Clearbridge Investments LLC Trims Stake in CoStar Group, Inc. (NASDAQ:CSGP)

Clearbridge Investments LLC trimmed its position in CoStar Group, Inc. (NASDAQ:CSGP) by 13.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 449,910 shares of the technology company’s stock after selling 72,167 shares during the quarter. Clearbridge Investments LLC’s holdings in CoStar Group were worth $33,356,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of CoStar Group by 0.8% in the first quarter. Vanguard Group Inc. now owns 65,451,499 shares of the technology company’s stock valued at $6,322,615,000 after acquiring an additional 541,700 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of CoStar Group by 17.7% in the 1st quarter. Janus Henderson Group PLC now owns 11,808,027 shares of the technology company’s stock valued at $1,140,650,000 after purchasing an additional 1,773,564 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of 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 worth $453,534,000 after purchasing an additional 124,761 shares during the period. Blair William & Co. IL boosted its stake in shares of CoStar Group by 0.6% during the first quarter. Blair William & Co. IL now owns 4,419,778 shares of the technology company’s stock valued at $426,951,000 after purchasing an additional 26,800 shares in the last quarter. Finally, Vulcan Value Partners LLC increased its holdings in CoStar Group by 90.1% during the second 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. Institutional investors own 96.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CSGP shares. Royal Bank of Canada restated an “outperform” rating and set a $96.00 target price on shares of CoStar Group in a report on Tuesday, September 10th. Needham & Company LLC restated a “buy” rating and set a $107.00 price objective on shares of CoStar Group in a research note on Tuesday, September 17th. JPMorgan Chase & Co. lifted their target price on CoStar Group from $102.00 to $108.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. StockNews.com upgraded shares of CoStar Group from a “sell” rating to a “hold” rating in a report on Friday, September 27th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of CoStar Group from $109.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CoStar Group has a consensus rating of “Moderate Buy” and a consensus price target of $96.38.

CoStar Group Stock Down 1.6 %

Shares of CSGP stock opened at $73.90 on Friday. CoStar Group, Inc. has a fifty-two week low of $67.35 and a fifty-two week high of $100.38. The firm has a market capitalization of $30.29 billion, a PE ratio of 101.23 and a beta of 0.81. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.27 and a current ratio of 9.27. The stock’s 50-day simple moving average is $76.18 and its 200-day simple moving average is $81.16.

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