CoStar Group, Inc. (NASDAQ:CSGP) Holdings Decreased by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 7.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,545,069 shares of the technology company’s stock after selling 442,725 shares during the period. Bank of New York Mellon Corp owned 1.35% of CoStar Group worth $396,972,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. International Assets Investment Management LLC bought a new position in shares of CoStar Group in the third quarter valued at approximately $2,481,000. Wealth Enhancement Advisory Services LLC boosted its stake in CoStar Group by 60.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,975 shares of the technology company’s stock valued at $1,281,000 after purchasing an additional 6,386 shares in the last quarter. Pallas Capital Advisors LLC bought a new position in CoStar Group during the 3rd quarter valued at $342,000. abrdn plc increased its position in shares of CoStar Group by 72.5% during the 3rd quarter. abrdn plc now owns 130,150 shares of the technology company’s stock valued at $9,803,000 after purchasing an additional 54,713 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of CoStar Group by 111.6% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 5,198 shares of the technology company’s stock worth $392,000 after buying an additional 2,742 shares in the last quarter. Institutional investors and hedge funds own 96.60% of the company’s stock.

CoStar Group Price Performance

Shares of NASDAQ:CSGP opened at $76.92 on Thursday. The company’s fifty day moving average is $74.12 and its two-hundred day moving average is $75.50. The company has a market cap of $31.55 billion, a P/E ratio of 219.77 and a beta of 0.87. CoStar Group, Inc. has a 12-month low of $68.26 and a 12-month high of $100.38. 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) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.22. The business had revenue of $709.40 million for the quarter, compared to the consensus estimate of $703.00 million. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. Equities analysts expect that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

CoStar Group announced that its board has initiated a share repurchase program on Tuesday, February 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

CSGP has been the subject of several research reports. JMP Securities reaffirmed a “market outperform” rating and set a $90.00 target price on shares of CoStar Group in a research note on Monday, December 16th. JPMorgan Chase & Co. reduced their price objective on shares of CoStar Group from $99.00 to $87.00 and set an “overweight” rating for the company in a research report on Wednesday, February 19th. Wells Fargo & Company dropped their target price on shares of CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a report on Wednesday, February 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $83.00 target price on shares of CoStar Group in a research note on Wednesday, February 19th. Finally, StockNews.com lowered shares of CoStar Group from a “hold” rating to a “sell” rating in a research report on Wednesday, January 15th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $88.00.

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.