Wellington Management Group LLP Decreases Position in Zillow Group, Inc. $ZG

Key Points

• Wellington Management Group LLP reduced its holdings in Zillow Group by 2.2% in the first quarter, owning approximately 0.17% of the company's shares, valued at about $27.8 million after selling 9,271 shares.
• Zillow Group reported a Q2 EPS of $0.40, missing analysts' estimates by $0.04, although revenue for the quarter rose by 14.5% compared to the previous year.
• CEO Jeremy Wacksman and COO Jun Choo both sold large amounts of company stock, indicating a decrease in insider ownership which may raise investor concerns.

Wellington Management Group LLP lessened its holdings in Zillow Group, Inc. (NASDAQ:ZG - Free Report) by 2.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 416,364 shares of the technology company's stock after selling 9,271 shares during the quarter. Wellington Management Group LLP owned 0.17% of Zillow Group worth $27,838,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Zillow Group by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 7,002,693 shares of the technology company's stock worth $468,200,000 after purchasing an additional 57,693 shares during the period. Dimensional Fund Advisors LP grew its holdings in Zillow Group by 6.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 445,664 shares of the technology company's stock worth $31,578,000 after acquiring an additional 27,345 shares during the last quarter. Selkirk Management LLC grew its holdings in Zillow Group by 14.0% in the 4th quarter. Selkirk Management LLC now owns 365,800 shares of the technology company's stock worth $25,917,000 after acquiring an additional 45,000 shares during the last quarter. Northern Trust Corp grew its holdings in Zillow Group by 0.7% in the 1st quarter. Northern Trust Corp now owns 248,737 shares of the technology company's stock worth $16,631,000 after acquiring an additional 1,659 shares during the last quarter. Finally, Raymond James Financial Inc. grew its holdings in Zillow Group by 3.9% in the 1st quarter. Raymond James Financial Inc. now owns 218,732 shares of the technology company's stock worth $14,624,000 after acquiring an additional 8,197 shares during the last quarter. Hedge funds and other institutional investors own 20.32% of the company's stock.

Insider Activity at Zillow Group

In related news, Chairman Richard N. Barton sold 200,000 shares of Zillow Group stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $84.92, for a total transaction of $16,984,000.00. Following the completion of the transaction, the chairman directly owned 843,248 shares of the company's stock, valued at $71,608,620.16. This trade represents a 19.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Jun Choo sold 45,710 shares of Zillow Group stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $85.21, for a total transaction of $3,894,949.10. Following the transaction, the chief operating officer directly owned 117,098 shares of the company's stock, valued at approximately $9,977,920.58. This trade represents a 28.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 580,379 shares of company stock worth $49,319,729 over the last 90 days. 17.14% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ZG has been the topic of a number of recent analyst reports. DA Davidson raised their price target on shares of Zillow Group from $85.00 to $95.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. KeyCorp reissued an "overweight" rating and issued a $92.00 price target (up previously from $90.00) on shares of Zillow Group in a report on Thursday, August 7th. Piper Sandler raised their price target on shares of Zillow Group from $82.00 to $94.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Benchmark cut their price target on shares of Zillow Group from $110.00 to $95.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, The Goldman Sachs Group cut their target price on shares of Zillow Group from $77.00 to $69.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Thirteen analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $85.62.

Zillow Group Stock Down 1.2%

Shares of ZG traded down $1.00 during trading hours on Friday, reaching $81.48. 285,942 shares of the company traded hands, compared to its average volume of 635,025. The company's fifty day moving average price is $76.11 and its two-hundred day moving average price is $70.80. The company has a market capitalization of $19.74 billion, a price-to-earnings ratio of -313.38, a price-to-earnings-growth ratio of 15.35 and a beta of 2.07. Zillow Group, Inc. has a 12 month low of $51.16 and a 12 month high of $86.58.

Zillow Group (NASDAQ:ZG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The technology company reported $0.40 earnings per share (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 for the quarter, compared to analysts' expectations of $647.06 million. During the same period last year, the business earned $0.39 earnings per share. The company's revenue was up 14.5% on a year-over-year basis. On average, analysts expect that Zillow Group, Inc. will post 0.32 EPS for the current 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.