Jennison Associates LLC Reduces Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Jennison Associates LLC lowered its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 66.9% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 117,183 shares of the technology company's stock after selling 236,755 shares during the period. Jennison Associates LLC's holdings in CoStar Group were worth $9,284,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CSGP. Bamco Inc. NY lifted its holdings in CoStar Group by 2.2% during the 4th quarter. Bamco Inc. NY now owns 19,203,564 shares of the technology company's stock worth $1,374,783,000 after buying an additional 418,128 shares in the last quarter. Capital International Investors raised its holdings 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 valued at $1,004,578,000 after purchasing an additional 4,345,267 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of CoStar Group by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 11,475,755 shares of the technology company's stock valued at $819,678,000 after purchasing an additional 166,769 shares in the last quarter. Akre Capital Management LLC raised its holdings in shares of CoStar Group by 4.3% in the 4th quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company's stock valued at $666,781,000 after purchasing an additional 379,787 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its holdings 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 valued at $459,314,000 after purchasing an additional 1,267,263 shares in the last quarter. Hedge funds and other institutional investors own 96.60% of the company's stock.

CoStar Group Trading Up 2.1%

Shares of CSGP traded up $1.94 during mid-day trading on Thursday, hitting $92.94. 1,285,441 shares of the company's stock traded hands, compared to its average volume of 3,196,949. The company has a quick ratio of 6.01, a current ratio of 6.01 and a debt-to-equity ratio of 0.12. CoStar Group, Inc. has a 1 year low of $68.26 and a 1 year high of $93.24. The firm has a market capitalization of $39.21 billion, a P/E ratio of 372.58, a PEG ratio of 4.29 and a beta of 0.89. The business's 50-day moving average price is $80.10 and its 200-day moving average price is $77.85.

CoStar Group (NASDAQ:CSGP - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The technology company reported $0.17 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.03. The company had revenue of $781.30 million for the quarter, compared to the consensus estimate of $772.06 million. CoStar Group had a return on equity of 2.94% and a net margin of 3.57%. CoStar Group's revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.15 earnings per share. As a group, sell-side analysts forecast that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CSGP shares. Bank of America started coverage on shares of CoStar Group in a research report on Friday, May 30th. They set a "neutral" rating and a $79.00 price objective on the stock. Needham & Company LLC raised their price objective on shares of CoStar Group from $98.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday. Royal Bank Of Canada lifted their target price on shares of CoStar Group from $83.00 to $91.00 and gave the company a "sector perform" rating in a report on Wednesday. William Blair reaffirmed an "outperform" rating on shares of CoStar Group in a report on Wednesday. Finally, JPMorgan Chase & Co. lifted their target price on shares of CoStar Group from $87.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $92.15.

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.