Canada Pension Plan Investment Board Increases Holdings in Zillow Group, Inc. $Z

Key Points

• The Canada Pension Plan Investment Board increased its holdings in Zillow Group, Inc. by 11.5% during the first quarter, owning approximately 239,300 shares valued at $16.4 million.
• Several analysts have adjusted their price targets for Zillow Group, with JPMorgan raising theirs from $79.00 to $94.00 and Keefe, Bruyette & Woods lowering theirs to $76.00.
• Insider selling activity is notable, with Chairman Richard N. Barton selling 200,000 shares at an average price of $84.92, representing a 19.17% decrease in his ownership.

Canada Pension Plan Investment Board boosted its holdings in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) by 11.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 239,300 shares of the financial services provider's stock after purchasing an additional 24,700 shares during the period. Canada Pension Plan Investment Board owned about 0.10% of Zillow Group worth $16,406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in Z. Vanguard Group Inc. grew its stake in shares of Zillow Group by 7.8% in the first quarter. Vanguard Group Inc. now owns 22,589,955 shares of the financial services provider's stock worth $1,548,767,000 after acquiring an additional 1,628,577 shares in the last quarter. Independent Franchise Partners LLP raised its holdings in Zillow Group by 2.5% in the 1st quarter. Independent Franchise Partners LLP now owns 11,153,697 shares of the financial services provider's stock valued at $764,697,000 after acquiring an additional 271,084 shares during the last quarter. Ninety One UK Ltd increased its stake in Zillow Group by 11.4% during the first quarter. Ninety One UK Ltd now owns 4,029,503 shares of the financial services provider's stock worth $276,263,000 after acquiring an additional 411,742 shares during the last quarter. Dorsal Capital Management LP boosted its holdings in Zillow Group by 4.7% in the 4th quarter. Dorsal Capital Management LP now owns 3,350,000 shares of the financial services provider's stock worth $248,068,000 after acquiring an additional 150,000 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Zillow Group by 3.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,584,537 shares of the financial services provider's stock worth $108,636,000 after buying an additional 45,828 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Zillow Group Stock Performance

Z traded up $0.20 during trading on Thursday, hitting $83.70. 2,072,376 shares of the stock were exchanged, compared to its average volume of 2,720,386. The firm has a market cap of $20.28 billion, a price-to-earnings ratio of -321.92, a P/E/G ratio of 15.73 and a beta of 2.04. Zillow Group, Inc. has a 1 year low of $52.86 and a 1 year high of $89.39. The firm has a 50 day simple moving average of $80.04 and a 200 day simple moving average of $72.88.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, Director Thielke Claire Cormier sold 8,247 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $79.86, for a total value of $658,605.42. Following the transaction, the director directly owned 725 shares of the company's stock, valued at $57,898.50. This trade represents a 91.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jeremy Wacksman sold 11,275 shares of Zillow Group stock in a transaction on Friday, August 15th. The shares were sold at an average price of $85.73, for a total transaction of $966,605.75. Following the completion of the transaction, the chief executive officer owned 153,113 shares in the company, valued at approximately $13,126,377.49. This trade represents a 6.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 581,587 shares of company stock valued at $49,418,676. 25.03% of the stock is owned by corporate insiders.

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.