Rhumbline Advisers Grows Stock Position in Zillow Group, Inc. $ZG

Key Points

• Rhumbline Advisers increased its stake in Zillow Group by 8.0% during the first quarter, owning a total of 51,030 shares valued at approximately $3.4 million.
• Analysts have been bullish on Zillow Group, with thirteen analysts rating it as a Buy and increasing price targets, including Canaccord Genuity raising theirs from $76 to $84.
• Insider activity includes significant sales, with COO Jun Choo selling 25,575 shares valued at over $2.3 million, indicating a 18.31% decrease in their ownership.

Rhumbline Advisers lifted its stake in Zillow Group, Inc. (NASDAQ:ZG - Free Report) by 8.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,030 shares of the technology company's stock after acquiring an additional 3,765 shares during the period. Rhumbline Advisers' holdings in Zillow Group were worth $3,412,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in ZG. Sone Capital Management LLC bought a new stake in Zillow Group during the fourth quarter valued at $11,185,000. 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 valued at $19,456,000 after purchasing an additional 152,955 shares during the period. Driehaus Capital Management LLC purchased a new position in shares of Zillow Group during the 1st quarter worth approximately $9,998,000. Nuveen LLC purchased a new position in shares of Zillow Group during the 1st quarter worth approximately $8,950,000. Finally, GAMMA Investing LLC grew its holdings in shares of Zillow Group by 9,124.2% during the 1st quarter. GAMMA Investing LLC now owns 122,220 shares of the technology company's stock worth $8,172,000 after acquiring an additional 120,895 shares during the period. Institutional investors own 20.32% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on ZG shares. Canaccord Genuity Group upped their price target on Zillow Group from $76.00 to $84.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Royal Bank Of Canada upped their price objective on Zillow Group from $88.00 to $95.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Zelman & Associates upgraded Zillow Group to a "hold" rating in a research note on Friday, August 8th. Piper Sandler increased their price target on Zillow Group from $82.00 to $94.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Finally, DA Davidson raised their price objective on Zillow Group from $85.00 to $95.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Thirteen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Zillow Group currently has an average rating of "Hold" and an average price target of $85.52.

Insider Activity

In other news, Director Erik C. Blachford sold 966 shares of the business's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $81.91, for a total transaction of $79,125.06. Following the sale, the director directly owned 34,508 shares of the company's stock, valued at $2,826,550.28. The trade was a 2.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jun Choo sold 25,575 shares of the business's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $91.06, for a total transaction of $2,328,859.50. Following the transaction, the chief operating officer owned 114,129 shares of the company's stock, valued at $10,392,586.74. This represents a 18.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 657,087 shares of company stock valued at $56,286,479. 17.14% of the stock is owned by corporate insiders.

Zillow Group Trading Down 0.8%

NASDAQ ZG opened at $83.70 on Tuesday. The firm's fifty day simple moving average is $79.24 and its two-hundred day simple moving average is $71.37. Zillow Group, Inc. has a 12-month low of $55.08 and a 12-month high of $88.45. The firm has a market capitalization of $20.28 billion, a P/E ratio of -321.92, a P/E/G ratio of 23.49 and a beta of 2.02.

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

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.

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