Tabor Asset Management LP Invests $2.43 Million in Zillow Group, Inc. $ZG

Key Points

• Tabor Asset Management bought 32,617 shares of Zillow (~$2.43M) in Q3, making ZG about 1.5% of the fund’s portfolio and its 26th largest holding.
• Zillow missed EPS estimates ($0.39 vs. $0.42) while revenue rose 18.1% YoY to $654M, and the stock trades at a high valuation (P/E ~501.6) with a market cap around $10.8B.
• Insiders sold roughly 60,801 shares (~$2.68M) last quarter (including the CTO and CEO), even as analysts maintain a consensus "Moderate Buy" with a $78.05 target.

Tabor Asset Management LP bought a new position in shares of Zillow Group, Inc. (NASDAQ:ZG - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 32,617 shares of the technology company's stock, valued at approximately $2,428,000. Zillow Group makes up about 1.5% of Tabor Asset Management LP's portfolio, making the stock its 26th biggest position.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ZG. AQR Capital Management LLC increased its holdings in 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 purchasing an additional 3,717 shares in the last quarter. Millennium Management LLC increased its position 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Zillow Group by 7.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 87,912 shares of the technology company's stock worth $5,878,000 after buying an additional 5,737 shares during the period. Assetmark Inc. grew its holdings in Zillow Group by 207.0% during the 2nd quarter. Assetmark Inc. now owns 1,980 shares of the technology company's stock worth $136,000 after acquiring an additional 1,335 shares during the period. Finally, Vise Technologies Inc. acquired a new stake in Zillow Group during the second quarter worth approximately $602,000. Institutional investors own 20.32% of the company's stock.

Zillow Group Stock Down 1.8%

Shares of NASDAQ ZG opened at $45.14 on Tuesday. The company has a market cap of $10.83 billion, a price-to-earnings ratio of 501.61, a PEG ratio of 2.57 and a beta of 2.06. The firm's fifty day moving average is $56.95 and its 200 day moving average is $67.89. Zillow Group, Inc. has a 52 week low of $41.90 and a 52 week high of $90.22.

Zillow Group (NASDAQ:ZG - Get Free Report) last posted its earnings results on Tuesday, February 10th. The technology company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.03). The company had revenue of $654.00 million during the quarter, compared to analysts' expectations of $650.40 million. Zillow Group had a return on equity of 0.56% and a net margin of 0.89%.The company's revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.27 earnings per share. Equities research analysts anticipate that Zillow Group, Inc. will post 0.32 earnings per share for the current year.

Insider Activity at Zillow Group

In other Zillow Group news, CTO David A. Beitel sold 3,966 shares of the stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $44.22, for a total transaction of $175,376.52. Following the sale, the chief technology officer directly owned 136,690 shares in the company, valued at approximately $6,044,431.80. This trade represents a 2.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jeremy Wacksman sold 13,661 shares of the company's stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $44.25, for a total transaction of $604,499.25. Following the transaction, the chief executive officer owned 116,322 shares in the company, valued at $5,147,248.50. This represents a 10.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 60,801 shares of company stock worth $2,683,986 over the last quarter. 17.14% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ZG. Susquehanna set a $50.00 target price on Zillow Group in a research note on Thursday, February 12th. UBS Group set a $80.00 price target on Zillow Group in a research report on Wednesday, February 11th. Mizuho set a $65.00 price target on shares of Zillow Group in a report on Wednesday, February 11th. KeyCorp reduced their price objective on shares of Zillow Group from $90.00 to $75.00 and set an "overweight" rating for the company in a research note on Friday, February 6th. Finally, Wells Fargo & Company decreased their price target on Zillow Group from $73.00 to $61.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 10th. Fourteen research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Zillow Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $78.05.

Zillow Group 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.

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