Kahn Brothers Group Inc. Acquires New Stake in Zillow Group, Inc. $ZG

Kahn Brothers Group Inc. bought a new position in Zillow Group, Inc. (NASDAQ:ZG) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 545,212 shares of the technology company’s stock, valued at approximately $22,560,872,000. Zillow Group accounts for 45.2% of Kahn Brothers Group Inc.’s investment portfolio, making the stock its largest holding.

A number of other large investors have also recently added to or reduced their stakes in ZG. Arax Advisory Partners raised its stake 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 period. First Command Advisory Services Inc. acquired a new position in shares of Zillow Group during the fourth quarter worth about $34,000. EverSource Wealth Advisors LLC boosted its position in shares of Zillow Group by 183.6% during the first quarter. EverSource Wealth Advisors LLC now owns 984 shares of the technology company’s stock worth $41,000 after buying an additional 637 shares during the period. 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 buying an additional 921 shares during the period. Finally, Kestra Advisory Services LLC bought a new position in shares of Zillow Group during the fourth quarter worth about $47,000. Institutional investors own 20.32% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ZG. Barclays dropped their target price on Zillow Group from $58.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Friday, May 8th. Piper Sandler reduced their price target on Zillow Group from $55.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Cantor Fitzgerald decreased their price target on shares of Zillow Group from $34.00 to $32.00 and set a “neutral” rating for the company in a research note on Thursday, August 6th. Royal Bank Of Canada lowered their price objective on shares of Zillow Group from $70.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Finally, Susquehanna cut their price objective on shares of Zillow Group from $50.00 to $38.00 and set a “neutral” rating on the stock in a research report on Thursday, August 6th. Eleven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Zillow Group currently has an average rating of “Hold” and an average price target of $53.14.

Zillow Group Price Performance

Shares of NASDAQ ZG opened at $36.35 on Friday. The business has a 50-day moving average of $33.56 and a 200-day moving average of $38.71. The stock has a market capitalization of $8.17 billion, a price-to-earnings ratio of 165.23, a PEG ratio of 1.57 and a beta of 1.95. Zillow Group, Inc. has a fifty-two week low of $29.03 and a fifty-two week high of $90.22.

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

Insider Activity

In related news, CTO David A. Beitel sold 1,798 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $34.24, for a total value of $61,563.52. Following the completion of the transaction, the chief technology officer directly owned 133,013 shares of the company’s stock, valued at approximately $4,554,365.12. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 on Monday, August 17th. The shares were sold at an average price of $34.18, for a total transaction of $319,207.02. Following the completion of the transaction, the chief executive officer directly owned 138,574 shares of the company’s stock, valued at $4,736,459.32. This represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Over the last three months, insiders have sold 37,351 shares of company stock worth $1,280,657. Corporate insiders own 29.88% of the company’s stock.

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.