Fred Alger Management LLC Invests $475,000 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 acquired a new position 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 acquired 6,934 shares of the financial services provider's stock, valued at approximately $475,000.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Zillow Group by 7.8% during the first quarter. Vanguard Group Inc. now owns 22,589,955 shares of the financial services provider's stock valued at $1,548,767,000 after acquiring an additional 1,628,577 shares during the last quarter. Atreides Management LP purchased a new position in shares of Zillow Group during the 1st quarter worth approximately $32,159,000. Polar Capital Holdings Plc purchased a new position in shares of Zillow Group during the 4th quarter worth approximately $33,504,000. AQR Capital Management LLC increased its holdings in Zillow Group by 320.0% in the 1st quarter. AQR Capital Management LLC now owns 550,217 shares of the financial services provider's stock valued at $37,222,000 after purchasing an additional 419,202 shares during the last quarter. Finally, Ninety One UK Ltd raised its position in Zillow Group by 11.4% in the first quarter. Ninety One UK Ltd now owns 4,029,503 shares of the financial services provider's stock valued at $276,263,000 after purchasing an additional 411,742 shares during the period. Institutional investors and hedge funds own 71.01% of the company's stock.

Insider Activity at Zillow Group

In other news, CTO David A. Beitel sold 22,510 shares of the company's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $90.97, for a total transaction of $2,047,734.70. Following the transaction, the chief technology officer directly owned 144,549 shares of the company's stock, valued at $13,149,622.53. This represents a 13.47% decrease in their position. 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 firm's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $89.99, for a total transaction of $2,249,750.00. Following the completion of the sale, the chief financial officer owned 84,146 shares of the company's stock, valued at $7,572,298.54. This trade represents a 22.91% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 657,087 shares of company stock worth $56,286,479. 23.76% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on Z shares. JPMorgan Chase & Co. raised their price target on Zillow Group from $79.00 to $94.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Bank of America increased their target price on Zillow Group from $81.00 to $88.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $88.29.

Zillow Group Stock Up 1.6%

Shares of Zillow Group stock traded up $1.43 during trading on Tuesday, reaching $88.55. The company's stock had a trading volume of 2,653,153 shares, compared to its average volume of 2,352,865. The business has a 50 day moving average price of $82.66 and a 200-day moving average price of $73.43. Zillow Group, Inc. has a 12-month low of $57.00 and a 12-month high of $91.93. The company has a market capitalization of $21.45 billion, a P/E ratio of -340.58, a price-to-earnings-growth ratio of 24.26 and a beta of 2.04.

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.