2,338,036 Shares in Zillow Group, Inc. $ZG Acquired by Technology Crossover Management XI Ltd.

Technology Crossover Management XI Ltd. bought a new stake in Zillow Group, Inc. (NASDAQ:ZG) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,338,036 shares of the technology company’s stock, valued at approximately $73,694,895,000. Zillow Group accounts for about 13.8% of Technology Crossover Management XI Ltd.’s investment portfolio, making the stock its 2nd biggest holding.

A number of other large investors also recently bought and sold shares of the stock. Arax Advisory Partners boosted its holdings in shares of Zillow Group by 402.3% in the 4th quarter. Arax Advisory Partners now owns 442 shares of the technology company’s stock valued at $30,000 after purchasing an additional 354 shares during the last quarter. First Command Advisory Services Inc. acquired a new stake in Zillow Group during the fourth quarter worth about $34,000. Kestra Advisory Services LLC purchased a new position in shares of Zillow Group in the 4th quarter worth about $47,000. Quarry LP purchased a new stake in shares of Zillow Group during the 4th quarter worth about $56,000. Finally, Global Retirement Partners LLC grew its holdings in shares of Zillow Group by 4,130.0% during the 4th quarter. Global Retirement Partners LLC now owns 846 shares of the technology company’s stock worth $58,000 after purchasing an additional 826 shares during the period. Hedge funds and other institutional investors own 20.32% of the company’s stock.

Key Zillow Group News

Here are the key news stories impacting Zillow Group this week:

• Positive Sentiment: U.S. asking rents rose to $1,962 in July, increasing 2.3% from a year earlier—the fastest growth in more than a year. Strong rental demand could support Zillow’s traffic, advertising activity and rental-related revenue. Rents near $2,000, rising at the fastest pace in over a year
• Neutral Sentiment: CEO Jeremy Wacksman, CFO Jeremy Hofmann, CAO Jennifer Rock, CTO David Beitel and other insiders sold shares worth roughly $1.5 million in aggregate. The transactions were made under pre-arranged trading plans or to cover tax withholding on vested equity awards, making them a relatively weak signal of deteriorating management confidence. Zillow Group insider filings
• Negative Sentiment: Rental concessions increased to 39.8% of Zillow listings in July from 35.9% a year earlier. Although rent growth remains positive, the higher use of concessions suggests landlords still face competitive pressure, which could temper the benefit to Zillow’s rental marketplace.
• Negative Sentiment: Analysts have recently lowered several price targets, including Wells Fargo’s reduction to $35 and Canaccord Genuity’s reduction to $40. Zillow Group’s consensus rating remains “Hold,” despite its latest quarterly earnings beat of $0.52 per share versus the $0.44 estimate. Zillow Group analyst and stock information

Insiders Place Their Bets

In related news, insider Errol G. Samuelson sold 3,154 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $34.24, for a total value of $107,992.96. Following the completion of the sale, the insider directly owned 130,885 shares of the company’s stock, valued at $4,481,502.40. The trade was a 2.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 company’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 sale, the chief executive officer owned 138,574 shares in the company, valued at $4,736,459.32. The trade was 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. In the last ninety days, insiders sold 46,423 shares of company stock valued at $1,612,148. 29.88% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently commented on ZG. Weiss Ratings lowered shares of Zillow Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, May 22nd. Sanford C. Bernstein downgraded shares of Zillow Group from an “outperform” rating to a “market perform” rating and cut their target price for the company from $50.00 to $38.00 in a research note on Thursday, August 6th. Zacks Research lowered shares of Zillow Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. Canaccord Genuity Group decreased their price target on shares of Zillow Group from $52.00 to $40.00 and set a “hold” rating for the company in a research report on Thursday, August 6th. Finally, The Goldman Sachs Group cut their price objective on Zillow Group from $53.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, June 12th. Eleven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $52.29.

Zillow Group Stock Up 2.8%

Shares of NASDAQ ZG opened at $35.28 on Wednesday. Zillow Group, Inc. has a fifty-two week low of $29.03 and a fifty-two week high of $90.22. The business has a 50 day moving average price of $33.01 and a two-hundred day moving average price of $39.80. The firm has a market cap of $7.93 billion, a PE ratio of 160.37, a price-to-earnings-growth ratio of 1.53 and a beta of 1.95.

Zillow Group (NASDAQ:ZG) last announced its earnings results on Wednesday, August 5th. The technology company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.08. The company had revenue of $772.00 million for the quarter, compared to analyst estimates of $758.25 million. Zillow Group had a return on equity of 2.32% and a net margin of 1.96%.Zillow Group’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.40 EPS. On average, analysts anticipate that Zillow Group, Inc. will post 0.89 earnings per share for the current year.

About Zillow Group

Zillow Group (NASDAQ:ZG) is a U.S.-based online real estate marketplace that connects consumers, real estate professionals and mortgage lenders through a suite of digital products and advertising services. Founded in 2006 by Rich Barton and Lloyd Frink and headquartered in Seattle, Washington, the company operates a portfolio of consumer-facing brands and tools designed to simplify home search, rental discovery, valuation and mortgage shopping.

Zillow’s core products include its consumer websites and mobile apps that list homes for sale and rent, the Zestimate automated home value estimate, and marketplaces that connect buyers and renters with agents and lenders.