Bares Capital Management Inc. Sells 734,368 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Bares Capital Management Inc. lessened its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 53.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 648,467 shares of the technology company's stock after selling 734,368 shares during the period. CoStar Group accounts for approximately 4.5% of Bares Capital Management Inc.'s holdings, making the stock its 8th biggest position. Bares Capital Management Inc. owned 0.16% of CoStar Group worth $48,920,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Ashton Thomas Securities LLC bought a new position in CoStar Group in the 3rd quarter worth about $40,000. Telemark Asset Management LLC lifted its stake in CoStar Group by 42.9% during the 3rd quarter. Telemark Asset Management LLC now owns 500,000 shares of the technology company's stock valued at $37,720,000 after acquiring an additional 150,000 shares during the period. Swedbank AB lifted its stake in CoStar Group by 469.3% during the 3rd quarter. Swedbank AB now owns 248,043 shares of the technology company's stock valued at $18,712,000 after acquiring an additional 204,474 shares during the period. PNC Financial Services Group Inc. lifted its stake in CoStar Group by 16.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 103,547 shares of the technology company's stock valued at $7,812,000 after acquiring an additional 14,468 shares during the period. Finally, KBC Group NV lifted its stake in CoStar Group by 14.7% during the 3rd quarter. KBC Group NV now owns 83,823 shares of the technology company's stock valued at $6,324,000 after acquiring an additional 10,730 shares during the period. Institutional investors own 96.60% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on CSGP. Royal Bank of Canada cut shares of CoStar Group from an "outperform" rating to a "sector perform" rating and lowered their target price for the company from $96.00 to $83.00 in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. reduced their price target on shares of CoStar Group from $108.00 to $99.00 and set an "overweight" rating for the company in a research report on Wednesday, October 23rd. Needham & Company LLC reaffirmed a "buy" rating and set a $100.00 price target on shares of CoStar Group in a research report on Monday. BMO Capital Markets reduced their price target on shares of CoStar Group from $78.00 to $75.00 and set a "market perform" rating for the company in a research report on Thursday, October 24th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $90.00 price target on shares of CoStar Group in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $93.25.

CoStar Group Trading Down 2.8 %

NASDAQ CSGP traded down $2.22 on Tuesday, hitting $76.43. 2,003,192 shares of the stock were exchanged, compared to its average volume of 2,387,260. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 9.63. The stock has a fifty day moving average price of $76.26 and a two-hundred day moving average price of $76.15. The firm has a market capitalization of $31.33 billion, a P/E ratio of 173.71 and a beta of 0.83. CoStar Group, Inc. has a 52-week low of $68.26 and a 52-week high of $100.38.

CoStar Group (NASDAQ:CSGP - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The technology company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.16 by $0.06. The company had revenue of $692.60 million during the quarter, compared to analyst estimates of $695.91 million. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. CoStar Group's quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.25 earnings per share. Research analysts forecast that CoStar Group, Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity

In related news, Director Michael R. Klein sold 71,633 shares of CoStar Group stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $74.69, for a total value of $5,350,268.77. Following the completion of the sale, the director now directly owns 1,913,501 shares in the company, valued at $142,919,389.69. The trade was a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael J. Desmarais sold 5,500 shares of CoStar Group stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total value of $439,340.00. Following the completion of the sale, the insider now owns 58,798 shares of the company's stock, valued at $4,696,784.24. The trade was a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.57% of the company's stock.

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.