Wellington Management Group LLP Cuts Holdings in Zillow Group, Inc. $Z

Key Points

• Wellington Management Group LLP reduced its stake in Zillow Group by 4.6%, selling 93,597 shares during the first quarter, leaving the firm with approximately 1.94 million shares valued at $133.25 million.
• Analyst ratings for Zillow Group show an overall consensus of "Hold" with a price target of $88.29, following recent adjustments by firms like Bank of America and JPMorgan Chase.
• Insider trading activity has increased, with significant sales reported, including COO Jun Choo's sale of 45,710 shares valued at approximately $3.89 million, indicating a decrease in insider confidence.

Wellington Management Group LLP reduced its position in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 4.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,943,561 shares of the financial services provider's stock after selling 93,597 shares during the quarter. Wellington Management Group LLP owned approximately 0.80% of Zillow Group worth $133,251,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. IFP Advisors Inc boosted its stake in Zillow Group by 288.9% during the first quarter. IFP Advisors Inc now owns 455 shares of the financial services provider's stock worth $31,000 after acquiring an additional 338 shares in the last quarter. National Pension Service raised its holdings in Zillow Group by 74.8% during the first quarter. National Pension Service now owns 577 shares of the financial services provider's stock worth $40,000 after buying an additional 247 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Zillow Group by 47.7% in the first quarter. GAMMA Investing LLC now owns 607 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 196 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new position in Zillow Group during the first quarter valued at about $49,000. Finally, Natixis bought a new position in Zillow Group during the fourth quarter valued at about $80,000. 71.01% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Richard N. Barton sold 200,000 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $84.92, for a total value 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 approximately $71,608,620.16. This represents a 19.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thielke Claire Cormier sold 8,247 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $79.86, for a total transaction of $658,605.42. Following the transaction, the director owned 725 shares of the company's stock, valued at approximately $57,898.50. This represents a 91.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 580,379 shares of company stock worth $49,319,729 over the last ninety days. Insiders own 23.76% of the company's stock.

Zillow Group Price Performance

Shares of NASDAQ:Z traded down $0.45 during trading on Wednesday, reaching $85.23. The stock had a trading volume of 364,287 shares, compared to its average volume of 2,677,153. The business's 50-day moving average price is $77.90 and its 200 day moving average price is $72.72. Zillow Group, Inc. has a 52 week low of $52.86 and a 52 week high of $89.39. The stock has a market capitalization of $20.65 billion, a PE ratio of -328.48, a P/E/G ratio of 16.37 and a beta of 2.09.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on Z shares. JPMorgan Chase & Co. raised their price objective on shares of Zillow Group from $79.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Keefe, Bruyette & Woods decreased their price target on shares of Zillow Group from $80.00 to $76.00 and set a "market perform" rating on the stock in a research note on Wednesday, May 7th. Wedbush restated an "outperform" rating and issued a $100.00 target price on shares of Zillow Group in a report on Monday, May 5th. Finally, Bank of America lifted their price target on shares of Zillow Group from $81.00 to $88.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Zillow Group has an average rating of "Hold" and an average target price of $88.29.

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.