Cresset Asset Management LLC Sells 10,373 Shares of 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 cut 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 disclosure with the SEC. The institutional investor 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 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of Z. Vanguard Group Inc. lifted its holdings in Zillow Group by 7.8% during the 1st quarter. Vanguard Group Inc. now owns 22,589,955 shares of the financial services provider's stock worth $1,548,767,000 after purchasing an additional 1,628,577 shares during the last quarter. Caxton Associates LP bought a new stake in Zillow Group during the 4th quarter worth $51,835,000. Castle Hook Partners LP bought a new stake in Zillow Group during the 4th quarter worth $49,887,000. Polar Capital Holdings Plc bought a new stake in Zillow Group during the 4th quarter worth $33,504,000. Finally, Altimeter Capital Management LP grew its position in shares of Zillow Group by 52.0% in the 4th quarter. Altimeter Capital Management LP now owns 1,300,738 shares of the financial services provider's stock valued at $96,320,000 after buying an additional 445,158 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Zillow Group from $79.00 to $94.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Wells Fargo & Company raised Zillow Group to a "hold" rating in a research note on Monday, April 28th. Wedbush reissued an "outperform" rating and issued a $100.00 price objective on shares of Zillow Group in a research note on Monday, May 5th. Bank of America upped their price target on Zillow Group from $81.00 to $88.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Finally, Keefe, Bruyette & Woods dropped their price target 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. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $88.29.

Zillow Group Stock Performance

Z traded up $6.04 during midday trading on Friday, reaching $87.44. 5,443,697 shares of the company were exchanged, compared to its average volume of 2,830,985. The company's fifty day moving average price is $77.22 and its 200 day moving average price is $72.73. The company has a market cap of $21.18 billion, a price-to-earnings ratio of -336.31, a price-to-earnings-growth ratio of 16.47 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.

Insider Activity

In other Zillow Group news, insider Dan Spaulding sold 5,680 shares of the business's stock in a transaction that occurred 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 approximately $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 accessible through this hyperlink. Also, General Counsel Bradley D. Owens sold 3,014 shares of the business's stock in a transaction that occurred on Friday, August 15th. The stock was 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 $3,635,312.55. This represents a 6.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 580,379 shares of company stock worth $49,319,729. Company insiders own 25.03% of the company's stock.

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.