Bell Bank Trims Stock Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

Bell Bank lessened its position in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 25.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,396 shares of the technology company's stock after selling 4,489 shares during the quarter. Bell Bank's holdings in CoStar Group were worth $1,061,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Polen Capital Management LLC purchased a new position in CoStar Group during the fourth quarter valued at $465,134,000. Norges Bank purchased a new position in CoStar Group during the fourth quarter valued at $390,755,000. Capital International Investors raised its position in shares of CoStar Group by 44.9% in the 4th quarter. Capital International Investors now owns 14,032,363 shares of the technology company's stock worth $1,004,578,000 after purchasing an additional 4,345,267 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of CoStar Group by 24.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,415,895 shares of the technology company's stock worth $459,314,000 after purchasing an additional 1,267,263 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of CoStar Group by 2,181.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,129,307 shares of the technology company's stock worth $80,847,000 after purchasing an additional 1,079,815 shares during the last quarter. Hedge funds and other institutional investors own 96.60% of the company's stock.

CoStar Group Stock Performance

CSGP stock traded down $0.32 during midday trading on Wednesday, reaching $79.57. 2,956,490 shares of the company's stock traded hands, compared to its average volume of 2,922,269. CoStar Group, Inc. has a 52-week low of $68.26 and a 52-week high of $83.68. The stock has a market cap of $33.57 billion, a P/E ratio of 274.38, a PEG ratio of 4.02 and a beta of 0.87. The company has a current ratio of 6.01, a quick ratio of 6.01 and a debt-to-equity ratio of 0.12. The stock's 50-day moving average is $77.62 and its 200 day moving average is $76.35.

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CSGP shares. Deutsche Bank Aktiengesellschaft started coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a "buy" rating and a $89.00 target price for the company. Citigroup decreased their price target on CoStar Group from $88.00 to $86.00 and set a "buy" rating for the company in a research note on Thursday, February 20th. Bank of America began coverage on CoStar Group in a research note on Friday, May 30th. They issued a "neutral" rating and a $79.00 price target for the company. Wells Fargo & Company boosted their target price on CoStar Group from $63.00 to $65.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. decreased their target price on CoStar Group from $99.00 to $87.00 and set an "overweight" rating for the company in a research report on Wednesday, February 19th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.69.

CoStar Group Company 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.