Citigroup Inc. Lowers Stock Position in CoStar Group, Inc. $CSGP

Citigroup Inc. reduced its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 19.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 672,749 shares of the technology company’s stock after selling 159,938 shares during the period. Citigroup Inc. owned 0.16% of CoStar Group worth $56,760,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CSGP. Vanguard Group Inc. boosted its stake in shares of CoStar Group by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 70,056,441 shares of the technology company’s stock worth $5,910,662,000 after buying an additional 1,208,958 shares during the last quarter. Bamco Inc. NY lifted its holdings in CoStar Group by 3.4% during the second quarter. Bamco Inc. NY now owns 19,679,935 shares of the technology company’s stock worth $1,582,267,000 after acquiring an additional 647,413 shares during the period. State Street Corp lifted its holdings in CoStar Group by 0.9% during the second quarter. State Street Corp now owns 17,732,968 shares of the technology company’s stock worth $1,425,731,000 after acquiring an additional 158,539 shares during the period. Geode Capital Management LLC boosted its position in CoStar Group by 2.4% in the second quarter. Geode Capital Management LLC now owns 12,357,840 shares of the technology company’s stock worth $989,905,000 after purchasing an additional 290,404 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in CoStar Group by 12.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,406,788 shares of the technology company’s stock valued at $624,911,000 after purchasing an additional 821,111 shares during the period. 96.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of CoStar Group in a research note on Monday, December 29th. Needham & Company LLC decreased their price objective on shares of CoStar Group from $105.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 8th. BMO Capital Markets lowered their price objective on shares of CoStar Group from $77.00 to $72.00 and set a “market perform” rating on the stock in a research report on Thursday, January 8th. BNP Paribas Exane began coverage on shares of CoStar Group in a research note on Wednesday, January 14th. They issued a “neutral” rating and a $64.00 target price on the stock. Finally, Jefferies Financial Group raised shares of CoStar Group from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $82.18.

CoStar Group Price Performance

NASDAQ CSGP opened at $47.87 on Tuesday. 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 company has a market cap of $20.29 billion, a PE ratio of 957.40, a price-to-earnings-growth ratio of 1.31 and a beta of 0.84. CoStar Group, Inc. has a 52 week low of $43.80 and a 52 week high of $97.43. The firm’s 50-day simple moving average is $59.92 and its two-hundred day simple moving average is $71.95.

CoStar Group announced that its Board of Directors has initiated a share repurchase plan on Wednesday, January 7th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 5.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

CoStar Group 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.