The State Board of Administration of Florida Retirement System has recently issued a report stating that it has decreased its position in shares of Zillow Group, Inc. by 5.3% at the end of the fourth quarter, as per their most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm, which is an esteemed financial services provider, previously owned 181,444 shares but was able to sell off around 9,550 shares during the period, leaving them with a total ownership of 171,894 shares valued at $5,537,000 as of the new year.
The decision of the State Board of Administration to lessen their position in Zillow Group is speculated to have been influenced by their latest earnings data update posted on February 15th that showed they had an earnings loss per share amounting to ($0.25) for the quarter. While revenue improved and reached $435 million from $418.36 million compared to last year’s figures for the same period, it wasn’t enough to offset their negative net margin and return on equity which stood at -5.80% and -2.19%, respectively.
Zillow Group is widely known for providing real estate and home-related information through mobile and web applications under various segments such as Internet, Media & Technology (IMT), Mortgages & Homes. IMT consists primarily of Premier Agent rentals marketplaces along with other advertising solutions they offer to real estate agents.
Given these updates on Zillow Group’s current status in terms of performance and business operations as well as investment trends among major stakeholders such as Florida Retirement System’s State Board of Administration are keenly monitored by market analysts worldwide. The emerging dynamic changes within each sector may facilitate the formulation or alteration of several investment strategies along a varied range of objectives including diversification and long-run profitability – all while considering appropriate risk management measures that can ensure maximum gains over time.
Institutional Investors Show Confidence in Zillow Group Inc.
Zillow Group Inc, an online real estate and home-related information marketplace, has recently experienced a surge in institutional investment. Several hedge funds and institutional investors have recently modified their holdings of Zillow Group, with many increasing their stakes significantly. One such example is Zions Bancorporation N.A which raised its holdings in Zillow Group by 371.7% in the first quarter of this year, now owning 500 shares worth $25,000. Other companies including Eisler Capital UK Ltd., Eagle Bay Advisors LLC, Ellevest Inc., and Prudential PLC have also acquired stakes in Zillow Group.
With institutional investors and hedge funds now owning 68.24% of Zillow Group’s stock, it’s evident that confidence in the company is high. Shares of Zillow Group opened at $45.73 on Friday with a market capitalization of $10.72 billion, a P/E ratio of -77.51 and a beta of 1.64. The company’s quick ratio and current ratio both sit at 12.70 while its debt-to-equity ratio sits at 0.37 making it an attractive proposition for investors.
Zillow Group operates through three segments: Internet, Media and Technology (IMT), Mortgages, and Homes with the IMT segment being a significant revenue driver for the company. This segment includes premier agent rentals marketplaces and new construction marketplaces as well as the sale of advertising and business technology solutions for real estate professionals.
In recent news for Zillow Group insiders Susan Daimler sold 4,103 shares of the firm’s stock at an estimated value of $190,215 while CTO David A Beitel sold 2,395 shares worth approximately $111,008 on Wednesday February 15th.
Brokerage firms have also weighed in on Zillow Group with Gordon Hasket beginning coverage on Tuesday April 18th issuing a “hold” rating for the company while Morgan Stanley upped their price target to $40.00, giving the company an “equal weight” rating in a report on Wednesday, January 18th.
Considering the recent investment activity from institutional investors, it is clear that there is strong investor confidence in Zillow Group and its business model. With steady growth in revenue and promising prospects within the real estate market, Zillow Group may be considered an attractive option for investors looking to diversify their portfolios with a stable and promising real estate technology-driven company.