Virtu Financial LLC Cuts Stock Position in Zillow Group, Inc. (NASDAQ:ZG)

Key Points

• Virtu Financial LLC has reduced its stake in Zillow Group by 56.0% in the first quarter, now owning 184,740 shares, which accounts for 0.7% of its holdings.
• Zillow Group's shares are currently trading at $77.51, marking a 4.4% decline, with a market cap of $18.71 billion.
• The company reported $0.40 earnings per share for the quarter, missing expectations, although its revenue increased by 14.5% year-over-year.

Virtu Financial LLC reduced its holdings in shares of Zillow Group, Inc. (NASDAQ:ZG - Free Report) by 56.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 184,740 shares of the technology company's stock after selling 235,515 shares during the period. Zillow Group comprises 0.7% of Virtu Financial LLC's portfolio, making the stock its 14th largest holding. Virtu Financial LLC owned 0.08% of Zillow Group worth $12,352,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Zillow Group by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 7,002,693 shares of the technology company's stock worth $468,200,000 after acquiring an additional 57,693 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Zillow Group by 6.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 445,664 shares of the technology company's stock worth $31,578,000 after purchasing an additional 27,345 shares in the last quarter. Selkirk Management LLC raised its position in shares of Zillow Group by 14.0% during the 4th quarter. Selkirk Management LLC now owns 365,800 shares of the technology company's stock valued at $25,917,000 after purchasing an additional 45,000 shares during the period. Northern Trust Corp lifted its stake in shares of Zillow Group by 2.5% during the 4th quarter. Northern Trust Corp now owns 247,078 shares of the technology company's stock valued at $17,505,000 after buying an additional 6,088 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Zillow Group in the 4th quarter worth $14,916,000. 20.32% of the stock is currently owned by institutional investors.

Zillow Group Stock Up 5.5%

Shares of Zillow Group stock traded up $4.24 on Wednesday, reaching $81.27. The stock had a trading volume of 717,136 shares, compared to its average volume of 561,784. The stock has a market capitalization of $19.62 billion, a P/E ratio of -312.58, a P/E/G ratio of 12.37 and a beta of 2.07. The company has a 50 day moving average price of $72.81 and a 200 day moving average price of $70.79. Zillow Group, Inc. has a 1 year low of $50.18 and a 1 year high of $86.58.

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

Insiders Place Their Bets

In related news, Director Gordon Sheridan Stephenson sold 6,835 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $82.08, for a total transaction of $561,016.80. Following the completion of the transaction, the director directly owned 28,290 shares in the company, valued at $2,322,043.20. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Jeremy Hofmann sold 7,959 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $68.98, for a total value of $549,011.82. Following the sale, the chief financial officer directly owned 97,481 shares in the company, valued at $6,724,239.38. This represents a 7.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 187,466 shares of company stock valued at $15,538,533. Insiders own 17.14% of the company's stock.

Wall Street Analyst Weigh In

ZG has been the subject of several research analyst reports. Susquehanna reaffirmed a "neutral" rating on shares of Zillow Group in a research note on Friday, August 8th. Wedbush reissued an "outperform" rating and set a $90.00 price objective (down previously from $100.00) on shares of Zillow Group in a report on Thursday, May 8th. Citigroup reduced their target price on Zillow Group from $98.00 to $87.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. The Goldman Sachs Group decreased their target price on Zillow Group from $77.00 to $69.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Finally, Wells Fargo & Company raised their price target on Zillow Group from $60.00 to $75.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Zillow Group currently has a consensus rating of "Moderate Buy" and an average price target of $85.62.

Zillow Group Profile

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.