Cresset Asset Management LLC Cuts Position in Zillow Group, Inc. $Z

Key Points

• Cresset Asset Management LLC has reduced its stake in Zillow Group, Inc. by 34.2%, owning 19,920 shares valued at approximately $1.37 million following the sale of over 10,000 shares.
• In the first quarter, several hedge funds increased their positions in Zillow, with Vanguard Group Inc. raising its holdings by 7.8% to nearly 22.6 million shares, now valued at over $1.54 billion.
• Zillow Group's stock has shown volatility, with a one-year price range between $52.86 and $89.39, opening at $81.10 recently, while analysts have mixed ratings with a consensus rating of "Hold".

Cresset Asset Management LLC lessened its position in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) by 34.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,920 shares of the financial services provider's stock after selling 10,373 shares during the quarter. Cresset Asset Management LLC's holdings in Zillow Group were worth $1,366,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Ethic Inc. increased its position in Zillow Group by 15.2% during the first quarter. Ethic Inc. now owns 10,165 shares of the financial services provider's stock valued at $709,000 after acquiring an additional 1,338 shares during the last quarter. Aberdeen Group plc increased its position in Zillow Group by 122.7% during the first quarter. Aberdeen Group plc now owns 101,703 shares of the financial services provider's stock valued at $6,973,000 after acquiring an additional 56,025 shares during the last quarter. Cookson Peirce & Co. Inc. purchased a new stake in Zillow Group during the first quarter valued at $787,000. National Pension Service increased its position in Zillow Group by 74.8% during the first quarter. National Pension Service now owns 577 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 247 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in Zillow Group by 213.1% during the first quarter. Russell Investments Group Ltd. now owns 65,795 shares of the financial services provider's stock valued at $4,511,000 after acquiring an additional 44,781 shares during the last quarter. Hedge funds and other institutional investors own 71.01% of the company's stock.

Insider Buying and Selling at Zillow Group

In other Zillow Group news, insider Dan Spaulding sold 5,680 shares of Zillow Group stock in a transaction on Friday, August 15th. The stock was sold at an average price of $85.22, for a total transaction of $484,049.60. Following the completion of the sale, the insider directly owned 59,616 shares of the company's stock, valued at $5,080,475.52. The trade was a 8.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Bradley D. Owens sold 3,014 shares of Zillow Group stock in a transaction on Friday, August 15th. The shares were sold at an average price of $85.35, for a total value of $257,244.90. Following the sale, the general counsel directly owned 42,593 shares of the company's stock, valued at approximately $3,635,312.55. This trade represents a 6.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 580,379 shares of company stock worth $49,319,729 over the last quarter. Insiders own 23.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on Z shares. Wedbush reiterated an "outperform" rating and set a $100.00 price objective on shares of Zillow Group in a research report on Monday, May 5th. JPMorgan Chase & Co. raised their price objective on Zillow Group from $79.00 to $94.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Bank of America raised their price objective on Zillow Group from $81.00 to $88.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Keefe, Bruyette & Woods decreased their price objective on Zillow Group from $80.00 to $76.00 and set a "market perform" rating on the stock in a research note on Wednesday, May 7th. Finally, Wells Fargo & Company raised Zillow Group to a "hold" rating in a research note on Monday, April 28th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $88.29.

Zillow Group Stock Performance

NASDAQ Z traded down $1.26 on Tuesday, reaching $85.68. 2,987,711 shares of the stock traded hands, compared to its average volume of 3,136,984. The company has a fifty day moving average price of $77.90 and a 200-day moving average price of $72.72. The company has a market cap of $20.76 billion, a price-to-earnings ratio of -329.54, a PEG ratio of 16.37 and a beta of 2.09. Zillow Group, Inc. has a 12 month low of $52.86 and a 12 month 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.