Zillow Group, Inc. $Z Shares Purchased by Fjarde AP Fonden Fourth Swedish National Pension Fund

Key Points

• Fjarde AP Fonden more than doubled its Zillow stake in the first quarter, increasing holdings by 114.5% to 99,833 shares valued at about $4.13 million.
• Several analysts trimmed price targets or downgraded the stock, but Zillow still carries a Moderate Buy consensus with an average price target of $76.00.
• Zillow reported stronger-than-expected quarterly results, with EPS of $0.53 beating estimates and revenue of $708 million slightly above forecasts, even as the stock traded down to $32.96.

Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 114.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 99,833 shares of the financial services provider's stock after buying an additional 53,300 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Zillow Group were worth $4,131,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Empowered Funds LLC raised its position in shares of Zillow Group by 4.7% in the 1st quarter. Empowered Funds LLC now owns 3,822 shares of the financial services provider's stock valued at $262,000 after purchasing an additional 171 shares in the last quarter. Intech Investment Management LLC increased its stake in shares of Zillow Group by 21.7% in the first quarter. Intech Investment Management LLC now owns 20,518 shares of the financial services provider's stock worth $1,407,000 after buying an additional 3,653 shares during the last quarter. American Century Companies Inc. raised its holdings in Zillow Group by 1.6% in the second quarter. American Century Companies Inc. now owns 23,064 shares of the financial services provider's stock valued at $1,616,000 after acquiring an additional 362 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Zillow Group by 186.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,678 shares of the financial services provider's stock valued at $118,000 after acquiring an additional 1,092 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Zillow Group by 1,895.4% during the 2nd quarter. First Trust Advisors LP now owns 128,362 shares of the financial services provider's stock valued at $8,992,000 after acquiring an additional 121,929 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on Z shares. UBS Group decreased their price objective on shares of Zillow Group from $80.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, April 28th. Zacks Research lowered shares of Zillow Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. decreased their price target on Zillow Group from $84.00 to $76.00 and set an "overweight" rating for the company in a research note on Thursday, May 7th. Keefe, Bruyette & Woods decreased their price target on Zillow Group from $60.00 to $50.00 and set a "market perform" rating for the company in a research note on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Zillow Group from $80.00 to $68.00 and set a "buy" rating for the company in a report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Zillow Group has a consensus rating of "Moderate Buy" and an average price target of $76.00.

Zillow Group Trading Down 1.4%

Shares of Zillow Group stock opened at $32.96 on Tuesday. The stock has a market capitalization of $7.54 billion, a price-to-earnings ratio of 131.84, a PEG ratio of 1.43 and a beta of 1.98. Zillow Group, Inc. has a twelve month low of $29.23 and a twelve month high of $93.88. The business's 50 day simple moving average is $36.18 and its 200-day simple moving average is $47.31.

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

Insider Activity at Zillow Group

In other news, insider Dan Spaulding sold 3,078 shares of the company's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $37.40, for a total transaction of $115,117.20. Following the completion of the transaction, the insider owned 49,696 shares in the company, valued at approximately $1,858,630.40. This represents a 5.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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, CEO Jeremy Wacksman sold 9,072 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $36.54, for a total transaction of $331,490.88. Following the completion of the sale, the chief executive officer directly owned 153,699 shares in the company, valued at approximately $5,616,161.46. This trade represents a 5.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 42,910 shares of company stock valued at $1,605,732. Company insiders own 23.76% of the company's stock.

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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