CoStar Group, Inc. $CSGP Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 0.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,623,370 shares of the technology company’s stock after selling 23,279 shares during the period. CoStar Group comprises about 0.8% of Principal Financial Group Inc.’s investment portfolio, making the stock its 23rd biggest holding. Principal Financial Group Inc. owned about 4.39% of CoStar Group worth $1,571,258,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of CoStar Group in the 2nd quarter valued at approximately $426,783,000. Viking Global Investors LP bought a new position in CoStar Group during the second quarter worth $258,773,000. Franklin Resources Inc. boosted its holdings in CoStar Group by 70.3% in the second quarter. Franklin Resources Inc. now owns 3,439,904 shares of the technology company’s stock worth $276,568,000 after purchasing an additional 1,419,732 shares during the period. Third Point LLC increased its stake in CoStar Group by 56.2% during the second quarter. Third Point LLC now owns 3,085,000 shares of the technology company’s stock valued at $248,034,000 after purchasing an additional 1,110,000 shares during the last quarter. Finally, Ion Asset Management Ltd. increased its stake in CoStar Group by 730.3% during the second quarter. Ion Asset Management Ltd. now owns 1,169,833 shares of the technology company’s stock valued at $94,055,000 after purchasing an additional 1,028,933 shares during the last quarter. 96.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on CSGP. Citizens Jmp decreased their price target on shares of CoStar Group from $100.00 to $78.00 and set a “market outperform” rating for the company in a report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft set a $68.00 target price on shares of CoStar Group in a report on Thursday, January 8th. BTIG Research raised CoStar Group from a “neutral” rating to a “buy” rating and set a $80.00 target price for the company in a report on Tuesday. Royal Bank Of Canada reiterated a “sector perform” rating and set a $91.00 price target on shares of CoStar Group in a research report on Thursday, October 9th. Finally, BMO Capital Markets cut their price target on CoStar Group from $77.00 to $72.00 and set a “market perform” rating on the stock in a report on Thursday, January 8th. One equities research 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.39.

CoStar Group Stock Performance

Shares of CSGP stock opened at $61.50 on Friday. CoStar Group, Inc. has a 12-month low of $57.01 and a 12-month high of $97.43. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 3.12. The firm has a market capitalization of $26.06 billion, a price-to-earnings ratio of 1,230.00, a price-to-earnings-growth ratio of 1.62 and a beta of 0.84. The business has a 50 day simple moving average of $65.75 and a 200 day simple moving average of $76.83.

CoStar Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 7th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 5.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

CoStar Group Company Profile

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.