Envestnet Portfolio Solutions Inc. Sells 5,927 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Envestnet Portfolio Solutions Inc. reduced its holdings in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 11.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,119 shares of the technology company's stock after selling 5,927 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in CoStar Group were worth $3,158,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of CSGP. Hopwood Financial Services Inc. acquired a new position in CoStar Group during the 4th quarter worth $25,000. ORG Partners LLC lifted its holdings in CoStar Group by 534.8% during the 4th quarter. ORG Partners LLC now owns 419 shares of the technology company's stock worth $30,000 after buying an additional 353 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in CoStar Group during the 4th quarter worth $30,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in CoStar Group during the 4th quarter worth $32,000. Finally, E Fund Management Hong Kong Co. Ltd. lifted its holdings in CoStar Group by 17,100.0% during the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 516 shares of the technology company's stock worth $37,000 after buying an additional 513 shares in the last quarter. 96.60% of the stock is owned by institutional investors and hedge funds.

CoStar Group Stock Down 0.7 %

CSGP stock traded down $0.56 during trading hours on Friday, reaching $78.46. 4,383,489 shares of the stock were exchanged, compared to its average volume of 2,545,640. The firm's 50-day moving average is $76.15 and its 200-day moving average is $75.74. The company has a market cap of $32.18 billion, a price-to-earnings ratio of 224.17 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63. CoStar Group, Inc. has a 12 month low of $68.26 and a 12 month high of $97.64.

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CoStar Group (NASDAQ:CSGP - Get Free Report) last released its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.22. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. The firm had revenue of $709.40 million during the quarter, compared to analysts' expectations of $703.00 million. On average, equities research analysts expect that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

CoStar Group announced that its Board of Directors has initiated a stock buyback program on Tuesday, February 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have issued reports on CSGP. Wells Fargo & Company reduced their price objective on CoStar Group from $65.00 to $63.00 and set an "underweight" rating on the stock in a report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft started coverage on shares of CoStar Group in a research report on Friday, February 28th. They set a "buy" rating and a $89.00 target price for the company. Royal Bank of Canada reiterated a "sector perform" rating and set a $83.00 target price on shares of CoStar Group in a research report on Wednesday, February 19th. Stephens reiterated an "overweight" rating and set a $103.00 target price on shares of CoStar Group in a research report on Tuesday, February 18th. Finally, JPMorgan Chase & Co. dropped their target price on shares of CoStar Group from $99.00 to $87.00 and set an "overweight" rating for the company in a research report on Wednesday, February 19th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $88.07.

Insiders Place Their Bets

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $79.90, for a total transaction of $139,745.10. Following the completion of the sale, the chief accounting officer now directly owns 29,456 shares in the company, valued at $2,353,534.40. This trade represents a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company 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.