First Horizon Advisors Inc. Decreases Stock Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

First Horizon Advisors Inc. trimmed its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 19.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,567 shares of the technology company’s stock after selling 882 shares during the period. First Horizon Advisors Inc.’s holdings in CoStar Group were worth $255,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Redmond Asset Management LLC lifted its holdings in CoStar Group by 5.6% in the 4th quarter. Redmond Asset Management LLC now owns 15,615 shares of the technology company’s stock worth $1,118,000 after buying an additional 835 shares during the period. Paradigm Asset Management Co. LLC purchased a new stake in CoStar Group in the fourth quarter worth $129,000. Centricity Wealth Management LLC bought a new stake in CoStar Group in the fourth quarter valued at $40,000. Mattern Capital Management LLC boosted its holdings in CoStar Group by 15.4% in the fourth quarter. Mattern Capital Management LLC now owns 8,878 shares of the technology company’s stock valued at $636,000 after acquiring an additional 1,188 shares in the last quarter. Finally, ING Groep NV bought a new position in CoStar Group in the 4th quarter worth $4,465,000. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Stephens reaffirmed an “overweight” rating and set a $103.00 target price on shares of CoStar Group in a research note on Tuesday, February 18th. Needham & Company LLC cut their price objective on CoStar Group from $100.00 to $87.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. JPMorgan Chase & Co. decreased their target price on CoStar Group from $99.00 to $87.00 and set an “overweight” rating for the company in a research report on Wednesday, February 19th. JMP Securities restated a “market outperform” rating and set a $90.00 price target on shares of CoStar Group in a research report on Monday, December 16th. Finally, StockNews.com downgraded CoStar Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

CoStar Group Price Performance

CSGP opened at $77.60 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63. The firm has a market cap of $31.81 billion, a PE ratio of 221.71 and a beta of 0.87. CoStar Group, Inc. has a 1 year low of $68.26 and a 1 year high of $100.38. The stock has a 50-day moving average price of $74.00 and a 200-day moving average price of $75.49.

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

CoStar Group announced that its Board of Directors has authorized a share repurchase plan on Tuesday, February 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 1.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

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.