Allspring Global Investments Holdings LLC Reduces Stock Holdings in CoStar Group, Inc. $CSGP

Allspring Global Investments Holdings LLC lowered its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 90.0% during the first quarter, Holdings Channel reports. The fund owned 18,300 shares of the technology company’s stock after selling 164,579 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in CoStar Group were worth $725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Bamco Inc. NY lifted its position in CoStar Group by 1.3% during the fourth quarter. Bamco Inc. NY now owns 19,498,099 shares of the technology company’s stock valued at $1,311,052,000 after purchasing an additional 242,533 shares during the period. State Street Corp grew its position in CoStar Group by 1.9% during the 4th quarter. State Street Corp now owns 18,632,352 shares of the technology company’s stock worth $1,252,839,000 after purchasing an additional 348,224 shares during the period. Principal Financial Group Inc. grew its position in CoStar Group by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 17,696,192 shares of the technology company’s stock worth $713,866,000 after purchasing an additional 130,118 shares during the period. Baillie Gifford & Co. raised its stake in shares of CoStar Group by 56.9% during the 4th quarter. Baillie Gifford & Co. now owns 12,933,185 shares of the technology company’s stock valued at $869,627,000 after buying an additional 4,691,543 shares during the last quarter. Finally, Capital International Investors raised its stake in shares of CoStar Group by 59.7% during the 4th quarter. Capital International Investors now owns 10,842,010 shares of the technology company’s stock valued at $729,020,000 after buying an additional 4,053,456 shares during the last quarter. Hedge funds and other institutional investors own 96.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Needham & Company LLC lowered their target price on CoStar Group from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Benchmark initiated coverage on CoStar Group in a research report on Thursday, June 4th. They set a “buy” rating and a $45.00 price target for the company. Keefe, Bruyette & Woods decreased their price target on CoStar Group from $50.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft set a $44.00 price objective on CoStar Group in a research report on Thursday, April 30th. Finally, Stephens dropped their price objective on shares of CoStar Group from $50.00 to $42.00 and set an “overweight” rating on the stock in a research note on Monday, May 4th. Twelve analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, CoStar Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.50.

CoStar Group Price Performance

Shares of CoStar Group stock opened at $29.17 on Tuesday. The firm has a market cap of $11.91 billion, a PE ratio of 486.25, a P/E/G ratio of 0.71 and a beta of 0.74. CoStar Group, Inc. has a twelve month low of $26.68 and a twelve month high of $97.43. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $30.90 and a 200 day moving average price of $40.87.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Tuesday, April 28th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.05. CoStar Group had a return on equity of 2.90% and a net margin of 0.74%.The company had revenue of $897.00 million for the quarter, compared to the consensus estimate of $896.73 million. During the same quarter in the prior year, the business posted ($0.04) earnings per share. CoStar Group’s revenue for the quarter was up 22.5% on a year-over-year basis. Sell-side analysts predict that CoStar Group, Inc. will post 1.03 earnings per share for the current fiscal year.

Insider Buying and Selling at CoStar Group

In other CoStar Group news, CEO Andrew C. Florance bought 71,430 shares of CoStar Group stock in a transaction dated Friday, May 1st. The stock was acquired at an average cost of $35.20 per share, with a total value of $2,514,336.00. Following the purchase, the chief executive officer directly owned 1,722,865 shares in the company, valued at $60,644,848. This represents a 4.33% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 1.18% of the stock is currently owned by insiders.

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.