Hsbc Holdings PLC Buys 127,468 Shares of Zillow Group, Inc. $ZG

Key Points

• HSBC Holdings PLC significantly increased its Zillow Group stake in the first quarter, buying 127,468 additional shares and boosting its holdings by 1,616.8% to 135,352 shares worth about $5.6 million.
• Zillow reported better-than-expected first-quarter results, with EPS of $0.53 versus the $0.43 estimate and revenue of $708 million, up 18.4% year over year.
• Despite the earnings beat, the stock was down 5.7% and analysts remain cautious overall, with a consensus rating of Moderate Buy and an average price target of $69.48.

Hsbc Holdings PLC grew its stake in Zillow Group, Inc. (NASDAQ:ZG - Free Report) by 1,616.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 135,352 shares of the technology company's stock after purchasing an additional 127,468 shares during the period. Hsbc Holdings PLC owned about 0.06% of Zillow Group worth $5,602,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ZG. Norges Bank bought a new position in Zillow Group in the 4th quarter valued at approximately $152,050,000. M&T Bank Corp boosted its position in Zillow Group by 38,344.0% in the fourth quarter. M&T Bank Corp now owns 1,604,270 shares of the technology company's stock valued at $120,092,000 after buying an additional 1,600,097 shares in the last quarter. UBS Group AG grew its stake in shares of Zillow Group by 44.5% during the fourth quarter. UBS Group AG now owns 1,018,448 shares of the technology company's stock worth $69,489,000 after buying an additional 313,643 shares during the last quarter. Tiger Global Management LLC grew its stake in shares of Zillow Group by 30.7% during the fourth quarter. Tiger Global Management LLC now owns 1,023,733 shares of the technology company's stock worth $69,849,000 after buying an additional 240,690 shares during the last quarter. Finally, Virtu Financial LLC increased its holdings in shares of Zillow Group by 271.9% during the third quarter. Virtu Financial LLC now owns 293,718 shares of the technology company's stock worth $21,864,000 after buying an additional 214,743 shares in the last quarter. 20.32% of the stock is owned by institutional investors.

Insider Activity at Zillow Group

In other Zillow Group news, insider Errol G. Samuelson sold 2,939 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $37.97, for a total transaction of $111,593.83. Following the completion of the sale, the insider owned 134,039 shares of the company's stock, valued at approximately $5,089,460.83. This represents a 2.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jeremy Wacksman sold 9,072 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $36.54, for a total transaction of $331,490.88. Following the transaction, the chief executive officer owned 153,699 shares of the company's stock, valued at approximately $5,616,161.46. The trade was a 5.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 42,910 shares of company stock valued at $1,605,732 over the last ninety days. Insiders own 29.88% of the company's stock.

Zillow Group Stock Down 5.7%

Shares of Zillow Group stock opened at $29.56 on Friday. Zillow Group, Inc. has a twelve month low of $29.03 and a twelve month high of $90.22. The stock has a market cap of $6.76 billion, a price-to-earnings ratio of 118.24, a P/E/G ratio of 1.34 and a beta of 1.95. The company's fifty day moving average is $33.70 and its 200 day moving average is $43.91.

Zillow Group (NASDAQ:ZG - Get Free Report) last announced its earnings results on Wednesday, May 6th. The technology company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.10. The business had revenue of $708.00 million during the quarter, compared to analyst estimates of $705.17 million. Zillow Group had a return on equity of 1.41% and a net margin of 2.27%.Zillow Group's revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period last year, the company earned $0.41 EPS. As a group, equities analysts anticipate that Zillow Group, Inc. will post 0.9 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ZG. The Goldman Sachs Group dropped their price target 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. Barclays lowered their target price on Zillow Group from $58.00 to $54.00 and set an "equal weight" rating for the company in a report on Friday, May 8th. Citigroup reiterated a "market outperform" rating on shares of Zillow Group in a research report on Tuesday, May 26th. BTIG Research reissued a "neutral" rating on shares of Zillow Group in a research note on Thursday, June 11th. Finally, Piper Sandler reduced their price target on Zillow Group from $70.00 to $55.00 and set an "overweight" rating on the stock in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Zillow Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.48.

About Zillow Group

Zillow Group NASDAQ: ZG is a U.S.-based online real estate marketplace that connects consumers, real estate professionals and mortgage lenders through a suite of digital products and advertising services. Founded in 2006 by Rich Barton and Lloyd Frink and headquartered in Seattle, Washington, the company operates a portfolio of consumer-facing brands and tools designed to simplify home search, rental discovery, valuation and mortgage shopping.

Zillow's core products include its consumer websites and mobile apps that list homes for sale and rent, the Zestimate automated home value estimate, and marketplaces that connect buyers and renters with agents and lenders.

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