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What Do Hedge Funds Think of Zillow Group, Inc (Z)?

As one would reasonably expect, key money managers have been driving this bullishness. Coatue Management, managed by Philippe Laffont, created the most outsized position in Zillow Inc (NASDAQ:Z). Coatue Management had $71.8 million invested in the company at the end of the quarter. Brad Gerstner’s Altimeter Capital Management also initiated a $46.4 million position during the quarter. The other funds with brand new Z positions are Christopher R. Hansen’s Valiant Capital, David Greenspan’s Slate Path Capital, and Kerr Neilson’s Platinum Asset Management.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Zillow Group Inc (NASDAQ:Z) but similarly valued. These stocks are Quanta Services Inc (NYSE:PWR), Acadia Healthcare Company Inc (NASDAQ:ACHC), Carter’s, Inc. (NYSE:CRI), and Liberty Property Trust (NYSE:LPT). All of these stocks’ market caps are similar to Z’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
PWR 30 488718 -8
ACHC 24 225903 1
CRI 46 1060432 0
LPT 19 119291 6

As you can see these stocks had an average of 29.75 hedge funds with bullish positions and the average amount invested in these stocks was $474 million. That figure was $392 million in Z’s case. Carter’s, Inc. (NYSE:CRI) is the most popular stock in this table. On the other hand Liberty Property Trust (NYSE:LPT) is the least popular one with only 19 bullish hedge fund positions. Zillow Group Inc (NASDAQ:Z) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CRI might be a better candidate to consider a long position.

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