Prana Capital Management LP Sells 94,500 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Prana Capital Management LP lessened its stake in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 55.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 76,482 shares of the technology company's stock after selling 94,500 shares during the quarter. Prana Capital Management LP's holdings in CoStar Group were worth $5,475,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bamco Inc. NY grew its position in CoStar Group by 2.2% in the fourth quarter. Bamco Inc. NY now owns 19,203,564 shares of the technology company's stock worth $1,374,783,000 after acquiring an additional 418,128 shares in the last quarter. Capital International Investors grew its position in CoStar Group by 44.9% in the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company's stock worth $1,004,578,000 after acquiring an additional 4,345,267 shares in the last quarter. Geode Capital Management LLC grew its position in CoStar Group by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 11,475,755 shares of the technology company's stock worth $819,678,000 after acquiring an additional 166,769 shares in the last quarter. Akre Capital Management LLC grew its position in CoStar Group by 4.3% in the fourth quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company's stock worth $666,781,000 after acquiring an additional 379,787 shares in the last quarter. Finally, Polen Capital Management LLC bought a new stake in CoStar Group in the fourth quarter worth approximately $465,134,000. Institutional investors and hedge funds own 96.60% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on CSGP. Needham & Company LLC boosted their target price on shares of CoStar Group from $87.00 to $98.00 and gave the stock a "buy" rating in a research report on Wednesday, April 30th. The Goldman Sachs Group began coverage on shares of CoStar Group in a report on Friday, February 28th. They set a "buy" rating for the company. Keefe, Bruyette & Woods upped their price objective on shares of CoStar Group from $93.00 to $95.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. JMP Securities reaffirmed a "market outperform" rating and set a $85.00 price objective on shares of CoStar Group in a report on Wednesday, April 30th. Finally, Stephens reaffirmed an "overweight" rating and set a $103.00 price objective on shares of CoStar Group in a report on Tuesday, February 18th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $88.31.

Insider Buying and Selling at CoStar Group

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $79.90, for a total transaction of $139,745.10. Following the completion of the transaction, the chief accounting officer now directly owns 29,456 shares of the company's stock, valued at approximately $2,353,534.40. This trade represents a 5.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.09% of the company's stock.

CoStar Group Stock Performance

NASDAQ CSGP traded up $0.94 during midday trading on Friday, hitting $76.99. The company had a trading volume of 2,618,802 shares, compared to its average volume of 2,878,674. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. The stock has a market cap of $32.48 billion, a price-to-earnings ratio of 219.97 and a beta of 0.89. The firm has a fifty day simple moving average of $78.03 and a two-hundred day simple moving average of $76.25. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $87.86.

CoStar Group (NASDAQ:CSGP - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. The firm had revenue of $709.40 million during the quarter, compared to analysts' expectations of $703.00 million. Equities analysts forecast that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

CoStar Group declared that its board has approved a share repurchase program on Tuesday, February 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

CoStar Group Profile

CoStar Group, Inc provides information, analytics, and online marketplace services to the commercial real estate, hospitality, residential, and related professionals industries in the United States, Canada, Europe, the Asia Pacific, and Latin America. The company offers CoStar Property that provides inventory of office, industrial, retail, multifamily, hospitality, and student housing properties and land; CoStar Sales, a robust database of comparable commercial real estate sales transactions; CoStar Market Analytics to view and report on aggregated market and submarket trends; and CoStar Tenant, an online business-to-business prospecting and analytical tool that provides tenant information.