Bridges Investment Management Inc. Reduces Position in CoStar Group, Inc. (NASDAQ:CSGP)

Bridges Investment Management Inc. lowered its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 43.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,200 shares of the technology company’s stock after selling 2,443 shares during the period. Bridges Investment Management Inc.’s holdings in CoStar Group were worth $229,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Moran Wealth Management LLC grew its position in shares of CoStar Group by 2.0% in the third quarter. Moran Wealth Management LLC now owns 8,027 shares of the technology company’s stock valued at $606,000 after purchasing an additional 161 shares during the period. Allworth Financial LP grew its position in shares of CoStar Group by 9.7% in the fourth quarter. Allworth Financial LP now owns 1,950 shares of the technology company’s stock valued at $144,000 after purchasing an additional 173 shares during the period. Atria Wealth Solutions Inc. grew its position in shares of CoStar Group by 2.3% in the fourth quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company’s stock valued at $557,000 after purchasing an additional 176 shares during the period. Dynamic Technology Lab Private Ltd grew its position in shares of CoStar Group by 1.1% in the third quarter. Dynamic Technology Lab Private Ltd now owns 19,133 shares of the technology company’s stock valued at $1,443,000 after purchasing an additional 209 shares during the period. Finally, V Square Quantitative Management LLC grew its position in shares of CoStar Group by 5.2% in the fourth quarter. V Square Quantitative Management LLC now owns 4,427 shares of the technology company’s stock valued at $317,000 after purchasing an additional 220 shares during the period. Hedge funds and other institutional investors own 96.60% of the company’s stock.

CoStar Group Trading Down 1.1 %

Shares of CSGP opened at $75.39 on Tuesday. The stock’s 50-day moving average is $74.36 and its two-hundred day moving average is $75.56. The stock has a market cap of $30.92 billion, a PE ratio of 215.40 and a beta of 0.87. CoStar Group, Inc. has a 12 month low of $68.26 and a 12 month high of $100.38. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, hitting the consensus estimate of $0.22. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. The business had revenue of $709.40 million for the quarter, compared to analysts’ expectations of $703.00 million. Equities analysts forecast that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

CoStar Group declared that its board has approved a stock buyback program on Tuesday, February 18th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 1.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CSGP. Keefe, Bruyette & Woods lowered their price objective on CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. Wells Fargo & Company reduced their target price on CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a report on Wednesday, February 19th. William Blair began coverage on CoStar Group in a report on Friday. They issued a “market perform” rating on the stock. Needham & Company LLC reduced their target price on CoStar Group from $100.00 to $87.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Finally, Deutsche Bank Aktiengesellschaft began coverage on CoStar Group in a report on Friday. They issued a “buy” rating and a $89.00 target price on the stock. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, CoStar Group has an average rating of “Moderate Buy” and an average target price of $88.07.

About CoStar Group

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.