Zillow Group, Inc. $Z Stock Position Decreased by Wellington Management Group LLP

Key Points

• Wellington Management cut its Zillow Group position by 57.8% in the second quarter, selling 417,986 shares and retaining 304,983 shares valued at approximately $9.6 million. Institutional investors collectively own 71.01% of the company.
• Zillow insiders sold 38,539 shares worth about $1.32 million during the last quarter, including CEO and CFO sales conducted under pre-arranged Rule 10b5-1 plans to cover tax obligations from equity vesting.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $66.75, despite recent target reductions. Zillow reported quarterly EPS of $0.52, beating estimates of $0.45, while the stock opened at $32.36 and was down 6.4%.

Wellington Management Group LLP trimmed its position in shares of Zillow Group, Inc. (NASDAQ:Z - Free Report) by 57.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 304,983 shares of the financial services provider's stock after selling 417,986 shares during the quarter. Wellington Management Group LLP owned approximately 0.14% of Zillow Group worth $9,613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its stake in Zillow Group by 106.8% in the first quarter. The Manufacturers Life Insurance Company now owns 41,519 shares of the financial services provider's stock valued at $1,718,000 after acquiring an additional 21,439 shares during the last quarter. Tiger Global Management LLC increased its stake in shares of Zillow Group by 21.7% during the 1st quarter. Tiger Global Management LLC now owns 7,368,957 shares of the financial services provider's stock worth $304,927,000 after purchasing an additional 1,312,000 shares during the last quarter. IFP Advisors Inc increased its stake in shares of Zillow Group by 17,458.4% during the 4th quarter. IFP Advisors Inc now owns 73,921 shares of the financial services provider's stock worth $5,043,000 after purchasing an additional 73,500 shares during the last quarter. Emmett Investment Management LP raised its holdings in shares of Zillow Group by 353.9% during the 1st quarter. Emmett Investment Management LP now owns 96,236 shares of the financial services provider's stock valued at $3,897,000 after purchasing an additional 75,036 shares in the last quarter. Finally, Weiss Asset Management LP bought a new position in shares of Zillow Group during the 1st quarter valued at $1,743,000. Institutional investors own 71.01% of the company's stock.

Insider Buying and Selling

In related news, CFO Jeremy Hofmann sold 5,661 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $34.18, for a total transaction of $193,492.98. Following the completion of the sale, the chief financial officer owned 59,144 shares in the company, valued at $2,021,541.92. This represents a 8.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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, CEO Jeremy Wacksman sold 9,339 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $34.18, for a total value of $319,207.02. Following the completion of the sale, the chief executive officer directly owned 138,574 shares in the company, valued at $4,736,459.32. This trade represents a 6.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold a total of 38,539 shares of company stock valued at $1,323,800 in the last quarter. Insiders own 23.76% of the company's stock.

Analyst Ratings Changes

Z has been the subject of a number of recent research reports. Weiss Ratings reiterated a "sell (d)" rating on shares of Zillow Group in a report on Wednesday, August 19th. Keefe, Bruyette & Woods cut their target price on Zillow Group from $37.00 to $34.00 and set a "market perform" rating on the stock in a report on Friday, August 7th. JPMorgan Chase & Co. reduced their price target on Zillow Group from $76.00 to $62.00 and set an "overweight" rating for the company in a research report on Tuesday, August 11th. Jefferies Financial Group decreased their price target on Zillow Group from $75.00 to $60.00 and set a "buy" rating for the company in a research note on Tuesday, July 14th. Finally, Morgan Stanley set a $60.00 price objective on Zillow Group in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Zillow Group presently has an average rating of "Moderate Buy" and an average target price of $66.75.

Zillow Group Trading Down 6.4%

NASDAQ Z opened at $32.36 on Wednesday. The company has a fifty day simple moving average of $33.91 and a 200 day simple moving average of $37.88. The company has a market cap 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. Zillow Group, Inc. has a 1 year low of $29.23 and a 1 year high of $93.88.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.