Wellington Management Group LLP Cuts Position in CoStar Group, Inc. (NASDAQ:CSGP)

Wellington Management Group LLP cut its stake in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 64.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,115 shares of the technology company's stock after selling 225,578 shares during the period. Wellington Management Group LLP's holdings in CoStar Group were worth $8,742,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of CSGP. Polen Capital Management LLC acquired a new stake in CoStar Group in the 4th quarter worth approximately $465,134,000. Norges Bank acquired a new stake in CoStar Group in the 4th quarter worth approximately $390,755,000. Capital International Investors boosted its stake in 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 in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in 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 in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in CoStar Group by 2,181.8% during 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 buying an additional 1,079,815 shares during the last quarter. 96.60% of the stock is currently owned by institutional investors and hedge funds.

CoStar Group Price Performance

CSGP traded up $1.37 on Wednesday, hitting $77.06. 3,168,340 shares of the company's stock were exchanged, compared to its average volume of 2,921,513. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $83.68. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $76.95 and a 200-day moving average price of $76.23. The stock has a market cap of $32.51 billion, a price-to-earnings ratio of 220.17 and a beta of 0.89.

CoStar Group announced that its Board of Directors has initiated a share buyback program on Tuesday, February 18th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

CSGP has been the subject of a number of recent research reports. William Blair initiated coverage on shares of CoStar Group in a research report on Friday, February 28th. They set a "market perform" rating for the company. Stephens reissued an "overweight" rating and set a $103.00 price target on shares of CoStar Group in a research report on Tuesday, February 18th. Royal Bank of Canada reissued a "sector perform" rating and set a $83.00 price target on shares of CoStar Group in a research report on Thursday, April 17th. Craig Hallum assumed coverage on shares of CoStar Group in a research report on Friday, February 28th. They set a "buy" rating for the company. Finally, Wells Fargo & Company lifted their target price on shares of CoStar Group from $63.00 to $65.00 and gave the company an "underweight" rating in a report on Wednesday, April 30th. Two research 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, the company currently has a consensus rating of "Moderate Buy" and an average target price of $87.54.

Insider Activity

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the business'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 transaction, the chief accounting officer now owns 29,456 shares of the company's stock, valued at approximately $2,353,534.40. The trade was a 5.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.09% of the company's stock.

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.