Traders Buy High Volume of Put Options on Zillow Group (Z)

Zillow Group, Inc. (NASDAQ:Z) was the target of some unusual options trading activity on Friday. Investors acquired 2,992 put options on the stock. This is an increase of approximately 233% compared to the typical volume of 898 put options.

Z has been the subject of several recent analyst reports. Cowen and Company reaffirmed a “hold” rating on shares of Zillow Group in a research note on Friday, July 14th. Deutsche Bank AG lifted their price objective on shares of Zillow Group to $50.00 and gave the stock a “neutral” rating in a research note on Monday. Stifel Nicolaus reaffirmed a “buy” rating and set a $54.50 price objective (up from $46.00) on shares of Zillow Group in a research note on Friday, June 30th. Benchmark Co. reaffirmed a “buy” rating and set a $55.00 price objective on shares of Zillow Group in a research note on Sunday, July 2nd. Finally, BidaskClub lowered shares of Zillow Group from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $46.06.

Shares of Zillow Group (Z) traded up 1.16% during midday trading on Tuesday, reaching $48.05. The company had a trading volume of 2,465,436 shares. Zillow Group has a 52-week low of $31.22 and a 52-week high of $51.23. The stock’s market capitalization is $8.80 billion. The company’s 50 day moving average price is $46.68 and its 200 day moving average price is $40.00.

In related news, COO Amy Bohutinsky sold 147,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $45.23, for a total value of $6,648,810.00. Following the transaction, the chief operating officer now owns 43,000 shares of the company’s stock, valued at $1,944,890. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Spencer M. Rascoff sold 29,854 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $43.94, for a total transaction of $1,311,784.76. Following the sale, the chief executive officer now owns 120,146 shares in the company, valued at approximately $5,279,215.24. The disclosure for this sale can be found here. Insiders have sold a total of 379,800 shares of company stock valued at $16,970,457 in the last three months. 26.97% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Gillespie Robinson & Grimm Inc. bought a new stake in shares of Zillow Group during the second quarter worth $204,000. Aperio Group LLC acquired a new stake in Zillow Group during the second quarter valued at approximately $218,000. World Asset Management Inc acquired a new stake in Zillow Group during the second quarter valued at approximately $221,000. CIBC Asset Management Inc acquired a new stake in Zillow Group during the second quarter valued at approximately $278,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Zillow Group during the first quarter valued at approximately $209,000. 91.81% of the stock is currently owned by institutional investors.

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