Zillow Group, Inc. $Z Shares Acquired by Tiger Global Management LLC

Key Points

• Tiger Global Management increased its Zillow Group stake by 21.7% in the first quarter, buying an additional 1.312 million shares and bringing its holdings to 7.37 million shares worth about $304.9 million.
• Several other institutional investors also added to or initiated positions in Zillow, and institutional ownership now stands at 71.01% of the stock.
• Zillow’s recent earnings beat expectations, with Q1 EPS of $0.53 versus the $0.43 consensus and revenue of $708 million slightly above estimates, even as the stock has fallen far below its 52-week high.

Tiger Global Management LLC increased its holdings in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 21.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,368,957 shares of the financial services provider's stock after acquiring an additional 1,312,000 shares during the quarter. Zillow Group makes up about 1.3% of Tiger Global Management LLC's holdings, making the stock its 19th biggest position. Tiger Global Management LLC owned 3.22% of Zillow Group worth $304,927,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of Z. V Square Quantitative Management LLC purchased a new position in Zillow Group during the 4th quarter worth $28,000. Flagship Harbor Advisors LLC acquired a new position in Zillow Group in the fourth quarter valued at $43,000. IFC & Insurance Marketing Inc. purchased a new stake in shares of Zillow Group in the fourth quarter valued at about $68,000. SBI Okasan Asset Management Co.Ltd. purchased a new stake in shares of Zillow Group in the fourth quarter valued at about $71,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its stake in shares of Zillow Group by 34.5% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 1,170 shares of the financial services provider's stock worth $80,000 after buying an additional 300 shares during the period. 71.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Dan Spaulding sold 3,078 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $37.40, for a total transaction of $115,117.20. Following the completion of the transaction, the insider directly owned 49,696 shares of the company's stock, valued at approximately $1,858,630.40. This represents a 5.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Erik C. Blachford sold 791 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $34.80, for a total value of $27,526.80. Following the completion of the sale, the director directly owned 34,952 shares of the company's stock, valued at $1,216,329.60. This represents a 2.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 42,910 shares of company stock worth $1,605,732 in the last three months. Company insiders own 25.03% of the company's stock.

Zillow Group Stock Performance

Z stock opened at $30.76 on Friday. The stock has a market capitalization of $7.04 billion, a PE ratio of 123.04, a price-to-earnings-growth ratio of 1.32 and a beta of 1.98. The company has a fifty day moving average of $33.44 and a 200-day moving average of $43.91. Zillow Group, Inc. has a one year low of $29.23 and a one year high of $93.88.

Zillow Group (NASDAQ:Z - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.10. The business had revenue of $708.00 million for the quarter, compared to analyst estimates of $705.10 million. Zillow Group had a net margin of 2.27% and a return on equity of 1.41%. Equities analysts forecast that Zillow Group, Inc. will post 0.9 earnings per share for the current fiscal year.

Key Zillow Group News

Here are the key news stories impacting Zillow Group this week:

• Negative Sentiment: Zillow faces renewed legal overhang after Bleichmar Fonti & Auld said a class action was filed over alleged securities fraud linked to its anticompetitive agreement, adding pressure from potential regulatory and litigation risks. Article: Zillow Sued for Fraud Over Misrepresentations about its Anticompetitive Agreement
• Negative Sentiment: Several law firms, including ClaimsFiler, Kahn Swick & Foti, Rosen, Faruqi & Faruqi, and Pomerantz, issued investor alerts urging shareholders who bought Zillow shares during the class period to seek counsel or pursue lead-plaintiff status, keeping the litigation story in focus. Article: Zillow Shareholder Alert: ClaimsFiler Reminds Investors...
• Neutral Sentiment: Short-interest data showed no meaningful change, so it does not appear to be a driver of the stock move.
• Neutral Sentiment: Zillow’s rent report noted U.S. asking rents rose 2.2% year over year in June, while concessions remained elevated; this is informative for the housing backdrop but not a direct catalyst for the shares. Article: Rent is ticking up, but so are the deals

Wall Street Analyst Weigh In

Z has been the topic of a number of research reports. Zacks Research raised Zillow Group from a "hold" rating to a "strong-buy" rating in a report on Monday, July 6th. Deutsche Bank Aktiengesellschaft reduced their price objective on Zillow Group from $80.00 to $68.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Keefe, Bruyette & Woods decreased their price objective on Zillow Group from $50.00 to $37.00 and set a "market perform" rating for the company in a research report on Monday, July 13th. JPMorgan Chase & Co. lowered their target price on Zillow Group from $84.00 to $76.00 and set an "overweight" rating on the stock in a research note on Thursday, May 7th. Finally, Weiss Ratings lowered Zillow Group from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, May 22nd. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $72.38.

About Zillow Group

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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