Zillow Group, Inc. announced that its General Counsel, Bradley Owens, sold 2,602 shares of the company’s stock on February 13, 2024. The shares were sold at an average price of $44.42, totaling approximately $115,580.84. Following this transaction, Owens retains ownership of 33,355 shares, valued at around $1,481,629.10. This sale represents a 7.24% decrease in his holdings.
The details of the sale were disclosed in a filing with the Securities and Exchange Commission. This type of insider trading is closely monitored, as it can signal various trends within a company’s performance and investor sentiment.
Zillow Group’s Stock Performance and Recent Earnings
On the same day as Owens’ sale, Zillow Group shares traded down by $0.37, reaching $43.45 during midday trading. In total, 10,820,683 shares changed hands, significantly higher than the average volume of 4,433,736 shares. Currently, Zillow Group has a market capitalization of $10.52 billion and reports a price-to-earnings (P/E) ratio of 482.83.
The company recently released its quarterly earnings results on February 10, 2024. Zillow reported earnings per share (EPS) of $0.39, which fell short of analysts’ expectations of $0.42 by $0.03. Despite the shortfall in EPS, Zillow Group achieved revenues of $654.00 million, surpassing the anticipated $650.40 million.
Analysts project that the company will post an EPS of $0.32 for the current fiscal year, indicating cautious optimism about its future performance.
Institutional Investment Trends in Zillow Group
Recent trading activity indicates a significant interest in Zillow Group from institutional investors. For instance, Vanguard Group Inc. increased its position by 0.3% in the third quarter, now holding 23,073,862 shares valued at approximately $1.78 billion. Similarly, Capital World Investors raised its stake by 1.8%, bringing its total to 10,826,066 shares worth about $738.55 million.
Other notable institutional investors include Ninety One UK Ltd, which boosted its holdings by 2.0%, and Eminence Capital LP, which increased its stake by an impressive 63.6%. Overall, about 71.01% of Zillow Group’s stock is now owned by hedge funds and institutional investors.
Zillow Group serves as an online real estate marketplace, connecting buyers, sellers, renters, and real estate professionals through its suite of consumer-facing websites and mobile applications. The company’s revenue primarily comes from advertising and lead-generation services for real estate agents, property managers, and mortgage lenders, showcasing its integral role in the housing market.
This recent insider transaction and the ongoing activity among institutional investors highlight the evolving landscape of Zillow Group, as it seeks to navigate a challenging economic environment while maintaining its position in the real estate sector.
