First Trust Advisors LP Cuts Stake in Zillow Group, Inc. $Z

Key Points

• First Trust Advisors LP cut its Zillow Group stake by 71.4% in the first quarter, selling 99,871 shares and retaining 39,963 shares valued at approximately $1.65 million. Institutional investors collectively own 71.01% of the company.
• Zillow reported quarterly adjusted EPS of $0.52 and revenue of $772 million, exceeding analyst expectations of $0.45 EPS and $758.1 million in revenue. Revenue rose 18% year over year.
• Zillow shares opened at $33.61, well below the 52-week high of $93.88, while analysts maintained a “Moderate Buy” consensus and an average price target of $68.50 despite several recent target reductions.

First Trust Advisors LP trimmed its holdings in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) by 71.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,963 shares of the financial services provider's stock after selling 99,871 shares during the period. First Trust Advisors LP's holdings in Zillow Group were worth $1,654,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. V Square Quantitative Management LLC bought a new position in shares of Zillow Group in the fourth quarter worth approximately $28,000. Flagship Harbor Advisors LLC purchased a new stake in Zillow Group during the 4th quarter valued at $43,000. IFC & Insurance Marketing Inc. purchased a new stake in Zillow Group during the 4th quarter valued at $68,000. SBI Okasan Asset Management Co.Ltd. bought a new stake in Zillow Group in the 4th quarter worth $71,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in Zillow Group by 34.5% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 1,170 shares of the financial services provider's stock worth $80,000 after acquiring an additional 300 shares during the last quarter. 71.01% of the stock is owned by institutional investors.

Zillow Group Price Performance

Shares of NASDAQ:Z opened at $33.61 on Monday. Zillow Group, Inc. has a 1 year low of $29.23 and a 1 year high of $93.88. The company has a market cap of $7.69 billion, a P/E ratio of 152.78, a PEG ratio of 1.44 and a beta of 1.98. The stock's fifty day moving average price is $33.05 and its 200-day moving average price is $41.35.

Zillow Group (NASDAQ:Z - Get Free Report) last issued its earnings results on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.07. The company had revenue of $772.00 million for the quarter, compared to analysts' expectations of $758.10 million. Zillow Group had a net margin of 1.96% and a return on equity of 2.32%. On average, sell-side analysts anticipate that Zillow Group, Inc. will post 0.9 earnings per share for the current year.

Insider Activity

In other Zillow Group news, General Counsel Bradley D. Owens sold 3,364 shares of the company's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $37.23, for a total value of $125,241.72. Following the completion of the transaction, the general counsel directly owned 65,245 shares in the company, valued at $2,429,071.35. This represents a 4.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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, Director Erik C. Blachford sold 791 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $34.80, for a total value of $27,526.80. Following the completion of the sale, the director owned 34,952 shares of the company's stock, valued at $1,216,329.60. The trade was a 2.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 42,910 shares of company stock worth $1,605,732. Company insiders own 23.76% of the company's stock.

Zillow Group News Summary

Here are the key news stories impacting Zillow Group this week:

• Positive Sentiment: Zillow reported second-quarter adjusted earnings of $0.52 per share, above the roughly $0.44–$0.45 consensus estimate, while revenue of $772 million also exceeded expectations. Revenue increased 18% year over year, providing evidence of continued business growth. Zillow Q2 earnings beat
• Positive Sentiment: July home sales rose 7% year over year, the strongest annual increase of the year, potentially supporting Zillow’s transaction-related businesses. Zillow July market report

Wall Street Analyst Weigh In

Several brokerages recently issued reports on Z. UBS Group reduced their price target on shares of Zillow Group from $80.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, April 28th. Zacks Research lowered shares of Zillow Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. JPMorgan Chase & Co. cut their price objective on Zillow Group from $84.00 to $76.00 and set an "overweight" rating on the stock in a research report on Thursday, May 7th. Wall Street Zen downgraded Zillow Group from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Jefferies Financial Group reduced their target price on Zillow Group from $75.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $68.50.

Zillow Group Company Profile

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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