Point72 Hong Kong Ltd Reduces Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

Point72 Hong Kong Ltd lowered its position in CoStar Group, Inc. (NASDAQ:CSGP) by 74.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,219 shares of the technology company’s stock after selling 3,584 shares during the quarter. Point72 Hong Kong Ltd’s holdings in CoStar Group were worth $92,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Picton Mahoney Asset Management increased its stake in CoStar Group by 2.9% in the second quarter. Picton Mahoney Asset Management now owns 4,745 shares of the technology company’s stock worth $352,000 after purchasing an additional 135 shares during the period. Bleakley Financial Group LLC increased its stake in CoStar Group by 1.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 8,638 shares of the technology company’s stock worth $652,000 after buying an additional 138 shares during the period. Moran Wealth Management LLC lifted its holdings in CoStar Group by 2.0% during the 3rd quarter. Moran Wealth Management LLC now owns 8,027 shares of the technology company’s stock valued at $606,000 after buying an additional 161 shares in the last quarter. S.E.E.D. Planning Group LLC boosted its position in CoStar Group by 0.5% in the 2nd quarter. S.E.E.D. Planning Group LLC now owns 36,255 shares of the technology company’s stock valued at $2,688,000 after buying an additional 172 shares during the period. Finally, Elo Mutual Pension Insurance Co grew its stake in CoStar Group by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 37,501 shares of the technology company’s stock worth $2,780,000 after acquiring an additional 188 shares in the last quarter. Institutional investors own 96.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CSGP. BMO Capital Markets decreased their price target on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a research note on Thursday, October 24th. Royal Bank of Canada cut CoStar Group from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $96.00 to $83.00 in a report on Wednesday, October 23rd. Needham & Company LLC reissued a “buy” rating and set a $100.00 price target on shares of CoStar Group in a research report on Tuesday, November 19th. JMP Securities restated a “market outperform” rating and issued a $90.00 price objective on shares of CoStar Group in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. dropped their target price on shares of CoStar Group from $108.00 to $99.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $93.25.

Insider Activity at CoStar Group

In other CoStar Group news, Director Michael R. Klein sold 71,633 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $74.69, for a total value of $5,350,268.77. Following the sale, the director now directly owns 1,913,501 shares of the company’s stock, valued at approximately $142,919,389.69. This represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael J. Desmarais sold 5,500 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $79.88, for a total value of $439,340.00. Following the sale, the insider now directly owns 58,798 shares in the company, valued at $4,696,784.24. This represents a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.57% of the stock is owned by insiders.

CoStar Group Trading Up 0.1 %

NASDAQ CSGP opened at $80.15 on Wednesday. CoStar Group, Inc. has a 12-month low of $68.26 and a 12-month high of $100.38. The company has a fifty day simple moving average of $75.99 and a two-hundred day simple moving average of $76.39. The company has a current ratio of 9.63, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. The stock has a market cap of $32.86 billion, a P/E ratio of 182.16 and a beta of 0.83.

CoStar Group (NASDAQ:CSGP) last issued its earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. The company had revenue of $692.60 million during the quarter, compared to analyst estimates of $695.91 million. CoStar Group had a return on equity of 3.53% and a net margin of 6.57%. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the business posted $0.25 EPS. On average, analysts forecast that CoStar Group, Inc. will post 0.52 earnings per share for the current year.

CoStar Group Profile

CoStar Group, Inc provides information, analytics, and online marketplace services to the commercial real estate, hospitality, residential, and related professionals industries in the United States, Canada, Europe, the Asia Pacific, and Latin America. The company offers CoStar Property that provides inventory of office, industrial, retail, multifamily, hospitality, and student housing properties and land; CoStar Sales, a robust database of comparable commercial real estate sales transactions; CoStar Market Analytics to view and report on aggregated market and submarket trends; and CoStar Tenant, an online business-to-business prospecting and analytical tool that provides tenant information.