Zillow Group, Inc. $Z Shares Sold by Avory & Company LLC

Key Points

• Avory & Company LLC cut its Zillow Group stake by 46.5% in the first quarter, selling 89,674 shares and leaving it with 103,272 shares worth about $4.27 million.
• Zillow reported stronger-than-expected quarterly results, posting EPS of $0.53 versus the $0.43 estimate and revenue of $708 million, slightly above forecasts.
• Analysts are mixed but still moderately positive: Zillow has a consensus “Moderate Buy” rating with an average price target of $76, even as several firms recently lowered their targets and one downgraded the stock to hold.

Avory & Company LLC decreased its holdings in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) by 46.5% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 103,272 shares of the financial services provider's stock after selling 89,674 shares during the period. Zillow Group makes up approximately 5.5% of Avory & Company LLC's investment portfolio, making the stock its 5th largest holding. Avory & Company LLC's holdings in Zillow Group were worth $4,273,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Independent Franchise Partners LLP boosted its stake in Zillow Group by 0.9% in the 4th quarter. Independent Franchise Partners LLP now owns 10,953,405 shares of the financial services provider's stock worth $747,241,000 after purchasing an additional 94,569 shares in the last quarter. Capital World Investors lifted its stake in shares of Zillow Group by 1.8% during the fourth quarter. Capital World Investors now owns 10,826,066 shares of the financial services provider's stock worth $738,554,000 after buying an additional 191,058 shares during the period. Tiger Global Management LLC grew its holdings in shares of Zillow Group by 20.1% during the fourth quarter. Tiger Global Management LLC now owns 6,056,957 shares of the financial services provider's stock valued at $413,206,000 after buying an additional 1,011,813 shares during the last quarter. State Street Corp increased its position in shares of Zillow Group by 3.9% in the 4th quarter. State Street Corp now owns 3,838,788 shares of the financial services provider's stock valued at $261,882,000 after acquiring an additional 143,726 shares during the period. Finally, Geode Capital Management LLC raised its stake in Zillow Group by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 3,363,657 shares of the financial services provider's stock worth $228,898,000 after acquiring an additional 55,323 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company's stock.

Zillow Group Trading Down 1.4%

Zillow Group stock opened at $32.96 on Tuesday. The firm has a market cap of $7.54 billion, a PE ratio of 131.84, a P/E/G ratio of 1.43 and a beta of 1.98. Zillow Group, Inc. has a 12 month low of $29.23 and a 12 month high of $93.88. The stock's 50 day simple moving average is $36.18 and its two-hundred day simple moving average is $47.31.

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

Analysts Set New Price Targets

Z has been the topic of a number of research reports. Zacks Research lowered Zillow Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 4th. UBS Group dropped their target price on Zillow Group from $80.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, April 28th. Royal Bank Of Canada cut their price target on shares of Zillow Group from $95.00 to $70.00 and set an "outperform" rating on the stock in a report on Wednesday, June 10th. JPMorgan Chase & Co. reduced their price target on shares of Zillow Group from $84.00 to $76.00 and set an "overweight" rating for the company in a research report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Zillow Group from $80.00 to $68.00 and set a "buy" rating on the stock in a report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Zillow Group has a consensus rating of "Moderate Buy" and an average price target of $76.00.

Insider Buying and Selling

In other news, CFO Jeremy Hofmann sold 5,501 shares of the firm's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $37.40, for a total transaction of $205,737.40. Following the sale, the chief financial officer directly owned 68,315 shares in the company, valued at $2,554,981. This trade represents a 7.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 company's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $36.54, for a total value of $331,490.88. Following the completion of the transaction, the chief executive officer directly owned 153,699 shares of the company's stock, valued at $5,616,161.46. The trade was 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. Insiders have sold 42,910 shares of company stock valued at $1,605,732 in the last ninety days. Company insiders own 23.76% of the company's stock.

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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