing an additional 1,150 shares in the last quarter. Finally, Prudential Financial Inc. boosted its holdings in shares of Zillow Group by 16.3% during the 2nd quarter. Prudential Financial Inc. now owns 7,933 shares of the technology company's stock worth $543,000 after purchasing an additional 1,110 shares during the last quarter. 20.32% of the stock is owned by hedge funds and other institutional investors.

Zillow Group Price Performance

Shares of NASDAQ ZG opened at $33.23 on Monday. The company has a market capitalization of $7.47 billion, a P/E ratio of 151.05, a P/E/G ratio of 1.45 and a beta of 1.97. The company has a 50 day simple moving average of $34.23 and a 200-day simple moving average of $37.82. Zillow Group, Inc. has a 1 year low of $29.03 and a 1 year high of $90.22.

Zillow Group (NASDAQ:ZG - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The technology company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.08. The company had revenue of $772.00 million during the quarter, compared to analyst estimates of $758.25 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.The firm's revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.40 earnings per share. As a group, research analysts expect that Zillow Group, Inc. will post 0.89 EPS for the current year.

Analyst Ratings Changes

ZG has been the subject of a number of analyst reports. Royal Bank Of Canada restated an "outperform" rating and issued a $55.00 price target on shares of Zillow Group in a research report on Friday. KeyCorp reiterated an "overweight" rating and set a $48.00 price objective on shares of Zillow Group in a research report on Tuesday, August 25th. UBS Group lowered their price objective on Zillow Group from $75.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. Wells Fargo & Company dropped their target price on Zillow Group from $46.00 to $35.00 and set an "equal weight" rating for the company in a report on Friday, August 7th. Finally, The Goldman Sachs Group cut their target price on Zillow Group from $53.00 to $40.00 and set a "neutral" rating for the company in a research note on Friday, June 12th. Eleven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Zillow Group has an average rating of "Hold" and an average target price of $53.14.

Insiders Place Their Bets

In related news, CEO Jeremy Wacksman sold 9,339 shares of the business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.18, for a total value of $319,207.02. Following the sale, the chief executive officer directly owned 138,574 shares in the company, valued at approximately $4,736,459.32. The trade was a 6.31% decrease in their position. The sale was disclosed in a filing 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 3,154 shares of the company's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $34.24, for a total transaction of $107,992.96. Following the completion of the transaction, the insider directly owned 130,885 shares in the company, valued at $4,481,502.40. The trade was a 2.35% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 38,539 shares of company stock worth $1,323,800. Corporate insiders own 29.88% of the company's stock.

About Zillow Group

Zillow Group, Inc is a digital real estate company that operates online marketplaces and technology platforms for consumers and real estate professionals. Its flagship Zillow platform provides property listings, home-value estimates, neighborhood information, mortgage resources and tools that help people buy, sell, rent and finance homes.

The company's portfolio also includes Trulia, StreetEasy, HotPads and Zillow Rentals, which serve home shoppers and renters in markets across the United States.

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