NewEdge Wealth LLC Has $1.22 Million Stock Position in CoStar Group, Inc. $CSGP

NewEdge Wealth LLC cut its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 44.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,506 shares of the technology company’s stock after selling 11,792 shares during the period. NewEdge Wealth LLC’s holdings in CoStar Group were worth $1,224,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Quent Capital LLC bought a new stake in shares of CoStar Group during the 3rd quarter worth approximately $26,000. Rossby Financial LCC increased its holdings in CoStar Group by 315.9% during the second quarter. Rossby Financial LCC now owns 341 shares of the technology company’s stock worth $27,000 after buying an additional 259 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in CoStar Group during the third quarter worth $28,000. Westside Investment Management Inc. lifted its stake in CoStar Group by 100.0% in the third quarter. Westside Investment Management Inc. now owns 360 shares of the technology company’s stock valued at $30,000 after acquiring an additional 180 shares during the last quarter. Finally, Root Financial Partners LLC acquired a new stake in CoStar Group in the third quarter valued at $31,000. 96.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CSGP. Bank of America set a $74.00 target price on shares of CoStar Group in a report on Wednesday, January 7th. Keefe, Bruyette & Woods dropped their price objective on CoStar Group from $100.00 to $75.00 and set an “outperform” rating on the stock in a research note on Monday, January 12th. BMO Capital Markets cut their price objective on CoStar Group from $77.00 to $72.00 and set a “market perform” rating for the company in a research report on Thursday, January 8th. Zacks Research lowered CoStar Group from a “hold” rating to a “strong sell” rating in a report on Friday, January 9th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $84.00 price target on shares of CoStar Group in a report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, CoStar Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.18.

CoStar Group Stock Performance

CSGP opened at $49.87 on Monday. The business has a fifty day simple moving average of $60.24 and a 200 day simple moving average of $72.28. The company has a market capitalization of $21.14 billion, a PE ratio of 997.40, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84. CoStar Group, Inc. has a 1 year low of $43.80 and a 1 year 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.

CoStar Group declared that its board has approved a share repurchase program on Wednesday, January 7th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

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.