Westpac Banking Corp Cuts Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

Westpac Banking Corp decreased its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 97.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 907 shares of the technology company’s stock after selling 34,669 shares during the period. Westpac Banking Corp’s holdings in CoStar Group were worth $81,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CSGP. Quarry LP lifted its holdings in shares of CoStar Group by 75.5% in the 1st quarter. Quarry LP now owns 358 shares of the technology company’s stock valued at $25,000 after acquiring an additional 154 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of CoStar Group in the 1st quarter valued at about $27,000. Global Retirement Partners LLC lifted its holdings in shares of CoStar Group by 355.6% in the 1st quarter. Global Retirement Partners LLC now owns 410 shares of the technology company’s stock valued at $30,000 after acquiring an additional 320 shares during the last quarter. Resurgent Financial Advisors LLC purchased a new position in shares of CoStar Group during the fourth quarter worth approximately $30,000. Finally, Connectus Wealth LLC increased its position in shares of CoStar Group by 4.0% during the first quarter. Connectus Wealth LLC now owns 54,022 shares of the technology company’s stock worth $37,000 after acquiring an additional 2,059 shares during the period. Hedge funds and other institutional investors own 96.53% of the company’s stock.

CoStar Group Price Performance

NASDAQ CSGP opened at $82.73 on Monday. The firm’s fifty day simple moving average is $77.88 and its two-hundred day simple moving average is $80.92. The company has a current ratio of 13.31, a quick ratio of 13.31 and a debt-to-equity ratio of 0.14. CoStar Group, Inc. has a 12-month low of $65.12 and a 12-month high of $92.36. The firm has a market capitalization of $33.78 billion, a P/E ratio of 83.57, a P/E/G ratio of 3.91 and a beta of 0.87.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, October 24th. The technology company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). CoStar Group had a return on equity of 6.49% and a net margin of 16.86%. The company had revenue of $624.67 million for the quarter, compared to analyst estimates of $625.65 million. Analysts forecast that CoStar Group, Inc. will post 1.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CSGP shares. Citigroup cut their price objective on shares of CoStar Group from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, October 26th. JPMorgan Chase & Co. cut their price objective on shares of CoStar Group from $114.00 to $104.00 and set an “overweight” rating on the stock in a report on Wednesday, October 25th. Truist Financial cut their price objective on shares of CoStar Group from $100.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, October 25th. TheStreet lowered shares of CoStar Group from a “b” rating to a “c+” rating in a report on Thursday, September 7th. Finally, StockNews.com started coverage on shares of CoStar Group in a report on Thursday, October 5th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a hold rating and eight 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 $90.09.

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.