Bank of New York Mellon Corp Sells 481,294 Shares of CoStar Group, Inc. $CSGP

Bank of New York Mellon Corp lessened its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 9.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,363,371 shares of the technology company’s stock after selling 481,294 shares during the quarter. Bank of New York Mellon Corp’s holdings in CoStar Group were worth $368,138,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of CSGP. Swedbank AB lifted its holdings in CoStar Group by 21.0% during the third quarter. Swedbank AB now owns 302,360 shares of the technology company’s stock valued at $25,510,000 after purchasing an additional 52,433 shares in the last quarter. Generali Asset Management SPA SGR lifted its stake in shares of CoStar Group by 641.8% during the 3rd quarter. Generali Asset Management SPA SGR now owns 23,880 shares of the technology company’s stock valued at $2,015,000 after buying an additional 20,661 shares in the last quarter. Third Point LLC boosted its holdings in CoStar Group by 56.2% in the 2nd quarter. Third Point LLC now owns 3,085,000 shares of the technology company’s stock worth $248,034,000 after buying an additional 1,110,000 shares during the period. Shaker Investments LLC OH purchased a new stake in CoStar Group in the 3rd quarter worth $1,821,000. Finally, Voya Investment Management LLC raised its holdings in CoStar Group by 49.9% during the third quarter. Voya Investment Management LLC now owns 1,846,286 shares of the technology company’s stock valued at $155,771,000 after acquiring an additional 614,515 shares during the period. 96.60% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Stock Down 5.0%

Shares of CSGP opened at $61.93 on Friday. The business’s 50 day simple moving average is $65.87 and its 200-day simple moving average is $77.04. CoStar Group, Inc. has a 1 year low of $57.01 and a 1 year high of $97.43. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 3.12. The stock has a market capitalization of $26.25 billion, a price-to-earnings ratio of 1,238.60, a price-to-earnings-growth ratio of 1.71 and a beta of 0.84.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings results on Tuesday, October 28th. The technology company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.04. CoStar Group had a net margin of 0.66% and a return on equity of 2.45%. The company had revenue of $833.60 million for the quarter, compared to analysts’ expectations of $823.62 million. During the same quarter in the previous year, the business posted $0.22 earnings per share. CoStar Group’s quarterly revenue was up 20.4% on a year-over-year basis. As a group, 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 of Directors has authorized a stock buyback 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 purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CSGP shares. Exane BNP Paribas raised CoStar Group to a “hold” rating in a research note on Wednesday, January 14th. Citigroup reissued a “market outperform” rating on shares of CoStar Group in a report on Thursday, January 8th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $55.00 price objective (down from $60.00) on shares of CoStar Group in a report on Thursday, January 8th. Needham & Company LLC lowered their target price on shares of CoStar Group from $105.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. Finally, Jefferies Financial Group raised shares of CoStar Group to a “hold” rating in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, CoStar Group currently has an average rating of “Moderate Buy” and an average price target of $83.39.

CoStar Group Profile

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.