Principal Financial Group Inc. Reduces Position in Zillow Group, Inc. (NASDAQ:Z)

Principal Financial Group Inc. decreased its stake in shares of Zillow Group, Inc. (NASDAQ:Z) by 9.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,800 shares of the financial services provider’s stock after selling 1,263 shares during the quarter. Principal Financial Group Inc.’s holdings in Zillow Group were worth $547,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Zillow Group by 0.8% in the first quarter. Vanguard Group Inc. now owns 21,313,573 shares of the financial services provider’s stock worth $1,039,676,000 after acquiring an additional 176,449 shares during the period. Capital World Investors boosted its holdings in Zillow Group by 2.8% in the first quarter. Capital World Investors now owns 8,846,232 shares of the financial services provider’s stock valued at $431,519,000 after purchasing an additional 238,554 shares during the last quarter. Greencape Capital Pty Ltd grew its position in Zillow Group by 93.0% during the 1st quarter. Greencape Capital Pty Ltd now owns 1,632,790 shares of the financial services provider’s stock worth $79,647,000 after purchasing an additional 786,600 shares during the period. Coronation Fund Managers Ltd. grew its position in Zillow Group by 238.9% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 864,733 shares of the financial services provider’s stock worth $40,115,000 after purchasing an additional 609,575 shares during the period. Finally, Natixis acquired a new position in shares of Zillow Group in the 1st quarter valued at about $41,129,000. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on Z shares. Craig Hallum raised Zillow Group to a “strong-buy” rating in a report on Thursday, August 8th. Needham & Company LLC reiterated a “hold” rating on shares of Zillow Group in a research note on Thursday, August 8th. Cantor Fitzgerald upgraded shares of Zillow Group to a “hold” rating in a research report on Thursday, September 5th. UBS Group upgraded shares of Zillow Group to a “strong-buy” rating in a research report on Thursday, August 8th. Finally, Wedbush restated a “neutral” rating and issued a $50.00 price target on shares of Zillow Group in a research note on Thursday, August 8th. Four analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.20.

Insider Activity

In other Zillow Group news, insider Dan Spaulding sold 2,991 shares of the stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $53.18, for a total value of $159,061.38. Following the sale, the insider now owns 70,342 shares of the company’s stock, valued at approximately $3,740,787.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Dan Spaulding sold 2,991 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $53.18, for a total value of $159,061.38. Following the sale, the insider now directly owns 70,342 shares in the company, valued at approximately $3,740,787.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Lloyd D. Frink sold 150,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $50.83, for a total transaction of $7,624,500.00. Following the transaction, the chairman now owns 582 shares of the company’s stock, valued at approximately $29,583.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 198,548 shares of company stock valued at $10,221,048. 23.76% of the stock is currently owned by company insiders.

Zillow Group Price Performance

Shares of Zillow Group stock opened at $59.74 on Friday. The stock has a market capitalization of $13.83 billion, a P/E ratio of -86.58 and a beta of 1.94. Zillow Group, Inc. has a 12 month low of $33.80 and a 12 month high of $61.13. The business has a 50 day simple moving average of $51.53 and a two-hundred day simple moving average of $48.22. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.12 and a quick ratio of 2.12.

Zillow Group (NASDAQ:Z) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.13. Zillow Group had a negative net margin of 6.81% and a negative return on equity of 2.50%. The firm had revenue of $572.00 million during the quarter, compared to analysts’ expectations of $539.74 million. As a group, analysts predict that Zillow Group, Inc. will post -0.33 EPS for the current fiscal year.

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.