Allspring Global Investments Holdings LLC Cuts Position in CoStar Group, Inc. (NASDAQ:CSGP)

Allspring Global Investments Holdings LLC lessened its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 12.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 359,441 shares of the technology company’s stock after selling 50,053 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.09% of CoStar Group worth $26,649,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Benjamin F. Edwards & Company Inc. grew its holdings in CoStar Group by 1,393.8% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 12,189 shares of the technology company’s stock worth $1,065,000 after purchasing an additional 11,373 shares during the period. Swedbank AB bought a new position in shares of CoStar Group in the first quarter worth approximately $4,223,000. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of CoStar Group by 1.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,035,675 shares of the technology company’s stock worth $100,046,000 after buying an additional 17,658 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of CoStar Group by 390.8% in the first quarter. SG Americas Securities LLC now owns 99,800 shares of the technology company’s stock worth $9,641,000 after buying an additional 79,467 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of CoStar Group by 70.4% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 60,163 shares of the technology company’s stock worth $5,258,000 after buying an additional 24,866 shares in the last quarter. Hedge funds and other institutional investors own 96.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CSGP shares. Bank of America dropped their target price on shares of CoStar Group from $111.00 to $89.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. The Goldman Sachs Group lowered their price objective on shares of CoStar Group from $108.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. JMP Securities lowered their price objective on shares of CoStar Group from $110.00 to $90.00 and set a “market outperform” rating on the stock in a research report on Wednesday, July 24th. Needham & Company LLC restated a “buy” rating and set a $107.00 price objective on shares of CoStar Group in a research report on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of CoStar Group from $109.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, CoStar Group presently has a consensus rating of “Moderate Buy” and an average price target of $96.38.

CoStar Group Stock Performance

CSGP opened at $77.17 on Wednesday. The stock has a market capitalization of $31.51 billion, a price-to-earnings ratio of 105.71, a PEG ratio of 10.97 and a beta of 0.81. The company has a fifty day moving average of $74.77 and a 200 day moving average of $82.77. CoStar Group, Inc. has a fifty-two week low of $67.35 and a fifty-two week high of $100.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.27 and a current ratio of 9.27.

CoStar Group (NASDAQ:CSGP) last posted its earnings results on Tuesday, July 23rd. The technology company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.06. The company had revenue of $677.80 million during the quarter, compared to analysts’ expectations of $677.18 million. CoStar Group had a net margin of 8.19% and a return on equity of 3.99%. CoStar Group’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period last year, the company posted $0.27 earnings per share. As a group, sell-side analysts forecast that CoStar Group, Inc. will post 0.49 earnings per share for the current fiscal year.

CoStar Group 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.