Norges Bank Takes $165.33 Million Position in Zillow Group, Inc. (NASDAQ:ZG)

Norges Bank bought a new position in shares of Zillow Group, Inc. (NASDAQ:ZG) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 2,333,472 shares of the technology company’s stock, valued at approximately $165,326,000.

Other large investors have also added to or reduced their stakes in the company. Blue Trust Inc. increased its position in shares of Zillow Group by 70.2% during the 4th quarter. Blue Trust Inc. now owns 417 shares of the technology company’s stock worth $30,000 after purchasing an additional 172 shares during the last quarter. Asset Dedication LLC acquired a new position in Zillow Group during the fourth quarter worth $47,000. Assetmark Inc. raised its position in Zillow Group by 18,875.0% during the fourth quarter. Assetmark Inc. now owns 759 shares of the technology company’s stock worth $54,000 after acquiring an additional 755 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Zillow Group by 24.0% in the fourth quarter. Jones Financial Companies Lllp now owns 821 shares of the technology company’s stock valued at $58,000 after acquiring an additional 159 shares during the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in shares of Zillow Group in the 4th quarter valued at about $63,000. Institutional investors and hedge funds own 20.32% of the company’s stock.

Insider Buying and Selling at Zillow Group

In related news, insider Errol G. Samuelson sold 2,854 shares of the company’s stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $73.34, for a total transaction of $209,312.36. Following the completion of the sale, the insider now directly owns 142,636 shares in the company, valued at $10,460,924.24. This represents a 1.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Jeremy Hofmann sold 1,612 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $84.98, for a total value of $136,987.76. Following the completion of the sale, the chief financial officer now directly owns 99,362 shares in the company, valued at $8,443,782.76. This trade represents a 1.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 98,919 shares of company stock valued at $7,869,478 in the last ninety days. 17.14% of the stock is currently owned by company insiders.

Zillow Group Price Performance

Zillow Group stock opened at $66.86 on Tuesday. The firm has a market cap of $16.22 billion, a PE ratio of -142.26, a price-to-earnings-growth ratio of 8.90 and a beta of 2.33. The stock’s fifty day moving average price is $74.68 and its two-hundred day moving average price is $70.77. Zillow Group, Inc. has a one year low of $38.06 and a one year high of $86.58.

Zillow Group (NASDAQ:ZG) last issued its quarterly earnings results on Tuesday, February 11th. The technology company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.48). Zillow Group had a negative return on equity of 2.12% and a negative net margin of 5.01%. Sell-side analysts expect that Zillow Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ZG has been the subject of several recent analyst reports. Bank of America raised their target price on shares of Zillow Group from $81.00 to $84.00 and gave the company a “neutral” rating in a research note on Wednesday, February 12th. Keefe, Bruyette & Woods upgraded Zillow Group to a “hold” rating in a research note on Friday. Cantor Fitzgerald boosted their target price on Zillow Group from $62.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Citigroup raised their price target on Zillow Group from $95.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Evercore ISI upped their price objective on shares of Zillow Group from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.25.

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.