Parnassus Investments LLC Sells 117,538 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Parnassus Investments LLC reduced its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 33.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 230,669 shares of the technology company's stock after selling 117,538 shares during the period. Parnassus Investments LLC owned 0.06% of CoStar Group worth $17,402,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Avantax Advisory Services Inc. acquired a new stake in shares of CoStar Group during the first quarter valued at $217,000. Intech Investment Management LLC lifted its stake in shares of CoStar Group by 56.6% during the first quarter. Intech Investment Management LLC now owns 4,889 shares of the technology company's stock valued at $472,000 after buying an additional 1,768 shares during the period. Covestor Ltd boosted its position in CoStar Group by 43.0% during the first quarter. Covestor Ltd now owns 702 shares of the technology company's stock worth $68,000 after acquiring an additional 211 shares during the last quarter. O Shaughnessy Asset Management LLC grew its stake in CoStar Group by 34.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 15,301 shares of the technology company's stock worth $1,478,000 after acquiring an additional 3,892 shares during the period. Finally, UniSuper Management Pty Ltd raised its holdings in CoStar Group by 321.4% in the 1st quarter. UniSuper Management Pty Ltd now owns 16,040 shares of the technology company's stock valued at $1,549,000 after acquiring an additional 12,234 shares during the last quarter. Hedge funds and other institutional investors own 96.60% of the company's stock.

Insider Buying and Selling at CoStar Group

In other CoStar Group news, Director Michael R. Klein sold 71,633 shares of the company's stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $74.69, for a total transaction of $5,350,268.77. Following the completion of the sale, the director now owns 1,913,501 shares of the company's stock, valued at $142,919,389.69. This represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andrew C. Florance purchased 14,731 shares of the company's stock in a transaction dated Friday, October 25th. The stock was purchased at an average cost of $74.67 per share, for a total transaction of $1,099,963.77. Following the transaction, the chief executive officer now owns 1,263,098 shares of the company's stock, valued at approximately $94,315,527.66. This trade represents a 1.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.57% of the company's stock.

CoStar Group Stock Down 1.7 %

CSGP stock traded down $1.26 during midday trading on Tuesday, reaching $72.09. The company had a trading volume of 2,026,206 shares, compared to its average volume of 2,387,932. The company has a 50 day moving average of $75.70 and a two-hundred day moving average of $77.21. The company has a market capitalization of $29.55 billion, a P/E ratio of 165.05 and a beta of 0.82. CoStar Group, Inc. has a 1 year low of $68.26 and a 1 year high of $100.38. The company has a current ratio of 9.63, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13.

CoStar Group (NASDAQ:CSGP - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.16 by $0.06. CoStar Group had a return on equity of 3.53% and a net margin of 6.57%. The firm had revenue of $692.60 million during the quarter, compared to analysts' expectations of $695.91 million. During the same quarter last year, the firm earned $0.25 earnings per share. The business's revenue for the quarter was up 10.9% on a year-over-year basis. On average, equities research analysts expect that CoStar Group, Inc. will post 0.52 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CSGP. Royal Bank of Canada downgraded CoStar Group from an "outperform" rating to a "sector perform" rating and lowered their price objective for the company from $96.00 to $83.00 in a research report on Wednesday, October 23rd. The Goldman Sachs Group cut their price objective on shares of CoStar Group from $108.00 to $93.00 and set a "buy" rating on the stock in a report on Wednesday, July 24th. JPMorgan Chase & Co. decreased their target price on shares of CoStar Group from $108.00 to $99.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 23rd. Bank of America cut their price target 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. Finally, Robert W. Baird lowered their price objective on shares of CoStar Group from $105.00 to $100.00 and set an "outperform" rating for the company in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, CoStar Group currently has an average rating of "Moderate Buy" and an average price target of $93.25.

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.