Korea Investment CORP Sells 3,978 Shares of Zillow Group, Inc. $Z

Key Points

• Korea Investment CORP has reduced its holdings in Zillow Group by 4.1% in the first quarter, equating to a total of 92,651 shares valued at approximately $6.35 million.
• Insider selling has occurred, with CFO Jeremy Hofmann and CEO Jeremy Wacksman selling significant amounts of stock in recent transactions, totaling nearly $1.66 million.
• Analysts have varied ratings on Zillow Group, with adjustments to target prices; JPMorgan Chase raised its target from $79 to $94, while the stock maintains an average rating of "Hold" among analysts.

Korea Investment CORP cut its position in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,651 shares of the financial services provider's stock after selling 3,978 shares during the quarter. Korea Investment CORP's holdings in Zillow Group were worth $6,352,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Zillow Group by 7.8% in the first quarter. Vanguard Group Inc. now owns 22,589,955 shares of the financial services provider's stock valued at $1,548,767,000 after purchasing an additional 1,628,577 shares in the last quarter. Ninety One UK Ltd grew its position in shares of Zillow Group by 11.4% in the first quarter. Ninety One UK Ltd now owns 4,029,503 shares of the financial services provider's stock valued at $276,263,000 after purchasing an additional 411,742 shares in the last quarter. Dorsal Capital Management LP grew its position in shares of Zillow Group by 4.7% in the fourth quarter. Dorsal Capital Management LP now owns 3,350,000 shares of the financial services provider's stock valued at $248,068,000 after purchasing an additional 150,000 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Zillow Group by 3.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,584,537 shares of the financial services provider's stock valued at $108,636,000 after purchasing an additional 45,828 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Zillow Group by 4.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,540,831 shares of the financial services provider's stock valued at $114,109,000 after purchasing an additional 65,724 shares in the last quarter. 71.01% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Jeremy Wacksman sold 11,275 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $85.73, for a total transaction of $966,605.75. Following the transaction, the chief executive officer directly owned 153,113 shares of the company's stock, valued at $13,126,377.49. This represents a 6.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Jun Choo sold 45,710 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $85.21, for a total value of $3,894,949.10. Following the transaction, the chief operating officer directly owned 117,098 shares in the company, valued at $9,977,920.58. The trade was a 28.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 580,379 shares of company stock worth $49,319,729. Insiders own 25.03% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wedbush reiterated an "outperform" rating and issued a $100.00 price target on shares of Zillow Group in a research report on Monday, May 5th. JPMorgan Chase & Co. lifted their price target on Zillow Group from $79.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Bank of America lifted their price target on Zillow Group from $81.00 to $88.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Keefe, Bruyette & Woods reduced their price target on Zillow Group from $80.00 to $76.00 and set a "market perform" rating for the company in a research report on Wednesday, May 7th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, Zillow Group currently has a consensus rating of "Hold" and an average price target of $88.29.

Zillow Group Stock Performance

Shares of NASDAQ Z traded up $0.38 during midday trading on Thursday, hitting $84.57. 365,384 shares of the stock traded hands, compared to its average volume of 2,672,712. The firm has a 50-day moving average of $78.24 and a two-hundred day moving average of $72.80. The firm has a market capitalization of $20.49 billion, a P/E ratio of -325.17, a PEG ratio of 16.14 and a beta of 2.09. Zillow Group, Inc. has a one year low of $52.86 and a one year high of $89.39.

Zillow Group Profile

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.