JPMorgan Chase & Co. Has $161.73 Million Position in CoStar Group, Inc. $CSGP

JPMorgan Chase & Co. trimmed its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 16.3% in 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. owned about 0.45% of CoStar Group worth $161,734,000 as of its most recent SEC filing.

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

CoStar Group Price Performance

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

CoStar Group announced that its board has approved a stock buyback plan on Wednesday, January 7th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CSGP. Needham & Company LLC lowered their target price on CoStar Group from $105.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Bank of America set a $74.00 price target on shares of CoStar Group in a research note on Wednesday, January 7th. Jefferies Financial Group raised shares of CoStar Group from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a research note on Friday. Zacks Research cut shares of CoStar Group from a “hold” rating to a “strong sell” rating in a report on Friday, January 9th. Finally, BMO Capital Markets decreased their target price on shares of CoStar Group from $77.00 to $72.00 and set a “market perform” rating for the company in a research report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $82.18.

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.