Renaissance Technologies LLC Cuts Position in Zillow Group, Inc. $ZG

Key Points

• Renaissance Technologies reduced its Zillow Group stake by 18.7% in the first quarter, selling 50,937 shares and retaining 220,763 shares valued at approximately $9.1 million. Other institutional investors, including Millennium Management and AQR Capital, increased their holdings.
• Zillow reported quarterly EPS of $0.53, beating estimates of $0.43, while revenue of $708 million exceeded expectations and rose 18.4% year over year. Shares opened at $34.69, well below their 52-week high of $90.22.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $68.29, although several firms recently lowered their targets. Insiders sold shares primarily through pre-arranged plans to cover tax obligations related to vested equity awards.

Renaissance Technologies LLC trimmed its stake in shares of Zillow Group, Inc. (NASDAQ:ZG - Free Report) by 18.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 220,763 shares of the technology company's stock after selling 50,937 shares during the period. Renaissance Technologies LLC owned 0.10% of Zillow Group worth $9,137,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. AQR Capital Management LLC increased its stake in shares of Zillow Group by 40.5% in the 1st quarter. AQR Capital Management LLC now owns 12,890 shares of the technology company's stock worth $862,000 after acquiring an additional 3,717 shares during the last quarter. Millennium Management LLC increased its holdings in Zillow Group by 110.8% during the 1st quarter. Millennium Management LLC now owns 290,999 shares of the technology company's stock worth $19,456,000 after purchasing an additional 152,955 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Zillow Group by 7.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,912 shares of the technology company's stock valued at $5,878,000 after purchasing an additional 5,737 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Zillow Group by 5.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 21,093 shares of the technology company's stock worth $1,445,000 after acquiring an additional 1,150 shares in the last quarter. Finally, Prudential Financial Inc. lifted its position in Zillow Group by 16.3% in the second quarter. Prudential Financial Inc. now owns 7,933 shares of the technology company's stock valued at $543,000 after acquiring an additional 1,110 shares during the last quarter. Hedge funds and other institutional investors own 20.32% of the company's stock.

Zillow Group Stock Performance

Shares of NASDAQ:ZG opened at $34.69 on Monday. Zillow Group, Inc. has a 1 year low of $29.03 and a 1 year high of $90.22. The stock has a 50-day simple moving average of $33.23 and a 200-day simple moving average of $42.48. The stock has a market capitalization of $7.94 billion, a P/E ratio of 138.76, a PEG ratio of 1.48 and a beta of 1.95.

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

Insider Activity at Zillow Group

In other Zillow Group news, insider Dan Spaulding sold 3,078 shares of the firm's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $37.40, for a total transaction of $115,117.20. Following the completion of the transaction, the insider directly owned 49,696 shares of the company's stock, valued at $1,858,630.40. This trade represents a 5.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeremy Hofmann sold 5,501 shares of Zillow Group stock in a transaction on Monday, May 18th. The stock was sold at an average price of $37.40, for a total transaction of $205,737.40. Following the completion of the transaction, the chief financial officer directly owned 68,315 shares of the company's stock, valued at approximately $2,554,981. This represents a 7.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 42,910 shares of company stock valued at $1,605,732. 29.88% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ZG shares. Barclays reduced their target price on shares of Zillow Group from $58.00 to $54.00 and set an "equal weight" rating for the company in a report on Friday, May 8th. Canaccord Genuity Group reduced their price objective on shares of Zillow Group from $72.00 to $52.00 and set a "hold" rating for the company in a research note on Thursday, May 7th. KeyCorp decreased their target price on Zillow Group from $75.00 to $65.00 and set an "overweight" rating on the stock in a research report on Thursday, May 7th. UBS Group reduced their target price on Zillow Group from $75.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday. Finally, Wells Fargo & Company raised their price target on shares of Zillow Group from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $68.29.

Zillow Group Company Profile

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.

Want to see what other hedge funds are holding ZG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zillow Group, Inc. (NASDAQ:ZG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.