JPMorgan Chase & Co. Decreases Stock Holdings in CoStar Group, Inc. $CSGP

JPMorgan Chase & Co. reduced its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 16.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,916,865 shares of the technology company’s stock after selling 373,986 shares during the quarter. JPMorgan Chase & Co.’s holdings in CoStar Group were worth $161,734,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CSGP. Quent Capital LLC purchased a new stake in shares of CoStar Group during the 3rd quarter valued at $26,000. Rossby Financial LCC grew its position in CoStar Group by 315.9% during the second quarter. Rossby Financial LCC now owns 341 shares of the technology company’s stock valued at $27,000 after buying an additional 259 shares during the period. Manning & Napier Advisors LLC purchased a new stake in CoStar Group during the third quarter worth about $28,000. Westside Investment Management Inc. increased its holdings in CoStar Group by 100.0% during the third quarter. Westside Investment Management Inc. now owns 360 shares of the technology company’s stock worth $30,000 after buying an additional 180 shares during the last quarter. Finally, Root Financial Partners LLC bought a new stake in CoStar Group in the third quarter worth about $31,000. Hedge funds and other institutional investors own 96.60% of the company’s stock.

CoStar Group Trading Up 1.6%

Shares of CSGP stock opened at $49.87 on Friday. The company’s fifty day simple moving average is $60.24 and its two-hundred day simple moving average is $72.45. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 3.12. CoStar Group, Inc. has a 1 year low of $43.80 and a 1 year high of $97.43. The stock has a market capitalization of $21.14 billion, a price-to-earnings ratio of 997.40, a PEG ratio of 1.31 and a beta of 0.84.

CoStar Group announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 7th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 5.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Needham & Company LLC reduced their target price on shares of CoStar Group from $105.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of CoStar Group in a report on Monday, December 29th. BMO Capital Markets reduced their price objective on CoStar Group from $77.00 to $72.00 and set a “market perform” rating for the company in a report on Thursday, January 8th. Wells Fargo & Company set a $48.00 target price on CoStar Group and gave the stock an “underweight” rating in a research report on Wednesday, February 4th. Finally, BNP Paribas Exane assumed coverage on CoStar Group in a research note on Wednesday, January 14th. They issued a “neutral” rating and a $64.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.18.

About CoStar Group

CoStar Group, Inc is a provider of information, analytics and online marketplaces for the commercial real estate industry. The company gathers property-level data, builds market analytics and supplies research tools used by brokers, owners, lenders, investors and other real estate professionals to evaluate markets, track inventory and manage listings. CoStar’s offerings are delivered primarily through subscription-based platforms that combine proprietary databases, mapping and workflow applications to support decision-making across the property life cycle.

In addition to its core CoStar research service, the company operates prominent online listing and marketing platforms that connect buyers, sellers, tenants and brokers.