Gateway Investment Advisers LLC Sells 12,766 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Gateway Investment Advisers LLC cut its stake in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 29.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,311 shares of the technology company's stock after selling 12,766 shares during the quarter. Gateway Investment Advisers LLC's holdings in CoStar Group were worth $2,402,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CSGP. Blue Zone Wealth Advisors LLC raised its stake in CoStar Group by 11.2% during the first quarter. Blue Zone Wealth Advisors LLC now owns 66,356 shares of the technology company's stock worth $5,257,000 after purchasing an additional 6,683 shares during the period. Procyon Advisors LLC increased its holdings in shares of CoStar Group by 31.0% during the 1st quarter. Procyon Advisors LLC now owns 21,649 shares of the technology company's stock worth $1,715,000 after buying an additional 5,125 shares during the last quarter. Davis Capital Management raised its position in shares of CoStar Group by 7.3% during the 1st quarter. Davis Capital Management now owns 14,437 shares of the technology company's stock valued at $1,144,000 after buying an additional 981 shares during the period. Portside Wealth Group LLC purchased a new stake in shares of CoStar Group during the 1st quarter valued at approximately $1,917,000. Finally, Hamilton Lane Advisors LLC acquired a new position in CoStar Group in the first quarter valued at approximately $731,000. 96.60% of the stock is currently owned by institutional investors and hedge funds.

CoStar Group Stock Performance

Shares of NASDAQ:CSGP traded up $0.58 during trading hours on Thursday, hitting $82.37. The stock had a trading volume of 2,928,522 shares, compared to its average volume of 2,924,643. The stock's fifty day simple moving average is $77.13 and its 200 day simple moving average is $76.37. The firm has a market capitalization of $34.75 billion, a price-to-earnings ratio of 235.34 and a beta of 0.87. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96. CoStar Group, Inc. has a 1-year low of $68.26 and a 1-year high of $83.68.

CoStar Group declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CSGP. Royal Bank of Canada reiterated a "sector perform" rating and issued a $83.00 target price on shares of CoStar Group in a report on Thursday, April 17th. JMP Securities reiterated a "market outperform" rating and issued a $85.00 price objective on shares of CoStar Group in a report on Wednesday, April 30th. Wells Fargo & Company increased their target price on CoStar Group from $63.00 to $65.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 30th. Piper Sandler assumed coverage on CoStar Group in a research report on Friday, February 28th. They issued an "overweight" rating for the company. Finally, Keefe, Bruyette & Woods boosted their price target on shares of CoStar Group from $93.00 to $95.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, CoStar Group has a consensus rating of "Moderate Buy" and a consensus target price of $87.54.

About CoStar Group

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.