Eminence Capital LP Decreases Position in Zillow Group, Inc. $Z

Key Points

• Eminence Capital LP reduced its stake in Zillow Group by 16.6%, owning 2.4 million shares after selling nearly 483,000 shares during the first quarter.
• A number of institutional investors have increased their stakes in Zillow Group, with National Pension Service leading by raising its position by 74.8%.
• JPMorgan Chase & Co. and Bank of America have boosted their price targets for Zillow Group to $94.00 and $88.00 respectively, indicating positive analyst sentiment towards the stock.

Eminence Capital LP lessened its holdings in Zillow Group, Inc. (NASDAQ:Z - Free Report) by 16.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,432,154 shares of the financial services provider's stock after selling 482,762 shares during the quarter. Zillow Group accounts for approximately 2.8% of Eminence Capital LP's investment portfolio, making the stock its 14th biggest position. Eminence Capital LP owned about 1.00% of Zillow Group worth $166,748,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Alliancebernstein L.P. grew its stake in shares of Zillow Group by 57.5% during the first quarter. Alliancebernstein L.P. now owns 345,153 shares of the financial services provider's stock worth $23,664,000 after buying an additional 126,069 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Zillow Group by 320.0% during the first quarter. AQR Capital Management LLC now owns 550,217 shares of the financial services provider's stock worth $37,222,000 after purchasing an additional 419,202 shares during the period. Altimeter Capital Management LP lifted its holdings in shares of Zillow Group by 1.8% during the first quarter. Altimeter Capital Management LP now owns 1,323,554 shares of the financial services provider's stock worth $90,743,000 after purchasing an additional 22,816 shares during the period. Amundi lifted its holdings in shares of Zillow Group by 77.9% during the first quarter. Amundi now owns 579,429 shares of the financial services provider's stock worth $39,697,000 after purchasing an additional 253,804 shares during the period. Finally, Atreides Management LP acquired a new position in shares of Zillow Group during the first quarter worth $32,159,000. Institutional investors and hedge funds own 71.01% of the company's stock.

Zillow Group Price Performance

Zillow Group stock traded up $2.01 during trading hours on Monday, reaching $89.90. The stock had a trading volume of 4,215,519 shares, compared to its average volume of 2,668,961. The company has a fifty day simple moving average of $80.40 and a 200-day simple moving average of $72.84. Zillow Group, Inc. has a 52 week low of $53.03 and a 52 week high of $91.93. The stock has a market cap of $21.78 billion, a PE ratio of -345.77, a PEG ratio of 16.55 and a beta of 2.04.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Bank of America lifted their price target on shares of Zillow Group from $81.00 to $88.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Zillow Group from $79.00 to $94.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, Zillow Group currently has an average rating of "Moderate Buy" and an average target price of $88.29.

Insider Activity at Zillow Group

In related news, COO Jun Choo sold 45,710 shares of Zillow Group stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $85.21, for a total transaction of $3,894,949.10. Following the completion of the transaction, the chief operating officer directly owned 117,098 shares of the company's stock, valued at $9,977,920.58. This trade represents a 28.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Richard N. Barton sold 200,000 shares of Zillow Group stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $84.92, for a total transaction of $16,984,000.00. Following the transaction, the chairman directly owned 843,248 shares of the company's stock, valued at approximately $71,608,620.16. This trade represents a 19.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 580,622 shares of company stock worth $49,350,788 over the last 90 days. 23.76% of the stock is currently owned by insiders.

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.