Envestnet Asset Management Inc. Cuts Stake in CoStar Group, Inc. $CSGP

Envestnet Asset Management Inc. cut its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 1.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,709,175 shares of the technology company’s stock after selling 30,088 shares during the quarter. Envestnet Asset Management Inc.’s holdings in CoStar Group were worth $144,203,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. NewSquare Capital LLC boosted its stake in shares of CoStar Group by 35.6% in the second quarter. NewSquare Capital LLC now owns 411 shares of the technology company’s stock worth $33,000 after acquiring an additional 108 shares during the last quarter. Emerald Advisers LLC lifted its holdings in CoStar Group by 1.9% in the 2nd quarter. Emerald Advisers LLC now owns 5,763 shares of the technology company’s stock valued at $463,000 after purchasing an additional 110 shares in the last quarter. Empirical Finance LLC boosted its stake in CoStar Group by 1.4% during the 2nd quarter. Empirical Finance LLC now owns 8,376 shares of the technology company’s stock worth $673,000 after purchasing an additional 114 shares during the last quarter. Wallace Advisory Group LLC grew its holdings in shares of CoStar Group by 2.5% during the second quarter. Wallace Advisory Group LLC now owns 5,201 shares of the technology company’s stock worth $412,000 after buying an additional 126 shares in the last quarter. Finally, STF Management LP raised its position in shares of CoStar Group by 2.1% in the second quarter. STF Management LP now owns 6,269 shares of the technology company’s stock valued at $504,000 after buying an additional 128 shares during the last quarter. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

CoStar Group Trading Down 1.4%

Shares of CSGP stock opened at $50.28 on Friday. CoStar Group, Inc. has a 1-year low of $48.76 and a 1-year high of $97.43. The firm has a market cap of $21.31 billion, a PE ratio of 1,005.60, a price-to-earnings-growth ratio of 1.33 and a beta of 0.84. The company has a 50-day moving average of $64.26 and a two-hundred day moving average of $75.78. 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 declared that its Board of Directors has approved a share buyback program on Wednesday, January 7th that authorizes the company to buyback $1.50 billion in 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 an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CSGP shares. Citizens Jmp lowered their price target on shares of CoStar Group from $100.00 to $78.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 8th. Needham & Company LLC dropped their price target on CoStar Group from $105.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft set a $68.00 price objective on CoStar Group in a research report on Thursday, January 8th. Citigroup restated a “market outperform” rating on shares of CoStar Group in a report on Thursday, January 8th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of CoStar Group in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.00.

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.