Picton Mahoney Asset Management Buys Shares of 67,959 Zillow Group, Inc. (NASDAQ:Z)

Key Points

• Picton Mahoney Asset Management acquired a new stake in Zillow Group, purchasing 67,959 shares valued at approximately $4.66 million in the first quarter.
• The stock has seen fluctuations, trading at $79.03 recently, with a 52-week range from $41.67 to $89.39.
• Wall Street analysts have mixed views on Zillow Group, with a consensus rating of "Moderate Buy" and a price target averaging $83.71.

Picton Mahoney Asset Management acquired a new position in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 67,959 shares of the financial services provider's stock, valued at approximately $4,661,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of Z. Ninety One UK Ltd raised its position in Zillow Group by 11.4% in the 1st 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 last quarter. Dorsal Capital Management LP raised its position in Zillow Group by 4.7% during the 4th quarter. Dorsal Capital Management LP now owns 3,350,000 shares of the financial services provider's stock worth $248,068,000 after buying an additional 150,000 shares during the last quarter. Geode Capital Management LLC raised its position in Zillow Group by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 2,878,124 shares of the financial services provider's stock worth $212,745,000 after buying an additional 28,728 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Zillow Group by 4.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,540,831 shares of the financial services provider's stock worth $114,109,000 after buying an additional 65,724 shares during the last quarter. Finally, Altimeter Capital Management LP raised its position in Zillow Group by 52.0% during the 4th quarter. Altimeter Capital Management LP now owns 1,300,738 shares of the financial services provider's stock worth $96,320,000 after buying an additional 445,158 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on Z shares. Keefe, Bruyette & Woods lowered 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. William Blair initiated coverage on shares of Zillow Group in a research note on Monday, April 21st. They issued a "market perform" rating on the stock. Wedbush reaffirmed an "outperform" rating and set a $100.00 price target on shares of Zillow Group in a research note on Monday, May 5th. JPMorgan Chase & Co. decreased their price target on shares of Zillow Group from $93.00 to $79.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Finally, Wells Fargo & Company raised shares of Zillow Group to a "hold" rating in a research note on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $83.71.

Insider Activity

In related news, General Counsel Bradley D. Owens sold 3,466 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $68.96, for a total value of $239,015.36. Following the completion of the transaction, the general counsel directly owned 47,215 shares in the company, valued at approximately $3,255,946.40. This represents a 6.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Dan Spaulding sold 5,534 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $68.98, for a total value of $381,735.32. Following the completion of the transaction, the insider owned 68,889 shares of the company's stock, valued at $4,751,963.22. The trade was a 7.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,093 shares of company stock valued at $6,989,688. Insiders own 25.03% of the company's stock.

Zillow Group Stock Up 0.8%

Shares of Z traded up $0.65 during trading hours on Friday, reaching $80.20. The company's stock had a trading volume of 2,186,874 shares, compared to its average volume of 2,605,379. The firm has a market cap of $19.36 billion, a price-to-earnings ratio of -235.88, a P/E/G ratio of 14.60 and a beta of 2.11. The company has a 50 day moving average of $72.66 and a two-hundred day moving average of $72.46. Zillow Group, Inc. has a 1-year low of $41.67 and a 1-year high of $89.39.

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.