Wellington Management Group LLP Lowers Stock Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

Wellington Management Group LLP reduced its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 42.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 347,693 shares of the technology company’s stock after selling 254,349 shares during the quarter. Wellington Management Group LLP’s holdings in CoStar Group were worth $26,230,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Picton Mahoney Asset Management lifted its holdings in shares of CoStar Group by 2.9% in the 2nd quarter. Picton Mahoney Asset Management now owns 4,745 shares of the technology company’s stock valued at $352,000 after buying an additional 135 shares during the period. Bleakley Financial Group LLC lifted its holdings in shares of CoStar Group by 1.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 8,638 shares of the technology company’s stock valued at $652,000 after buying an additional 138 shares during the period. Moran Wealth Management LLC lifted its holdings in shares of CoStar Group by 2.0% in the 3rd quarter. Moran Wealth Management LLC now owns 8,027 shares of the technology company’s stock valued at $606,000 after buying an additional 161 shares during the period. Elo Mutual Pension Insurance Co lifted its holdings in shares of CoStar Group by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 37,501 shares of the technology company’s stock valued at $2,780,000 after buying an additional 188 shares during the period. Finally, Dynamic Technology Lab Private Ltd lifted its holdings in shares of CoStar Group by 1.1% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 19,133 shares of the technology company’s stock valued at $1,443,000 after buying an additional 209 shares during the period. 96.60% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Andrew C. Florance purchased 14,731 shares of the stock in a transaction on Friday, October 25th. The stock was purchased at an average price of $74.67 per share, with a total value of $1,099,963.77. Following the completion of the transaction, the chief executive officer now owns 1,263,098 shares in the company, valued at approximately $94,315,527.66. The trade was a 1.18 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael J. Desmarais sold 5,500 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total value of $439,340.00. Following the sale, the insider now directly owns 58,798 shares of the company’s stock, valued at approximately $4,696,784.24. This trade represents a 8.55 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.57% of the company’s stock.

CoStar Group Stock Performance

NASDAQ CSGP opened at $75.07 on Friday. The stock has a market cap of $30.78 billion, a price-to-earnings ratio of 170.62 and a beta of 0.83. The company has a quick ratio of 9.63, a current ratio of 9.63 and a debt-to-equity ratio of 0.13. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $100.38. The business has a fifty day moving average of $76.45 and a 200-day moving average of $76.03.

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

Analysts Set New Price Targets

Several analysts have recently commented on CSGP shares. Royal Bank of Canada cut CoStar Group from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $96.00 to $83.00 in a report on Wednesday, October 23rd. BMO Capital Markets reduced their price objective on CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a report on Thursday, October 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price objective on shares of CoStar Group in a report on Monday, December 9th. JPMorgan Chase & Co. reduced their price objective on CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Finally, Citigroup reduced their price objective on CoStar Group from $97.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 24th. One research 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, the stock has an average rating of “Moderate Buy” and an average target price of $93.25.

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.