NewEdge Wealth LLC Sells 11,792 Shares of CoStar Group, Inc. $CSGP

NewEdge Wealth LLC cut its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 44.8% during the 3rd quarter, Holdings Channel reports. The firm owned 14,506 shares of the technology company’s stock after selling 11,792 shares during the period. NewEdge Wealth LLC’s holdings in CoStar Group were worth $1,224,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in CSGP. ING Groep NV lifted its position in CoStar Group by 1,950.5% during the third quarter. ING Groep NV now owns 128,052 shares of the technology company’s stock worth $10,804,000 after purchasing an additional 121,807 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in CoStar Group by 14.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 171,380 shares of the technology company’s stock valued at $14,459,000 after buying an additional 21,225 shares during the period. UMB Bank n.a. raised its position in shares of CoStar Group by 51.6% in the 3rd quarter. UMB Bank n.a. now owns 225,305 shares of the technology company’s stock valued at $19,009,000 after buying an additional 76,720 shares in the last quarter. Swedbank AB lifted its holdings in shares of CoStar Group by 21.0% during the 3rd quarter. Swedbank AB now owns 302,360 shares of the technology company’s stock worth $25,510,000 after acquiring an additional 52,433 shares during the period. Finally, Generali Asset Management SPA SGR boosted its position 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 worth $2,015,000 after acquiring an additional 20,661 shares in the last quarter. 96.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CSGP has been the subject of several research analyst reports. Citizens Jmp lowered their price objective on shares of CoStar Group from $100.00 to $78.00 and set a “market outperform” rating for the company in a research report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft set a $68.00 price target on CoStar Group in a report on Thursday, January 8th. Needham & Company LLC reduced their price objective on CoStar Group from $105.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Zacks Research downgraded CoStar Group from a “hold” rating to a “strong sell” rating in a research note on Friday, January 9th. Finally, Jefferies Financial Group raised shares of CoStar Group from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a report on Friday. 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 assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.18.

CoStar Group Stock Performance

Shares of CSGP stock opened at $49.87 on Monday. The firm 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. 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 business’s 50-day moving average price is $60.24 and its 200-day moving average price is $72.28. CoStar Group, Inc. has a 12 month low of $43.80 and a 12 month high of $97.43.

CoStar Group declared that its Board of Directors has initiated a stock buyback plan on Wednesday, January 7th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

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.