Nuveen LLC Acquires Shares of 133,858 Zillow Group, Inc. $ZG

Key Points

• Nuveen LLC acquired approximately $8.95 million worth of shares in Zillow Group, Inc., marking its entry into the company's stock during the first quarter of the year.
• Zillow Group's recent quarterly earnings showed a revenue increase of 14.5% year-over-year, despite missing EPS estimates, which raises questions about its future performance.
• Recent analyst ratings suggest a mixed outlook, with price targets ranging from $66.00 to $95.00, highlighting varying levels of confidence in the company's stock.

Nuveen LLC purchased a new stake in shares of Zillow Group, Inc. (NASDAQ:ZG - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 133,858 shares of the technology company's stock, valued at approximately $8,950,000. Nuveen LLC owned 0.06% of Zillow Group as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ZG. National Bank of Canada FI lifted its stake in shares of Zillow Group by 79.4% in the first quarter. National Bank of Canada FI now owns 488 shares of the technology company's stock worth $33,000 after buying an additional 216 shares in the last quarter. Salem Investment Counselors Inc. purchased a new position in shares of Zillow Group in the first quarter worth about $42,000. CX Institutional purchased a new position in shares of Zillow Group in the first quarter worth about $46,000. Wood Tarver Financial Group LLC purchased a new position in shares of Zillow Group in the fourth quarter worth about $70,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Zillow Group by 33.0% in the first quarter. PNC Financial Services Group Inc. now owns 1,129 shares of the technology company's stock worth $75,000 after buying an additional 280 shares in the last quarter. Institutional investors and hedge funds own 20.32% of the company's stock.

Zillow Group Trading Down 1.2%

ZG traded down $1.00 on Friday, reaching $81.48. The company had a trading volume of 285,942 shares, compared to its average volume of 635,025. The company has a fifty day moving average of $76.11 and a 200-day moving average of $70.82. The company has a market capitalization of $19.74 billion, a P/E ratio of -313.38, a PEG ratio of 15.53 and a beta of 2.07. Zillow Group, Inc. has a one year low of $51.16 and a one year high of $86.58.

Zillow Group (NASDAQ:ZG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.04). Zillow Group had a negative net margin of 2.60% and a negative return on equity of 1.26%. The business had revenue of $655.00 million for the quarter, compared to the consensus estimate of $647.06 million. During the same quarter last year, the business posted $0.39 EPS. The business's revenue for the quarter was up 14.5% on a year-over-year basis. Research analysts predict that Zillow Group, Inc. will post 0.32 EPS for the current year.

Insider Activity at Zillow Group

In other news, CEO Jeremy Wacksman sold 11,275 shares of the firm's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $85.73, for a total transaction of $966,605.75. Following the completion of the transaction, the chief executive officer owned 153,113 shares in the company, valued at approximately $13,126,377.49. This trade represents a 6.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Richard N. Barton sold 200,000 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $84.92, for a total transaction of $16,984,000.00. Following the transaction, the chairman owned 843,248 shares of the company's stock, valued at approximately $71,608,620.16. This trade represents a 19.17% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 580,379 shares of company stock worth $49,319,729. Company insiders own 17.14% of the company's stock.

Analyst Upgrades and Downgrades

ZG has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price objective on shares of Zillow Group from $60.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Zelman & Associates upgraded shares of Zillow Group to a "hold" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. upped their price objective on shares of Zillow Group from $93.00 to $94.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Canaccord Genuity Group increased their price target on shares of Zillow Group from $76.00 to $84.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Finally, Piper Sandler increased their price target on shares of Zillow Group from $82.00 to $94.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Thirteen investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $85.62.

About Zillow Group

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.