Zillow Group, Inc. $Z Position Trimmed by Emmett Investment Management LP

Key Points

• Emmett Investment Management cut its Zillow stake by 38.9% in Q3, selling 34,929 shares and now holds 54,850 shares worth $4.03 million (about 2.9% of its portfolio, Zillow is its 14th largest position).
• Company insiders have been net sellers — Dan Spaulding sold 5,361 shares and CTO David A. Beitel sold 3,966 shares recently, with insiders disposing of 60,801 shares (~$2.68M) over the past 90 days while still owning 25.03% of the stock.
• Analysts' consensus is a Hold with an average price target of $90.60, while Zillow trades around $42.90 (1‑year range $41.13–$93.88) and carries a very high P/E of roughly 477.

Emmett Investment Management LP decreased its holdings in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 38.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 54,850 shares of the financial services provider's stock after selling 34,929 shares during the quarter. Zillow Group accounts for about 2.9% of Emmett Investment Management LP's investment portfolio, making the stock its 14th largest position. Emmett Investment Management LP's holdings in Zillow Group were worth $4,030,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of Z. Empowered Funds LLC boosted its stake in shares of Zillow Group by 4.7% during the 1st quarter. Empowered Funds LLC now owns 3,822 shares of the financial services provider's stock worth $262,000 after acquiring an additional 171 shares in the last quarter. Intech Investment Management LLC grew its holdings in shares of Zillow Group by 21.7% in the 1st quarter. Intech Investment Management LLC now owns 20,518 shares of the financial services provider's stock worth $1,407,000 after acquiring an additional 3,653 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of Zillow Group by 25.1% during the second quarter. Los Angeles Capital Management LLC now owns 4,946 shares of the financial services provider's stock worth $346,000 after purchasing an additional 991 shares during the period. National Pension Service raised its position in shares of Zillow Group by 340.4% during the second quarter. National Pension Service now owns 2,541 shares of the financial services provider's stock worth $178,000 after purchasing an additional 1,964 shares during the period. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Zillow Group by 58.2% during the second quarter. SBI Securities Co. Ltd. now owns 503 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 185 shares during the last quarter. Institutional investors own 71.01% of the company's stock.

Insider Buying and Selling

In related news, insider Dan Spaulding sold 5,361 shares of the business's stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $43.95, for a total transaction of $235,615.95. Following the transaction, the insider directly owned 41,080 shares of the company's stock, valued at approximately $1,805,466. The trade was a 11.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO David A. Beitel sold 3,966 shares of the company's stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $44.22, for a total transaction of $175,376.52. Following the completion of the transaction, the chief technology officer owned 136,690 shares in the company, valued at approximately $6,044,431.80. This represents a 2.82% 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 ninety days. 25.03% of the stock is currently owned by corporate insiders.

Zillow Group Trading Up 4.0%

Shares of Z stock opened at $42.90 on Friday. Zillow Group, Inc. has a 1-year low of $41.13 and a 1-year high of $93.88. The company has a market capitalization of $10.29 billion, a price-to-earnings ratio of 476.72, a P/E/G ratio of 2.40 and a beta of 2.10. The stock's fifty day simple moving average is $55.37 and its 200-day simple moving average is $68.48.

Zillow Group (NASDAQ:Z - Get Free Report) last announced its quarterly earnings data on Tuesday, February 10th. The financial services provider reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.03). Zillow Group had a return on equity of 0.56% and a net margin of 0.89%.The business had revenue of $654.00 million during the quarter, compared to analysts' expectations of $650.40 million. On average, sell-side analysts predict that Zillow Group, Inc. will post 0.32 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on Z. Needham & Company LLC reissued a "hold" rating on shares of Zillow Group in a research note on Wednesday, February 11th. Zelman & Associates raised shares of Zillow Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, February 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Zillow Group in a report on Wednesday, January 21st. Mizuho downgraded shares of Zillow Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, January 8th. Finally, Barclays upgraded shares of Zillow Group from a "strong sell" rating to a "hold" rating in a report on Thursday, January 29th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $90.60.

Zillow Group 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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