Bank of New York Mellon Corp Decreases Stock Position in CoStar Group, Inc. $CSGP

Bank of New York Mellon Corp cut its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 9.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,363,371 shares of the technology company’s stock after selling 481,294 shares during the quarter. Bank of New York Mellon Corp owned 1.03% of CoStar Group worth $368,138,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of CoStar Group by 0.6% during the second quarter. Vanguard Group Inc. now owns 68,847,483 shares of the technology company’s stock valued at $5,535,338,000 after purchasing an additional 420,772 shares during the period. Bamco Inc. NY raised its holdings in CoStar Group by 3.4% during the 2nd quarter. Bamco Inc. NY now owns 19,679,935 shares of the technology company’s stock valued at $1,582,267,000 after buying an additional 647,413 shares during the last quarter. State Street Corp boosted its position in CoStar Group by 0.9% during the 2nd quarter. State Street Corp now owns 17,732,968 shares of the technology company’s stock valued at $1,425,731,000 after buying an additional 158,539 shares during the period. Geode Capital Management LLC grew its holdings in CoStar Group by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 12,357,840 shares of the technology company’s stock worth $989,905,000 after acquiring an additional 290,404 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of CoStar Group by 12.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,406,788 shares of the technology company’s stock valued at $624,911,000 after acquiring an additional 821,111 shares during the period. 96.60% of the stock is currently owned by institutional investors.

CoStar Group Trading Down 5.0%

CSGP opened at $61.93 on Friday. The stock has a market cap of $26.25 billion, a PE ratio of 1,238.60, a PEG ratio of 1.71 and a beta of 0.84. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The business has a 50 day moving average of $65.87 and a 200-day moving average of $77.04. CoStar Group, Inc. has a 52 week low of $57.01 and a 52 week high of $97.43.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, October 28th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. The business had revenue of $833.60 million during the quarter, compared to the consensus estimate of $823.62 million. CoStar Group had a return on equity of 2.45% and a net margin of 0.66%.The firm’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.22 earnings per share. Equities research analysts predict that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

CoStar Group announced that its board has approved a stock buyback program on Wednesday, January 7th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

CSGP has been the topic of several recent analyst reports. BTIG Research raised CoStar Group from a “neutral” rating to a “buy” rating and set a $80.00 target price on the stock in a research note on Tuesday. Needham & Company LLC lowered their price target on CoStar Group from $105.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Weiss Ratings reiterated a “sell (d)” rating on shares of CoStar Group in a research report on Monday, December 29th. BNP Paribas Exane started coverage on CoStar Group in a research note on Wednesday, January 14th. They set a “neutral” rating and a $64.00 target price on the stock. Finally, BMO Capital Markets dropped their price target on CoStar Group from $77.00 to $72.00 and set a “market perform” rating for the company in a research note on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $83.39.

About CoStar Group

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.