Quantinno Capital Management LP Acquires 90,858 Shares of Zillow Group, Inc. $ZG

Quantinno Capital Management LP increased its holdings in Zillow Group, Inc. (NASDAQ:ZG) by 106.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 176,052 shares of the technology company’s stock after purchasing an additional 90,858 shares during the period. Quantinno Capital Management LP owned 0.08% of Zillow Group worth $7,287,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ZG. Arax Advisory Partners raised its position in shares of Zillow Group by 402.3% during the fourth quarter. Arax Advisory Partners now owns 442 shares of the technology company’s stock valued at $30,000 after buying an additional 354 shares during the last quarter. First Command Advisory Services Inc. bought a new position in shares of Zillow Group during the fourth quarter worth $34,000. Fifth Third Bancorp boosted its position in shares of Zillow Group by 990.3% during the first quarter. Fifth Third Bancorp now owns 1,014 shares of the technology company’s stock worth $42,000 after acquiring an additional 921 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in Zillow Group during the fourth quarter valued at $47,000. Finally, Quarry LP bought a new stake in Zillow Group in the 4th quarter valued at $56,000. 20.32% of the stock is currently owned by institutional investors.

Zillow Group Stock Down 0.4%

ZG stock opened at $36.89 on Thursday. Zillow Group, Inc. has a 52 week low of $29.03 and a 52 week high of $90.22. The firm has a market capitalization of $8.44 billion, a P/E ratio of 147.56, a price-to-earnings-growth ratio of 1.58 and a beta of 1.95. The company has a fifty day simple moving average of $33.23 and a two-hundred day simple moving average of $41.83.

Zillow Group (NASDAQ:ZG) last posted its earnings results on Wednesday, August 5th. The technology company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.08. The firm had revenue of $772.00 million for the quarter, compared to the consensus estimate of $758.25 million. Zillow Group had a net margin of 2.27% and a return on equity of 1.41%. The business’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.40 EPS. As a group, analysts anticipate that Zillow Group, Inc. will post 0.9 EPS for the current year.

Zillow Group News Roundup

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

• Positive Sentiment: Zillow reported second-quarter revenue of approximately $772 million, up about 18% year over year and ahead of Wall Street expectations near $758 million. Adjusted earnings were $0.52 per share, above the $0.44 consensus estimate and up from $0.40 a year earlier. Zillow Group Beats Q2 Earnings and Revenue Estimates
• Positive Sentiment: KeyBanc maintained its Buy rating, providing some support for the stock despite the mixed earnings reaction. KeyBanc Sticks to Their Buy Rating
• Neutral Sentiment: Zillow expanded Chief Financial Officer Jeremy Hofmann’s responsibilities to include chief operating officer and appointed Cassandra Knight as its first chief legal and policy officer. The changes are intended to support the company’s housing “super app” strategy, though they add leadership-transition uncertainty. Zillow Strengthens Executive Leadership Team
• Negative Sentiment: The company posted a roughly $4 million net loss as $36 million of restructuring costs weighed on results. Separate reports cited GAAP EPS of $0.20, below the $0.44 analyst estimate, highlighting the difference between the adjusted earnings beat and weaker reported profitability. Zillow Swings to Loss on Restructuring Costs
• Negative Sentiment: Third-quarter revenue guidance of $745 million to $760 million was below the $772.3 million consensus forecast. Full-year revenue guidance of $2.9 billion to $3.0 billion also only reaches the approximately $3.0 billion analyst estimate, signaling limited near-term upside.
• Negative Sentiment: Zillow cut more than 500 jobs, or about 7% of its workforce, ahead of the earnings release. The layoffs may improve costs but also suggest management is responding to operating pressure. Zillow Cuts More Than 500 Jobs
• Negative Sentiment: Several law firms are soliciting investors for a securities-fraud class action tied to alleged anticompetitive conduct involving Redfin. The August 10 lead-plaintiff deadline keeps litigation and regulatory risk in focus. Zillow Securities-Fraud Class Action

Analyst Ratings Changes

Several brokerages have commented on ZG. BTIG Research reiterated a “neutral” rating on shares of Zillow Group in a research note on Thursday, June 11th. KeyCorp reduced their target price on Zillow Group from $65.00 to $57.00 and set an “overweight” rating on the stock in a report on Monday. Piper Sandler decreased their target price on Zillow Group from $70.00 to $55.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Royal Bank Of Canada dropped their price target on Zillow Group to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, June 10th. Finally, Sanford C. Bernstein upgraded Zillow Group from an “outperform” rating to a “buy” rating in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Zillow Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.90.

Insider Activity at Zillow Group

In other Zillow Group news, insider Dan Spaulding sold 3,078 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $37.40, for a total transaction of $115,117.20. Following the sale, the insider directly owned 49,696 shares in the company, valued at $1,858,630.40. This represents a 5.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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, CFO Jeremy Hofmann sold 5,501 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $37.40, for a total value of $205,737.40. Following the completion of the sale, the chief financial officer directly owned 68,315 shares of the company’s stock, valued at $2,554,981. The trade was a 7.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 42,910 shares of company stock valued at $1,605,732 over the last ninety days. 29.88% of the stock is currently owned by company insiders.

Zillow Group Profile

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.