Scge Management L.P. Purchases 259,000 Shares of Zillow Group, Inc. $Z

Key Points

• Scge Management L.P. boosted its Zillow Group stake by 14.9% in the fourth quarter, buying 259,000 additional shares and bringing its total to 1,998,000 shares worth about $136.3 million.
• Several other institutional investors also added to or initiated positions in Zillow, and institutional ownership stands at 71.01% of the company.
• Zillow’s recent earnings beat expectations, but analysts are mixed: the stock has a Moderate Buy consensus with a $76 average price target, while the shares were trading near $32, close to their 1-year low.

Scge Management L.P. increased its position in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 14.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,998,000 shares of the financial services provider's stock after acquiring an additional 259,000 shares during the quarter. Zillow Group comprises about 3.1% of Scge Management L.P.'s holdings, making the stock its 14th biggest holding. Scge Management L.P. owned 0.83% of Zillow Group worth $136,304,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of Z. V Square Quantitative Management LLC bought a new position in shares of Zillow Group in the fourth quarter valued at approximately $28,000. Flagship Harbor Advisors LLC bought a new position in shares of Zillow Group in the fourth quarter valued at approximately $43,000. Clearstead Advisors LLC boosted its position in shares of Zillow Group by 4,119.0% in the third quarter. Clearstead Advisors LLC now owns 886 shares of the financial services provider's stock valued at $68,000 after acquiring an additional 865 shares during the period. IFC & Insurance Marketing Inc. bought a new position in shares of Zillow Group in the fourth quarter valued at approximately $68,000. Finally, SBI Okasan Asset Management Co.Ltd. bought a new position in shares of Zillow Group in the fourth quarter valued at approximately $71,000. 71.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on Z. Zacks Research lowered shares of Zillow Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. cut their price objective on shares of Zillow Group from $84.00 to $76.00 and set an "overweight" rating for the company in a research report on Thursday, May 7th. Keefe, Bruyette & Woods cut their price objective on shares of Zillow Group from $60.00 to $50.00 and set a "market perform" rating for the company in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Zillow Group from $80.00 to $68.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Finally, UBS Group lowered their target price on shares of Zillow Group from $80.00 to $75.00 and set a "buy" rating on the stock in a research note on Tuesday, April 28th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $76.00.

Insiders Place Their Bets

In other Zillow Group news, CFO Jeremy Hofmann sold 5,501 shares of Zillow Group stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $37.40, for a total transaction of $205,737.40. Following the transaction, the chief financial officer directly owned 68,315 shares of the company's stock, valued at approximately $2,554,981. This trade represents a 7.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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, insider Dan Spaulding sold 3,078 shares of Zillow Group stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $37.40, for a total transaction of $115,117.20. Following the transaction, the insider directly owned 49,696 shares in the company, valued at $1,858,630.40. This trade represents a 5.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 42,910 shares of company stock valued at $1,605,732 over the last three months. Corporate insiders own 23.76% of the company's stock.

Zillow Group Price Performance

Shares of Z opened at $32.03 on Monday. The firm's 50 day simple moving average is $39.70 and its 200 day simple moving average is $52.03. The company has a market capitalization of $7.33 billion, a P/E ratio of 128.12, a P/E/G ratio of 1.37 and a beta of 1.97. Zillow Group, Inc. has a 1-year low of $31.49 and a 1-year high of $93.88.

Zillow Group (NASDAQ:Z - Get Free Report) last announced its earnings results on Wednesday, May 6th. The financial services provider reported $0.53 earnings per share 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 $705.10 million. Zillow Group had a net margin of 2.27% and a return on equity of 1.41%. On average, equities analysts anticipate that Zillow Group, Inc. will post 0.9 earnings per share for the current year.

Zillow Group Company Profile

Zillow Group, Inc is an online real estate marketplace company that operates a portfolio of consumer-facing websites and mobile apps designed to connect buyers, sellers, renters, homeowners and real estate professionals. The company's platforms aggregate property listings, rental listings, and related information to help users search for homes, estimate property values and connect with agents and service providers. Zillow generates revenue primarily through advertising and lead-generation services for real estate professionals, property managers and mortgage lenders.

Key products and services include the Zillow and Trulia consumer websites and apps, which provide searchable listings, photos, neighborhood data and the company's automated home valuation tool known as the “Zestimate.” Zillow also offers a rentals marketplace, a mortgage marketplace and tools for home buying and selling such as Zillow Premier Agent for agent advertising and leads, as well as ancillary services designed to support transactions, including closing and title-related offerings.

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