Envestnet Asset Management Inc. Lowers Stock Holdings in CoStar Group, Inc. $CSGP

Envestnet Asset Management Inc. lessened its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 1.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,709,175 shares of the technology company’s stock after selling 30,088 shares during the period. Envestnet Asset Management Inc. owned approximately 0.40% of CoStar Group worth $144,203,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Integrated Wealth Concepts LLC raised its holdings in CoStar Group by 9.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 4,789 shares of the technology company’s stock worth $379,000 after acquiring an additional 426 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of CoStar Group by 727.5% during the first quarter. NewEdge Advisors LLC now owns 1,473 shares of the technology company’s stock valued at $117,000 after purchasing an additional 1,295 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in CoStar Group by 860.7% in the 1st quarter. Jones Financial Companies Lllp now owns 12,691 shares of the technology company’s stock worth $1,006,000 after buying an additional 11,370 shares in the last quarter. Empowered Funds LLC raised its position in CoStar Group by 9.2% in the 1st quarter. Empowered Funds LLC now owns 7,941 shares of the technology company’s stock worth $629,000 after buying an additional 666 shares during the last quarter. Finally, Woodline Partners LP lifted its stake in CoStar Group by 44.6% during the 1st quarter. Woodline Partners LP now owns 35,604 shares of the technology company’s stock valued at $2,821,000 after acquiring an additional 10,984 shares during the period. 96.60% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Trading Down 1.4%

Shares of NASDAQ:CSGP opened at $50.28 on Friday. The business’s fifty day simple moving average is $64.26 and its 200-day simple moving average is $75.78. CoStar Group, Inc. has a 12-month low of $48.76 and a 12-month high of $97.43. The company has a market capitalization of $21.31 billion, a PE ratio of 1,005.60, a P/E/G ratio of 1.33 and a beta of 0.84. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 0.12.

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

Wall Street Analyst Weigh In

CSGP has been the topic of a number of research analyst reports. Raymond James Financial set a $74.00 price objective on shares of CoStar Group in a research report on Wednesday, January 7th. Citigroup restated a “market outperform” rating on shares of CoStar Group in a research note on Thursday, January 8th. Jefferies Financial Group upgraded CoStar Group to a “hold” rating in a research report on Wednesday, October 29th. 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 report on Tuesday, January 27th. Finally, Deutsche Bank Aktiengesellschaft set a $68.00 price target on shares of CoStar Group in a research report on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.00.

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.