Point72 Asset Management L.P. Sells 228,965 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Point72 Asset Management L.P. decreased its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 35.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 417,487 shares of the technology company's stock after selling 228,965 shares during the period. Point72 Asset Management L.P. owned approximately 0.10% of CoStar Group worth $29,888,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CSGP. Polen Capital Management LLC bought a new stake in shares of CoStar Group in the 4th quarter valued at $465,134,000. Norges Bank acquired a new position in shares of CoStar Group during the fourth quarter worth about $390,755,000. Capital International Investors boosted its position in shares of CoStar Group by 44.9% during the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company's stock worth $1,004,578,000 after buying an additional 4,345,267 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in shares of CoStar Group by 24.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,415,895 shares of the technology company's stock worth $459,314,000 after buying an additional 1,267,263 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in shares of CoStar Group by 2,181.8% during the fourth 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 in the last quarter. Institutional investors own 96.60% of the company's stock.

CoStar Group Trading Down 0.7%

CSGP traded down $0.54 during midday trading on Tuesday, hitting $76.37. 3,421,243 shares of the company were exchanged, compared to its average volume of 2,885,815. The firm has a market capitalization of $32.22 billion, a P/E ratio of 218.20 and a beta of 0.89. CoStar Group, Inc. has a 1-year low of $68.26 and a 1-year high of $87.86. The firm's 50 day moving average price is $78.03 and its 200-day moving average price is $76.30. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13.

CoStar Group (NASDAQ:CSGP - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, hitting 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 analyst estimates of $703.00 million. As a group, equities analysts forecast that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $79.90, for a total value of $139,745.10. Following the transaction, the chief accounting officer now owns 29,456 shares in the company, valued at approximately $2,353,534.40. This represents a 5.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.09% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft began coverage on CoStar Group in a report on Friday, February 28th. They set a "buy" rating and a $89.00 price objective for the company. JMP Securities reaffirmed a "market outperform" rating and issued a $85.00 price objective on shares of CoStar Group in a research report on Wednesday, April 30th. Needham & Company LLC raised their price objective on CoStar Group from $87.00 to $98.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Royal Bank of Canada restated a "sector perform" rating and issued a $83.00 price target on shares of CoStar Group in a research report on Thursday, April 17th. Finally, Keefe, Bruyette & Woods raised their target price on CoStar Group from $93.00 to $95.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $88.31.

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.