CoStar Group, Inc. (NASDAQ:CSGP) Stock Position Cut by Spyglass Capital Management LLC

Spyglass Capital Management LLC lowered its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 1.5% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 829,004 shares of the technology company’s stock after selling 12,300 shares during the period. CoStar Group makes up 4.1% of Spyglass Capital Management LLC’s holdings, making the stock its 10th biggest holding. Spyglass Capital Management LLC owned approximately 0.20% of CoStar Group worth $62,540,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new stake in shares of CoStar Group during the third quarter worth $40,000. Industrial Alliance Investment Management Inc. purchased a new position in shares of CoStar Group in the 2nd quarter valued at about $49,000. Quarry LP purchased a new position in shares of CoStar Group in the 2nd quarter valued at about $54,000. Rothschild Investment LLC acquired a new position in shares of CoStar Group during the second quarter worth about $73,000. Finally, Blue Trust Inc. lifted its stake in CoStar Group by 493.4% in the second quarter. Blue Trust Inc. now owns 1,080 shares of the technology company’s stock worth $80,000 after acquiring an additional 898 shares during the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Trading Up 2.6 %

NASDAQ:CSGP opened at $81.97 on Friday. The company has a current ratio of 9.63, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. The stock’s 50 day simple moving average is $75.78 and its 200-day simple moving average is $76.71. CoStar Group, Inc. has a 12-month low of $68.26 and a 12-month high of $100.38. The firm has a market cap of $33.60 billion, a P/E ratio of 186.30 and a beta of 0.82.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings data on Tuesday, October 22nd. The technology company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. The company had revenue of $692.60 million during the quarter, compared to the consensus estimate of $695.91 million. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. CoStar Group’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.25 EPS. Equities analysts anticipate that CoStar Group, Inc. will post 0.52 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. StockNews.com downgraded shares of CoStar Group from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. cut their price target on CoStar Group from $108.00 to $99.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Citigroup dropped their price objective on CoStar Group from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. BMO Capital Markets decreased their target price on CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a research note on Thursday, October 24th. Finally, JMP Securities restated a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a research report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, CoStar Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.25.

Insider Activity at CoStar Group

In other news, insider Michael J. Desmarais sold 5,500 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $79.88, for a total transaction of $439,340.00. Following the completion of the transaction, the insider now directly owns 58,798 shares of the company’s stock, valued at approximately $4,696,784.24. This represents a 8.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael R. Klein sold 71,633 shares of CoStar Group stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $74.69, for a total value of $5,350,268.77. Following the completion of the sale, the director now owns 1,913,501 shares in the company, valued at approximately $142,919,389.69. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.57% of the stock is owned by insiders.

CoStar Group Company Profile

CoStar Group, Inc provides information, analytics, and online marketplace services to the commercial real estate, hospitality, residential, and related professionals industries in the United States, Canada, Europe, the Asia Pacific, and Latin America. The company offers CoStar Property that provides inventory of office, industrial, retail, multifamily, hospitality, and student housing properties and land; CoStar Sales, a robust database of comparable commercial real estate sales transactions; CoStar Market Analytics to view and report on aggregated market and submarket trends; and CoStar Tenant, an online business-to-business prospecting and analytical tool that provides tenant information.