Edgestream Partners L.P. Acquires New Position in CoStar Group, Inc. (NASDAQ:CSGP)

Edgestream Partners L.P. acquired a new stake in CoStar Group, Inc. (NASDAQ:CSGP) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 16,080 shares of the technology company’s stock, valued at approximately $1,192,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Crewe Advisors LLC bought a new stake in CoStar Group in the 1st quarter valued at about $31,000. Riverview Trust Co purchased a new position in CoStar Group during the 1st quarter valued at about $35,000. RiverPark Advisors LLC purchased a new position in CoStar Group during the 1st quarter valued at about $37,000. Connectus Wealth LLC grew its holdings in CoStar Group by 915.0% during the 4th quarter. Connectus Wealth LLC now owns 518,633 shares of the technology company’s stock valued at $45,000 after buying an additional 467,534 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. purchased a new position in CoStar Group during the 2nd quarter valued at about $49,000. 96.60% of the stock is currently owned by institutional investors.

CoStar Group Stock Down 2.4 %

Shares of CSGP opened at $77.37 on Friday. The firm has a market cap of $31.59 billion, a P/E ratio of 105.99, a P/E/G ratio of 11.55 and a beta of 0.81. The stock has a 50 day simple moving average of $76.32 and a two-hundred day simple moving average of $81.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.27 and a quick ratio of 9.27. CoStar Group, Inc. has a 1 year low of $67.35 and a 1 year high of $100.38.

CoStar Group (NASDAQ:CSGP) last issued its earnings results on Tuesday, July 23rd. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.06. The business had revenue of $677.80 million during the quarter, compared to analyst estimates of $677.18 million. CoStar Group had a return on equity of 3.99% and a net margin of 8.19%. CoStar Group’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 earnings per share. On average, analysts forecast that CoStar Group, Inc. will post 0.49 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CSGP shares. The Goldman Sachs Group reduced their target price on CoStar Group from $108.00 to $93.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $107.00 target price on shares of CoStar Group in a report on Tuesday. Bank of America reduced their target price on CoStar Group from $111.00 to $89.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Keefe, Bruyette & Woods reduced their target price on CoStar Group from $109.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Finally, Robert W. Baird cut their price objective on CoStar Group from $105.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, CoStar Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.38.

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.