Allspring Global Investments Holdings LLC Lowers Stock Position in CoStar Group, Inc. $CSGP

Allspring Global Investments Holdings LLC cut its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 90.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,300 shares of the technology company’s stock after selling 164,579 shares during the period. Allspring Global Investments Holdings LLC’s holdings in CoStar Group were worth $725,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Bamco Inc. NY boosted its position in CoStar Group by 1.3% during the fourth quarter. Bamco Inc. NY now owns 19,498,099 shares of the technology company’s stock valued at $1,311,052,000 after purchasing an additional 242,533 shares in the last quarter. State Street Corp lifted its position in shares of CoStar Group by 1.9% during the fourth quarter. State Street Corp now owns 18,632,352 shares of the technology company’s stock valued at $1,252,839,000 after buying an additional 348,224 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of CoStar Group by 0.7% during the first quarter. Principal Financial Group Inc. now owns 17,696,192 shares of the technology company’s stock valued at $713,866,000 after buying an additional 130,118 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of CoStar Group by 56.9% in the 4th quarter. Baillie Gifford & Co. now owns 12,933,185 shares of the technology company’s stock valued at $869,627,000 after buying an additional 4,691,543 shares in the last quarter. Finally, Capital International Investors boosted its holdings in shares of CoStar Group by 59.7% in the 4th quarter. Capital International Investors now owns 10,842,010 shares of the technology company’s stock valued at $729,020,000 after buying an additional 4,053,456 shares in the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Stock Up 5.5%

CSGP stock opened at $29.17 on Tuesday. The stock has a market capitalization of $11.91 billion, a PE ratio of 486.25, a price-to-earnings-growth ratio of 0.71 and a beta of 0.74. CoStar Group, Inc. has a 52 week low of $26.68 and a 52 week high of $97.43. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $30.90 and a 200 day moving average of $40.87.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Tuesday, April 28th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. CoStar Group had a net margin of 0.74% and a return on equity of 2.90%. The business had revenue of $897.00 million for the quarter, compared to analyst estimates of $896.73 million. During the same quarter in the prior year, the business posted ($0.04) EPS. CoStar Group’s revenue for the quarter was up 22.5% compared to the same quarter last year. Sell-side analysts forecast that CoStar Group, Inc. will post 1.03 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Andrew C. Florance acquired 71,430 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were acquired at an average cost of $35.20 per share, with a total value of $2,514,336.00. Following the completion of the acquisition, the chief executive officer owned 1,722,865 shares of the company’s stock, valued at approximately $60,644,848. This trade represents a 4.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.18% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on CSGP shares. JPMorgan Chase & Co. reduced their price objective on shares of CoStar Group from $82.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Stephens lowered their target price on shares of CoStar Group from $50.00 to $42.00 and set an “overweight” rating for the company in a research note on Monday, May 4th. Royal Bank Of Canada set a $34.00 price target on shares of CoStar Group and gave the stock a “sector perform” rating in a report on Monday, July 13th. Bank of America reduced their price target on CoStar Group from $42.00 to $37.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 19th. Finally, Citizens Jmp decreased their price objective on CoStar Group from $73.00 to $44.00 and set a “market outperform” rating for the company in a report on Wednesday, April 29th. Twelve equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, CoStar Group has an average rating of “Moderate Buy” and a consensus price target of $51.50.

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.