Park West Asset Management LLC Sells 100,232 Shares of Zillow Group, Inc. $Z

Key Points

• Park West Asset Management LLC reduced its holdings in Zillow Group by 9.6%, selling 100,232 shares, leaving it with 947,482 shares, which amounts to 5.2% of its portfolio.
• Insiders sold a significant amount of Zillow Group shares recently, including Dan Spaulding and Chairman Richard N. Barton, who collectively sold 300,000 shares, reducing their ownership by over 19% and 59% respectively.
• Several large investors, including Vanguard Group and AQR Capital Management, increased their stakes in Zillow Group during the first quarter, highlighting ongoing institutional interest in the stock.

Park West Asset Management LLC cut its holdings in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 9.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 947,482 shares of the financial services provider's stock after selling 100,232 shares during the period. Zillow Group accounts for about 5.2% of Park West Asset Management LLC's portfolio, making the stock its 2nd largest holding. Park West Asset Management LLC owned approximately 0.39% of Zillow Group worth $64,959,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in Z. Vanguard Group Inc. lifted its holdings in Zillow Group by 7.8% in 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 acquired a new position in Zillow Group in the first quarter valued at approximately $32,159,000. Polar Capital Holdings Plc acquired a new position in Zillow Group in the fourth quarter valued at approximately $33,504,000. AQR Capital Management LLC lifted its holdings in Zillow Group by 320.0% in the first quarter. AQR Capital Management LLC now owns 550,217 shares of the financial services provider's stock valued at $37,222,000 after acquiring an additional 419,202 shares during the last quarter. Finally, Ninety One UK Ltd lifted its stake in Zillow Group by 11.4% during the first quarter. Ninety One UK Ltd now owns 4,029,503 shares of the financial services provider's stock worth $276,263,000 after purchasing an additional 411,742 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Zillow Group Trading Up 5.0%

Shares of Zillow Group stock opened at $87.89 on Friday. Zillow Group, Inc. has a 12-month low of $52.86 and a 12-month high of $89.39. The stock has a market cap of $21.29 billion, a PE ratio of -338.04, a price-to-earnings-growth ratio of 15.76 and a beta of 2.04. The company has a 50-day moving average of $80.40 and a two-hundred day moving average of $72.93.

Insider Buying and Selling

In other news, insider Dan Spaulding sold 100,000 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $85.91, for a total transaction of $8,591,000.00. Following the completion of the transaction, the insider directly owned 68,889 shares of the company's stock, valued at $5,918,253.99. This trade represents a 59.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard N. Barton sold 200,000 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $84.92, for a total transaction of $16,984,000.00. Following the transaction, the chairman directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 581,587 shares of company stock valued at $49,418,676 in the last 90 days. 25.03% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

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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