Flputnam Investment Management Co. Sells 540 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Flputnam Investment Management Co. trimmed its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 10.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,639 shares of the technology company’s stock after selling 540 shares during the period. Flputnam Investment Management Co.’s holdings in CoStar Group were worth $332,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CSGP. State Street Corp grew its holdings in CoStar Group by 4.4% during the 3rd quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock worth $1,286,987,000 after acquiring an additional 722,153 shares during the period. Geode Capital Management LLC boosted its position in shares of CoStar Group by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 11,308,986 shares of the technology company’s stock worth $850,656,000 after purchasing an additional 236,407 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of CoStar Group by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,684,373 shares of the technology company’s stock worth $202,509,000 after purchasing an additional 76,916 shares during the period. JPMorgan Chase & Co. grew its stake in shares of CoStar Group by 73.8% during the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock worth $177,913,000 after purchasing an additional 1,001,177 shares during the period. Finally, Barclays PLC increased its holdings in CoStar Group by 91.4% in the third quarter. Barclays PLC now owns 2,249,188 shares of the technology company’s stock valued at $169,678,000 after purchasing an additional 1,073,793 shares during the last quarter. 96.60% of the stock is owned by institutional investors.

CoStar Group Stock Down 1.1 %

CSGP stock opened at $75.39 on Tuesday. 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 stock has a market capitalization of $30.92 billion, a P/E ratio of 215.40 and a beta of 0.87. 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 50-day moving average of $74.36 and a 200-day moving average of $75.56.

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

CoStar Group declared that its board has authorized a share repurchase plan on Tuesday, February 18th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CSGP. Craig Hallum started coverage on CoStar Group in a report on Friday. They set a “buy” rating on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $83.00 price objective on shares of CoStar Group in a research note on Wednesday, February 19th. Citigroup lowered their target price on shares of CoStar Group from $88.00 to $86.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Needham & Company LLC lowered their price objective on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Finally, Piper Sandler started coverage on CoStar Group in a report on Friday. They set an “overweight” rating on the stock. Two research 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.