Australian billionaire bullish on Zillow, share price soars to new high

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Australian billionaire James Packer has boosted his ownership stake in Zillow to 9.3 percent, making him the company’s second-largest shareholder after Caledonia Private Investements, a funds management firm based in Australia, Business Day reports. Shares in Zillow soared through the $100 mark to new all-time highs in trading this morning.

Opining on Yahoo Finance, TheStreet.com’s Jim Cramer said that while Zillow is “absolutely despised by many short-sellers, and there’s high-quality research out there that’s been saying it is very overpriced … Maybe someone should tell that to (Packer).”

It’s a mistake to be jaded about tech IPOs like Zillow, LinkedIn and Yelp, Cramer says: “All three of these stocks have been gigantic winners, and I think they’ll continue to be so, given how well they dovetail into the trinity of social, mobile and cloud.” Source: businessday.com.au.