Zillow Inc (Z): A New Position in Tiger Global Management’s Equity Portfolio

In a new filing with the SEC, Tiger Global Management, a hedge fund led by Chase Coleman and Feroz Dewan, disclosed adding Zillow Inc (NASDAQ:Z) to its equity portfolio. The fund revealed a 9.5% passive stake, which contains around 3.14 million shares. At the current price of the stock, the value of the position amounts to almost $303.4 million.

TIGER GLOBAL MANAGEMENT LLC

The stock of the real estate services provider, Zillow Inc (NASDAQ:Z), has gained over 16% since the beginning of the year, while the whole industry of real estate services edged up less than 3%, and has a beta of slightly below 1.2. Moreover, Zillow trades at a forward P/E of close to 144, and sports a Price/Earnings-to-Growth ratio of around 22.7. The company has reported a net loss of some $12.50 million for the last year, versus an income of over $5.9 million a year earlier, even though its revenue advanced to $197.5 million, from $116.9 million.

Aside from Coleman and Dewan, several other “hedgies” have bet on Zillow Inc (NASDAQ:Z), according to the previous round of 13F filings, although out of the funds that we track, Tiger Global has the largest stake in the company. John Thaler‘s JAT Capital Management reported ownership of more than 833,100 shares, followed by Kerr Neilson‘s Platinum Asset Management with 596,800 shares. The average recommendation for Zillow Inc (NASDAQ:Z)’s stock is ‘Overweight,’ while the target price is set at around $96, which is slightly above the current price of the company’s shares.

According to an earlier filing, Tiger Global is also bullish on 58.com Inc (ADR) (NYSE:WUBA), raising the stake to 2.52 million class A shares, equal to 6.5% of the stock, from 300,000, earlier in April. Last month, the fund solidified its position in dELiA*s, Inc. (NASDAQ:DLIA), of which it currently owns almost 4.5 million shares, versus 3.4 million held previously, the new stake amassing over 6% of the outstanding stock.

Disclosure: none

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