Voya Investment Management LLC reduced its holdings in CoStar Group Inc (NASDAQ:CSGP) by 55.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,259 shares of the technology company’s stock after selling 13,848 shares during the quarter. Voya Investment Management LLC’s holdings in CoStar Group were worth $4,646,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Summit Trail Advisors LLC raised its holdings in shares of CoStar Group by 21,110.0% in the 1st quarter. Summit Trail Advisors LLC now owns 105,838 shares of the technology company’s stock worth $106,000 after purchasing an additional 105,339 shares in the last quarter. Korea Investment CORP bought a new stake in shares of CoStar Group in the 1st quarter worth approximately $109,000. Fort L.P. bought a new stake in shares of CoStar Group in the 2nd quarter worth approximately $122,000. Signet Financial Management LLC bought a new stake in shares of CoStar Group in the 2nd quarter worth approximately $152,000. Finally, Adviser Investments LLC bought a new stake in shares of CoStar Group in the 1st quarter worth approximately $181,000. Institutional investors and hedge funds own 96.13% of the company’s stock.
A number of research firms recently commented on CSGP. Zacks Investment Research downgraded shares of CoStar Group from a “strong-buy” rating to a “hold” rating in a report on Monday, July 30th. JPMorgan Chase & Co. boosted their target price on shares of CoStar Group to $412.00 and gave the stock an “underperform” rating in a report on Wednesday, July 25th. Bank of America boosted their target price on shares of CoStar Group from $420.00 to $470.00 and gave the stock a “buy” rating in a report on Wednesday, July 25th. B. Riley boosted their target price on shares of CoStar Group from $400.00 to $460.00 and gave the stock a “buy” rating in a report on Friday, July 20th. Finally, Citigroup boosted their target price on shares of CoStar Group from $425.00 to $490.00 and gave the stock a “buy” rating in a report on Wednesday, July 25th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $442.36.
CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, July 24th. The technology company reported $1.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.35. CoStar Group had a net margin of 16.27% and a return on equity of 7.25%. The business had revenue of $229.90 million for the quarter, compared to analyst estimates of $293.55 million. During the same quarter in the previous year, the business earned $0.86 earnings per share. The firm’s revenue was down 3.1% compared to the same quarter last year. analysts forecast that CoStar Group Inc will post 6.98 EPS for the current fiscal year.
In other news, CFO Scott T. Wheeler sold 4,700 shares of the business’s stock in a transaction that occurred on Friday, July 27th. The shares were sold at an average price of $426.02, for a total transaction of $2,002,294.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael R. Klein sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $420.69, for a total transaction of $6,310,350.00. The disclosure for this sale can be found here. Insiders have sold 56,755 shares of company stock worth $23,901,460 in the last 90 days. 2.47% of the stock is owned by company insiders.
About CoStar Group
CoStar Group, Inc provides information, analytics, and online marketplace to the commercial real estate industry in North America and internationally. The company offers CoStar Property Professional service that provides inventory of office, industrial, retail, and multifamily properties and land. It also provides CoStar COMPS Professional, which covers comparable commercial real estate sales information; CoStar Tenant, an online business-to-business prospecting and analytical tool; CoStarGo, an iPad and Android application; CoStar Lease Comps, an integrated solution that captures, manages, maintains, and analyzes lease data; CoStar Advertising to market a space for lease or a property for sale; and CoStar Portfolio Strategy to meet the research needs of commercial real estate owners, investors, lenders, and government regulators.
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