Meeder Asset Management Inc. Buys 5,632 Shares of Zillow Group, Inc. (NASDAQ:Z)

Key Points

• Meeder Asset Management Inc. significantly increased its stake in Zillow Group, acquiring 5,632 shares during the first quarter, raising its holdings by 5,073.9%.
• Several institutional investors also increased their positions in Zillow Group, leading to over 71% of the stock being owned by institutional investors and hedge funds.
• Wall Street analysts maintain a generally optimistic outlook on Zillow Group, with an average rating of "Moderate Buy" and a price target of $83.71 indicating potential growth.

Meeder Asset Management Inc. raised its holdings in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) by 5,073.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,743 shares of the financial services provider's stock after acquiring an additional 5,632 shares during the quarter. Meeder Asset Management Inc.'s holdings in Zillow Group were worth $394,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Korea Investment CORP lifted its position in shares of Zillow Group by 9.9% during the fourth quarter. Korea Investment CORP now owns 96,629 shares of the financial services provider's stock worth $7,155,000 after purchasing an additional 8,717 shares in the last quarter. Norges Bank bought a new position in shares of Zillow Group during the fourth quarter worth about $15,923,000. Pictet Asset Management Holding SA raised its stake in Zillow Group by 1.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 58,683 shares of the financial services provider's stock valued at $4,345,000 after acquiring an additional 638 shares in the last quarter. DnB Asset Management AS raised its stake in shares of Zillow Group by 3.1% in the 4th quarter. DnB Asset Management AS now owns 28,492 shares of the financial services provider's stock worth $2,110,000 after buying an additional 865 shares in the last quarter. Finally, Allstate Corp acquired a new stake in Zillow Group during the 4th quarter worth about $343,000. 71.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Wedbush restated an "outperform" rating and set a $100.00 price target on shares of Zillow Group in a report on Monday, May 5th. Keefe, Bruyette & Woods decreased their price objective on shares of Zillow Group from $80.00 to $76.00 and set a "market perform" rating on the stock in a research note on Wednesday, May 7th. Wells Fargo & Company upgraded shares of Zillow Group to a "hold" rating in a research report on Monday, April 28th. JPMorgan Chase & Co. decreased their price objective on Zillow Group from $93.00 to $79.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Finally, William Blair initiated coverage on Zillow Group in a report on Monday, April 21st. They set a "market perform" rating for the company. Eight analysts have rated the stock with a hold rating, four have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Zillow Group currently has an average rating of "Moderate Buy" and an average price target of $83.71.

Zillow Group Trading Down 1.0%

Shares of NASDAQ:Z traded down $0.81 during midday trading on Wednesday, reaching $79.03. The company had a trading volume of 1,277,144 shares, compared to its average volume of 2,288,374. Zillow Group, Inc. has a 52-week low of $41.67 and a 52-week high of $89.39. The company's 50 day moving average price is $72.09 and its 200 day moving average price is $72.35. The stock has a market cap of $19.08 billion, a P/E ratio of -232.44, a P/E/G ratio of 14.75 and a beta of 2.11.

Insider Activity at Zillow Group

In related news, insider Dan Spaulding sold 5,534 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $68.98, for a total value of $381,735.32. Following the transaction, the insider owned 68,889 shares in the company, valued at approximately $4,751,963.22. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jeremy Hofmann sold 7,959 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $68.98, for a total value of $549,011.82. Following the completion of the sale, the chief financial officer directly owned 97,481 shares of the company's stock, valued at $6,724,239.38. This represents a 7.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,093 shares of company stock worth $6,989,688 over the last 90 days. Corporate insiders own 25.03% of the company's stock.

Zillow Group Company 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.