Zillow Group, Inc. $Z Shares Sold by HB Wealth Management LLC

Key Points

• HB Wealth Management cut its Zillow Group stake by 48.9% in the second quarter, selling 99,087 shares and retaining 103,713 shares valued at $3.27 million. Institutional investors and hedge funds collectively own 71.01% of the company.
• Zillow reported quarterly earnings of $0.52 per share, beating estimates of $0.45, while revenue of $772 million also exceeded expectations. The stock opened at $32.36, well below its 12-month high of $93.88.
• Analyst sentiment remains cautiously positive: Zillow has a consensus “Moderate Buy” rating and an average price target of $66.75, although several firms recently downgraded the stock or lowered their targets. Insiders sold $1.32 million worth of shares over the past 90 days, primarily to cover tax obligations on vested equity awards.

HB Wealth Management LLC reduced its position in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 48.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 103,713 shares of the financial services provider's stock after selling 99,087 shares during the period. HB Wealth Management LLC's holdings in Zillow Group were worth $3,269,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Empowered Funds LLC lifted its stake in Zillow Group by 4.7% in the first quarter. Empowered Funds LLC now owns 3,822 shares of the financial services provider's stock valued at $262,000 after buying an additional 171 shares during the last quarter. Intech Investment Management LLC grew its position in shares of Zillow Group by 21.7% during the first quarter. Intech Investment Management LLC now owns 20,518 shares of the financial services provider's stock worth $1,407,000 after acquiring an additional 3,653 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Zillow Group by 1.6% in the 2nd 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 during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Zillow Group by 186.3% in the 2nd 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 during the period. Finally, First Trust Advisors LP raised its position in Zillow Group by 1,895.4% in 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 purchasing an additional 121,929 shares during the last quarter. 71.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Zillow Group

In related news, CFO Jeremy Hofmann sold 5,661 shares of the business's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $34.18, for a total transaction of $193,492.98. Following the sale, the chief financial officer owned 59,144 shares of the company's stock, valued at approximately $2,021,541.92. The trade was a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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, insider Errol G. Samuelson sold 3,154 shares of the company's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $34.24, for a total transaction of $107,992.96. Following the transaction, the insider owned 130,885 shares in the company, valued at $4,481,502.40. The trade was a 2.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 38,539 shares of company stock worth $1,323,800. Company insiders own 23.76% of the company's stock.

Zillow Group Price Performance

Z opened at $32.36 on Wednesday. Zillow Group, Inc. has a 12 month low of $29.23 and a 12 month high of $93.88. The stock has a market capitalization of $7.28 billion, a P/E ratio of 147.10, a P/E/G ratio of 1.51 and a beta of 2.00. The business has a 50 day simple moving average of $33.91 and a 200-day simple moving average of $37.88.

Zillow Group (NASDAQ:Z - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.07. The firm had revenue of $772.00 million for the quarter, compared to analyst estimates of $758.10 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%. Research analysts anticipate that Zillow Group, Inc. will post 0.89 EPS for the current year.

Analysts Set New Price Targets

Z has been the topic of several research reports. Jefferies Financial Group lowered their price objective on shares of Zillow Group from $75.00 to $60.00 and set a "buy" rating on the stock in a research report on Tuesday, July 14th. Wall Street Zen downgraded Zillow Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Sanford C. Bernstein cut Zillow Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 6th. Evercore lowered shares of Zillow Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 6th. Finally, Royal Bank Of Canada cut their price objective on shares of Zillow Group from $95.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $66.75.

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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