Rakuten Investment Management Inc. lowered its position in shares of CoStar Group, Inc. (NASDAQ:CSGP – Free Report) by 31.8% in the third quarter, Holdings Channel reports. The institutional investor owned 46,383 shares of the technology company’s stock after selling 21,657 shares during the period. Rakuten Investment Management Inc.’s holdings in CoStar Group were worth $1,250,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of CSGP. Red Spruce Capital LLC raised its position in shares of CoStar Group by 101.0% in the second quarter. Red Spruce Capital LLC now owns 76,448 shares of the technology company’s stock valued at $2,165,000 after buying an additional 38,413 shares in the last quarter. Tidal Investments LLC grew its position in CoStar Group by 176.9% during the second quarter. Tidal Investments LLC now owns 68,552 shares of the technology company’s stock worth $1,941,000 after buying an additional 43,798 shares in the last quarter. Odyssean LLC bought a new position in CoStar Group during the 2nd quarter worth $2,564,000. Oppenheimer Asset Management Inc. bought a new position in CoStar Group during the 2nd quarter worth $7,516,000. Finally, Nykredit A S bought a new position in CoStar Group during the 2nd quarter worth $11,370,000. Institutional investors and hedge funds own 96.60% of the company’s stock.
CoStar Group Stock Performance
NASDAQ CSGP opened at $30.55 on Friday. The firm’s 50 day simple moving average is $30.27 and its 200 day simple moving average is $36.15. The firm has a market capitalization of $12.29 billion, a price-to-earnings ratio of 69.43, a P/E/G ratio of 0.77 and a beta of 0.79. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.12. CoStar Group, Inc. has a 1 year low of $25.89 and a 1 year high of $70.57.
CoStar Group (NASDAQ:CSGP – Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The technology company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. CoStar Group had a net margin of 4.87% and a return on equity of 4.87%. The business had revenue of $952.00 million during the quarter, compared to the consensus estimate of $945.82 million. During the same period in the previous year, the business earned $0.23 earnings per share. The company’s revenue was up 14.1% on a year-over-year basis. As a group, research analysts expect that CoStar Group, Inc. will post 1.12 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
CSGP has been the subject of several analyst reports. JPMorgan Chase & Co. dropped their price objective on CoStar Group from $52.00 to $44.00 and set an “overweight” rating for the company in a report on Wednesday, October 28th. Citizens Jmp reduced their target price on CoStar Group from $44.00 to $35.00 and set a “market outperform” rating on the stock in a report on Wednesday, July 29th. KeyCorp set a $33.00 price target on CoStar Group in a research report on Monday, August 24th. Wolfe Research reaffirmed an “outperform” rating and issued a $32.00 price target (down from $35.00) on shares of CoStar Group in a research note on Wednesday, July 29th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $33.00 price objective (up from $31.00) on shares of CoStar Group in a research report on Monday, August 24th. Ten equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $39.11.
Read Our Latest Analysis on CSGP
About CoStar Group
CoStar Group, Inc is a provider of commercial real estate information, analytics and online marketplaces. Its services help real estate professionals, investors, lenders and businesses research properties, evaluate markets and connect with buyers, sellers and tenants.
The company’s brands include CoStar, which provides commercial property data and research; LoopNet, a commercial property marketplace; Apartments.com, a rental listings platform; and STR, which supplies benchmarking data for the hospitality industry.
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