Zillow Group, Inc. $Z Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn increased its stake in Zillow Group by 10% during Q3, buying an additional 30,641 shares to hold 337,995 shares worth about $26.0 million (≈0.14% ownership).
• Insiders sold 60,801 shares over the last quarter (including CTO David Beitel and Dan Spaulding), representing roughly $2.68 million in sales; corporate insiders now own 25.03% of the company.
• Zillow missed EPS expectations ($0.39 vs. $0.42) while posting $654M revenue, and the stock is down about 8.1% trading near a 52-week low with a high P/E (~458) and a consensus analyst rating of "Hold" (target $90.60).

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) by 10.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 337,995 shares of the financial services provider's stock after purchasing an additional 30,641 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.14% of Zillow Group worth $26,043,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Root Financial Partners LLC purchased a new stake in shares of Zillow Group in the 3rd quarter worth about $27,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Zillow Group in the 3rd quarter valued at about $29,000. Cullen Frost Bankers Inc. increased its holdings in Zillow Group by 58.6% during the 3rd quarter. Cullen Frost Bankers Inc. now owns 441 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 163 shares in the last quarter. SBI Securities Co. Ltd. raised its position in Zillow Group by 58.2% during the second quarter. SBI Securities Co. Ltd. now owns 503 shares of the financial services provider's stock worth $35,000 after acquiring an additional 185 shares during the last quarter. Finally, Pittenger & Anderson Inc. raised its position in Zillow Group by 32.8% during the third quarter. Pittenger & Anderson Inc. now owns 546 shares of the financial services provider's stock worth $42,000 after acquiring an additional 135 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Insider Buying and Selling

In related news, CTO David A. Beitel sold 3,966 shares of the 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 sale, the chief technology officer owned 136,690 shares of the company's stock, valued at approximately $6,044,431.80. This represents a 2.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dan Spaulding sold 5,361 shares of the firm'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 completion of the transaction, the insider owned 41,080 shares in the company, valued at $1,805,466. The trade was a 11.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 60,801 shares of company stock worth $2,683,986. Corporate insiders own 25.03% of the company's stock.

Zillow Group Stock Down 8.1%

Shares of NASDAQ Z opened at $41.25 on Friday. The stock has a market capitalization of $9.90 billion, a PE ratio of 458.38, a P/E/G ratio of 2.51 and a beta of 2.10. The firm has a fifty day moving average of $55.83 and a 200-day moving average of $68.90. Zillow Group, Inc. has a 52-week low of $41.13 and a 52-week high of $93.88.

Zillow Group (NASDAQ:Z - Get Free Report) last issued its earnings results on Tuesday, February 10th. The financial services provider reported $0.39 earnings per share 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 firm had revenue of $654.00 million during the quarter, compared to analysts' expectations of $650.40 million. Equities research analysts expect that Zillow Group, Inc. will post 0.32 EPS for the current fiscal year.

Analyst Ratings Changes

Z has been the topic of several research reports. Barclays upgraded shares of Zillow Group from a "strong sell" rating to a "hold" rating in a research report on Thursday, January 29th. Zelman & Associates upgraded Zillow Group from a "hold" rating to a "strong-buy" rating in a research report on Thursday, February 12th. Keefe, Bruyette & Woods reduced their target price on Zillow Group from $80.00 to $65.00 and set a "market perform" rating on the stock in a research note on Monday, February 9th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Zillow Group in a report on Wednesday, January 21st. Finally, Needham & Company LLC reissued a "hold" rating on shares of Zillow Group in a report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $90.60.

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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