Zillow Group, Inc. $Z Shares Sold by ARK Investment Management LLC

Key Points

• ARK Investment Management LLC has reduced its holdings in Zillow Group by 7.8%, owning 124,938 shares worth approximately $8.75 million after selling 10,632 shares in the second quarter.
• Insider transactions indicate significant selling activity, with COO Jun Choo and another insider selling over 145,000 shares combined, resulting in ownership decreases of 28.08% and 59.21%, respectively.
• Zillow Group's stock has a current price of $77.33, with analysts giving a consensus rating of "Moderate Buy" and an average target price of $90.43.

ARK Investment Management LLC lessened its holdings in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 7.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 124,938 shares of the financial services provider's stock after selling 10,632 shares during the period. ARK Investment Management LLC owned approximately 0.05% of Zillow Group worth $8,752,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. IFP Advisors Inc lifted its stake in shares of Zillow Group by 288.9% in the 1st quarter. IFP Advisors Inc now owns 455 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 338 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in shares of Zillow Group by 352.0% in the 2nd quarter. TD Private Client Wealth LLC now owns 452 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 352 shares during the last quarter. National Pension Service lifted its stake in shares of Zillow Group by 74.8% in the 1st quarter. National Pension Service now owns 577 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 247 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Zillow Group by 47.7% in the 1st quarter. GAMMA Investing LLC now owns 607 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 196 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Zillow Group in the 1st quarter valued at $49,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Insider Activity at Zillow Group

In other Zillow Group news, COO Jun Choo sold 45,710 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $85.21, for a total transaction of $3,894,949.10. Following the completion of the transaction, the chief operating officer owned 117,098 shares of the company's stock, valued at approximately $9,977,920.58. This trade represents a 28.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Dan Spaulding sold 100,000 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $85.91, for a total value of $8,591,000.00. Following the transaction, the insider directly owned 68,889 shares of the company's stock, valued at $5,918,253.99. The trade was a 59.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 657,087 shares of company stock valued at $56,286,479 in the last ninety days. 23.76% of the stock is owned by insiders.

Zillow Group Price Performance

NASDAQ Z opened at $77.33 on Wednesday. Zillow Group, Inc. has a 1-year low of $57.00 and a 1-year high of $93.88. The company has a market capitalization of $18.73 billion, a P/E ratio of -297.42, a PEG ratio of 25.53 and a beta of 2.13. The business has a 50 day moving average price of $81.11 and a 200 day moving average price of $74.36.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Zillow Group from $79.00 to $94.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Bank of America boosted their price objective on Zillow Group from $81.00 to $88.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Mizuho upgraded Zillow Group to a "strong-buy" rating in a report on Monday, September 29th. Oppenheimer assumed coverage on Zillow Group in a report on Monday, October 6th. They issued a "market perform" rating on the stock. Finally, Sanford C. Bernstein upgraded Zillow Group from a "market perform" rating to an "outperform" rating and set a $105.00 price objective on the stock in a report on Wednesday, September 17th. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $90.43.

About Zillow Group

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.

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