Wellington Management Group LLP Reduces Stake in CoStar Group, Inc. (NASDAQ:CSGP)

Wellington Management Group LLP decreased its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 64.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,115 shares of the technology company's stock after selling 225,578 shares during the period. Wellington Management Group LLP's holdings in CoStar Group were worth $8,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CSGP. JPMorgan Chase & Co. lifted its stake in CoStar Group by 73.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company's stock valued at $177,913,000 after buying an additional 1,001,177 shares in the last quarter. Steward Partners Investment Advisory LLC raised its holdings in shares of CoStar Group by 497.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,133 shares of the technology company's stock valued at $511,000 after acquiring an additional 5,940 shares during the last quarter. Kovitz Investment Group Partners LLC purchased a new position in shares of CoStar Group in the third quarter valued at approximately $621,000. Nomura Asset Management Co. Ltd. boosted its stake in shares of CoStar Group by 6.6% in the third quarter. Nomura Asset Management Co. Ltd. now owns 135,039 shares of the technology company's stock worth $10,187,000 after acquiring an additional 8,326 shares during the last quarter. Finally, Allworth Financial LP increased its position in shares of CoStar Group by 9.7% during the fourth quarter. Allworth Financial LP now owns 1,950 shares of the technology company's stock worth $144,000 after purchasing an additional 173 shares in the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.

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CoStar Group Trading Up 1.0 %

NASDAQ:CSGP traded up $0.77 during trading hours on Tuesday, reaching $80.30. 455,826 shares of the stock were exchanged, compared to its average volume of 2,728,935. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $93.94. The business has a 50-day moving average of $77.27 and a two-hundred day moving average of $75.80. The company has a market capitalization of $32.93 billion, a price-to-earnings ratio of 229.60 and a beta of 0.88. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13.

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

CoStar Group announced that its board has initiated a stock buyback program on Tuesday, February 18th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CSGP. Citigroup decreased their price objective on CoStar Group from $88.00 to $86.00 and set a "buy" rating on the stock in a report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft began coverage on CoStar Group in a research report on Friday, February 28th. They issued a "buy" rating and a $89.00 price target for the company. Keefe, Bruyette & Woods reduced their price objective on CoStar Group from $96.00 to $93.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 28th. Wells Fargo & Company reduced their price target on CoStar Group from $65.00 to $63.00 and set an "underweight" rating on the stock in a report on Wednesday, February 19th. Finally, Royal Bank of Canada reissued a "sector perform" rating and set a $83.00 price target on shares of CoStar Group in a research report on Wednesday, February 19th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $87.54.

Insider Buying and Selling

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the business's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $79.90, for a total transaction of $139,745.10. Following the completion of the transaction, the chief accounting officer now directly owns 29,456 shares of the company's stock, valued at approximately $2,353,534.40. The trade was a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.57% of the stock is owned by insiders.

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.