Point72 Asset Management L.P. Takes Position in CoStar Group, Inc. (NASDAQ:CSGP)

Point72 Asset Management L.P. purchased a new stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) during the third quarter, Holdings Channel.com reports. The firm purchased 646,452 shares of the technology company’s stock, valued at approximately $48,768,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its stake in CoStar Group by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,117,260 shares of the technology company’s stock valued at $453,534,000 after buying an additional 124,761 shares during the period. Vulcan Value Partners LLC increased its stake in CoStar Group by 90.1% in the 2nd quarter. Vulcan Value Partners LLC now owns 4,138,987 shares of the technology company’s stock valued at $306,831,000 after buying an additional 1,961,917 shares during the period. Charles Schwab Investment Management Inc. increased its stake in CoStar Group by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,684,373 shares of the technology company’s stock valued at $202,509,000 after buying an additional 76,916 shares during the period. Mackenzie Financial Corp grew its position in CoStar Group by 16.9% in the second quarter. Mackenzie Financial Corp now owns 2,358,526 shares of the technology company’s stock worth $174,861,000 after acquiring an additional 341,046 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in CoStar Group by 0.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,096,255 shares of the technology company’s stock worth $158,141,000 after acquiring an additional 9,999 shares in the last quarter. Institutional investors and hedge funds own 96.60% of the company’s stock.

Insider Buying and Selling at CoStar Group

In other CoStar Group news, Director Michael R. Klein sold 71,633 shares of CoStar Group stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $74.69, for a total transaction of $5,350,268.77. Following the completion of the transaction, the director now owns 1,913,501 shares of the company’s stock, valued at $142,919,389.69. The trade was a 3.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Andrew C. Florance bought 14,731 shares of CoStar Group stock in a transaction on Friday, October 25th. The shares were bought at an average cost of $74.67 per share, with a total value of $1,099,963.77. Following the acquisition, the chief executive officer now directly owns 1,263,098 shares in the company, valued at approximately $94,315,527.66. This represents a 1.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.57% of the company’s stock.

CoStar Group Stock Down 0.5 %

Shares of NASDAQ CSGP opened at $79.75 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.63 and a quick ratio of 9.63. CoStar Group, Inc. has a 1 year low of $68.26 and a 1 year high of $100.38. The company has a 50 day simple moving average of $76.11 and a 200 day simple moving average of $76.42. The firm has a market cap of $32.69 billion, a PE ratio of 181.25 and a beta of 0.83.

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CSGP. Citigroup decreased their price objective on shares of CoStar Group from $97.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 24th. JPMorgan Chase & Co. decreased their price target on shares of CoStar Group from $108.00 to $99.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. BMO Capital Markets reduced their price objective on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a report on Thursday, October 24th. Needham & Company LLC reissued a “buy” rating and set a $100.00 price target on shares of CoStar Group in a report on Tuesday, November 19th. Finally, JMP Securities reissued a “market outperform” rating and set a $90.00 price target on shares of CoStar Group in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $93.25.

CoStar Group Company 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.