Zillow Group, Inc. $Z Shares Sold by Manchester Capital Management LLC

Key Points

• Manchester Capital Management cut its Zillow Group stake by 90.3% in the third quarter, selling 410,714 shares and retaining 43,929 shares valued at approximately $1.19 million. Institutional investors and hedge funds collectively own 71.01% of Zillow.
• Zillow shares opened at $32.98, with a 52-week range of $26.67 to $79.40 and a market capitalization of about $7.42 billion. The stock carries a high P/E ratio of 149.92.
• Zillow exceeded quarterly expectations with EPS of $0.52 versus a $0.45 consensus estimate and revenue of $772 million. Analysts maintain a consensus “Hold” rating, with an average price target of $57.71.

Manchester Capital Management LLC trimmed its holdings in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 90.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,929 shares of the financial services provider's stock after selling 410,714 shares during the quarter. Manchester Capital Management LLC's holdings in Zillow Group were worth $1,192,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in Z. Fortitude Family Office LLC acquired a new stake in shares of Zillow Group in the third quarter valued at approximately $27,000. Root Financial Partners LLC acquired a new position in Zillow Group during the third quarter worth $34,000. Leonteq Securities AG boosted its stake in Zillow Group by 627.0% during the first quarter. Leonteq Securities AG now owns 1,345 shares of the financial services provider's stock worth $56,000 after buying an additional 1,160 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Zillow Group by 283.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,414 shares of the financial services provider's stock worth $59,000 after buying an additional 1,045 shares during the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in Zillow Group in the 2nd quarter valued at $78,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

Zillow Group Stock Down 2.9%

Z opened at $32.98 on Friday. Zillow Group, Inc. has a 52 week low of $26.67 and a 52 week high of $79.40. The business has a fifty day simple moving average of $31.61 and a 200-day simple moving average of $34.69. The firm has a market cap of $7.42 billion, a P/E ratio of 149.92, a P/E/G ratio of 1.50 and a beta of 2.04.

Zillow Group (NASDAQ:Z - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.07. The firm had revenue of $772.00 million for the quarter, compared to the consensus estimate of $758.10 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%. Sell-side analysts expect that Zillow Group, Inc. will post 0.88 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on Z shares. Zacks Research downgraded Zillow Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. JPMorgan Chase & Co. lowered their price target on shares of Zillow Group from $76.00 to $62.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 11th. Jefferies Financial Group dropped their price objective on shares of Zillow Group from $75.00 to $60.00 and set a "buy" rating for the company in a report on Tuesday, July 14th. Needham & Company LLC restated a "hold" rating on shares of Zillow Group in a research report on Friday, October 16th. Finally, Evercore downgraded shares of Zillow Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $57.71.

Insiders Place Their Bets

In other news, insider Dan Spaulding sold 3,169 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $35.37, for a total value of $112,087.53. Following the completion of the transaction, the insider owned 44,561 shares of the company's stock, valued at approximately $1,576,122.57. This trade represents a 6.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeremy Hofmann sold 5,661 shares of Zillow Group stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $34.18, for a total transaction of $193,492.98. Following the completion of the transaction, the chief financial officer owned 59,144 shares of the company's stock, valued at $2,021,541.92. This trade represents a 8.74% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last quarter, insiders have sold 38,539 shares of company stock valued at $1,323,800. 25.03% of the stock is owned by company insiders.

About Zillow Group

Zillow Group, Inc NASDAQ: Z operates a digital real estate marketplace in the United States. Its platforms help consumers search for homes, research neighborhoods and market conditions, connect with real estate professionals, and manage various steps in the home-buying, selling, renting and financing processes.

The company's portfolio includes Zillow, Trulia, StreetEasy and HotPads, which provide property listings and real estate information. Zillow Group also offers services for real estate professionals, including marketing, lead generation, transaction management and showing coordination through products such as Zillow Premier Agent and ShowingTime+.

Through Zillow Home Loans and other affiliated services, the company provides or facilitates mortgage and closing-related solutions.

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