Point72 Asset Management L.P. Buys Shares of 646,452 CoStar Group, Inc. (NASDAQ:CSGP)

Point72 Asset Management L.P. acquired a new stake in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 646,452 shares of the technology company's stock, valued at approximately $48,768,000. Point72 Asset Management L.P. owned about 0.16% of CoStar Group as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Ashton Thomas Securities LLC acquired a new position in CoStar Group in the 3rd quarter valued at approximately $40,000. Industrial Alliance Investment Management Inc. acquired a new position in shares of CoStar Group in the second quarter valued at $49,000. Quarry LP acquired a new position in shares of CoStar Group in the second quarter valued at $54,000. Rothschild Investment LLC bought a new position in CoStar Group in the second quarter worth $73,000. Finally, Blue Trust Inc. boosted its stake in CoStar Group by 493.4% during the second quarter. Blue Trust Inc. now owns 1,080 shares of the technology company's stock worth $80,000 after buying an additional 898 shares in the last quarter. Institutional investors own 96.60% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CSGP. BMO Capital Markets dropped their price objective on shares of CoStar Group from $78.00 to $75.00 and set a "market perform" rating for the company in a research note on Thursday, October 24th. JMP Securities restated a "market outperform" rating and set a $90.00 price target on shares of CoStar Group in a research note on Friday, September 6th. StockNews.com downgraded CoStar Group from a "hold" rating to a "sell" rating in a report on Monday, October 28th. JPMorgan Chase & Co. dropped their target price on CoStar Group from $108.00 to $99.00 and set an "overweight" rating for the company in a report on Wednesday, October 23rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $100.00 price target on shares of CoStar Group in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $93.25.

Insiders Place Their Bets

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

CoStar Group Price Performance

Shares of CoStar Group stock traded down $2.72 during trading on Thursday, reaching $77.03. The company's stock had a trading volume of 3,286,151 shares, compared to its average volume of 2,388,714. The stock has a 50-day moving average price of $76.15 and a two-hundred day moving average price of $76.42. The stock has a market capitalization of $31.58 billion, a P/E ratio of 175.07 and a beta of 0.83. 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, Inc. has a one year low of $68.26 and a one year high of $100.38.

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

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.