Zillow Group (NASDAQ:Z) Hits New 1-Year High - Still a Buy?

Key Points

• Zillow Group recently reached a new 52-week high, trading at $91.19, with analysts providing a consensus rating of "Moderate Buy" and an average price target of $88.29.
• The company has seen insider selling, with CEO Jeremy Wacksman selling over 11,000 shares, representing a 6.86% decrease in his holdings.
• Institutional investors are actively buying and selling Zillow stock, with 71.01% of shares owned by hedge funds and other institutional investors.

Zillow Group, Inc. (NASDAQ:Z - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $91.09 and last traded at $91.19, with a volume of 1243052 shares traded. The stock had previously closed at $87.89.

Analysts Set New Price Targets

Z has been the subject of several research analyst reports. Bank of America increased their price objective on 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. lifted their target price on Zillow Group from $79.00 to $94.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Zillow Group presently has a consensus rating of "Moderate Buy" and an average price target of $88.29.

Zillow Group Trading Up 3.7%

The firm has a 50-day moving average of $80.40 and a 200-day moving average of $72.84. The stock has a market capitalization of $22.07 billion, a price-to-earnings ratio of -350.42, a P/E/G ratio of 16.55 and a beta of 2.04.

Insider Activity at Zillow Group

In other news, CEO Jeremy Wacksman sold 11,275 shares of the firm's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $85.73, for a total transaction of $966,605.75. Following the sale, the chief executive officer directly owned 153,113 shares in the company, valued at $13,126,377.49. This trade represents a 6.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dan Spaulding sold 5,680 shares of the firm's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $85.22, for a total value of $484,049.60. Following the sale, the insider owned 59,616 shares in the company, valued at $5,080,475.52. This trade represents a 8.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 580,622 shares of company stock worth $49,350,788 in the last three months. Company insiders own 23.76% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. lifted its stake in Zillow Group by 10.4% in the 2nd quarter. Osaic Holdings Inc. now owns 22,964 shares of the financial services provider's stock worth $1,606,000 after purchasing an additional 2,163 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Zillow Group by 4.7% in the second quarter. Thrivent Financial for Lutherans now owns 101,412 shares of the financial services provider's stock worth $7,104,000 after acquiring an additional 4,514 shares in the last quarter. Marex Group plc purchased a new stake in shares of Zillow Group during the 2nd quarter worth $2,031,000. L1 Capital Pty Ltd purchased a new stake in shares of Zillow Group during the 2nd quarter worth $26,651,000. Finally, CANADA LIFE ASSURANCE Co lifted its position in shares of Zillow Group by 29.2% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 69,442 shares of the financial services provider's stock worth $4,870,000 after purchasing an additional 15,707 shares during the last quarter. 71.01% of the stock is owned by hedge funds and other institutional investors.

About Zillow Group

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.

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