Fred Alger Management LLC Purchases New Holdings in Zillow Group, Inc. $Z

Key Points

• Fred Alger Management LLC has acquired a new stake in Zillow Group, purchasing 6,934 shares valued at approximately $475,000 in the first quarter.
• Multiple large investors, including Flynn Zito Capital Management and National Pension Service, have raised their holdings in Zillow, with a significant increase of 288.9% from IFP Advisors Inc.
• Brokerages like Bank of America and JPMorgan Chase & Co. have upgraded their price targets for Zillow Group shares, with the consensus rating now at "Moderate Buy" and a target price of $88.29.

Fred Alger Management LLC purchased a new stake in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 6,934 shares of the financial services provider's stock, valued at approximately $475,000.

Several other large investors have also bought and sold shares of the company. Flynn Zito Capital Management LLC raised its holdings in Zillow Group by 4.5% in the first quarter. Flynn Zito Capital Management LLC now owns 3,856 shares of the financial services provider's stock worth $264,000 after buying an additional 166 shares during the last quarter. True Vision MN LLC raised its holdings in Zillow Group by 2.4% in the first quarter. True Vision MN LLC now owns 7,599 shares of the financial services provider's stock worth $521,000 after buying an additional 176 shares during the last quarter. GAMMA Investing LLC raised its holdings 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 buying an additional 196 shares during the last quarter. National Pension Service raised its holdings in Zillow Group by 74.8% in the first quarter. National Pension Service now owns 577 shares of the financial services provider's stock worth $40,000 after buying an additional 247 shares during the last quarter. Finally, IFP Advisors Inc raised its holdings in Zillow Group by 288.9% in the first quarter. IFP Advisors Inc now owns 455 shares of the financial services provider's stock worth $31,000 after buying an additional 338 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on Z. Bank of America lifted their target price on shares of Zillow Group from $81.00 to $88.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. lifted their target price on shares of Zillow Group from $79.00 to $94.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Zillow Group has a consensus rating of "Moderate Buy" and a consensus target price of $88.29.

Insider Activity at Zillow Group

In other Zillow Group news, Director Erik C. Blachford sold 966 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $81.91, for a total value of $79,125.06. Following the completion of the transaction, the director directly owned 34,508 shares in the company, valued at $2,826,550.28. This represents a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jeremy Hofmann sold 25,000 shares of the company's stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $89.99, for a total transaction of $2,249,750.00. Following the completion of the transaction, the chief financial officer owned 84,146 shares of the company's stock, valued at approximately $7,572,298.54. The trade was a 22.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 657,087 shares of company stock valued at $56,286,479 in the last three months. Corporate insiders own 25.03% of the company's stock.

Zillow Group Trading Down 1.7%

Shares of NASDAQ Z opened at $85.71 on Thursday. The firm has a 50 day moving average of $81.41 and a 200 day moving average of $73.13. The firm has a market capitalization of $20.76 billion, a price-to-earnings ratio of -329.65, a price-to-earnings-growth ratio of 9.14 and a beta of 2.04. Zillow Group, Inc. has a 12-month low of $53.90 and a 12-month high of $91.93.

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.

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