Bridges Investment Management Inc. Reduces Position in CoStar Group, Inc. (NASDAQ:CSGP)

Bridges Investment Management Inc. trimmed its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 43.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,200 shares of the technology company’s stock after selling 2,443 shares during the quarter. Bridges Investment Management Inc.’s holdings in CoStar Group were worth $229,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in CSGP. Wealth Enhancement Advisory Services LLC lifted its position in CoStar Group by 60.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,975 shares of the technology company’s stock worth $1,281,000 after acquiring an additional 6,386 shares during the period. Chicago Partners Investment Group LLC lifted its position in CoStar Group by 5.7% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 14,593 shares of the technology company’s stock worth $1,063,000 after acquiring an additional 781 shares during the period. Van ECK Associates Corp lifted its position in CoStar Group by 1.4% during the 3rd quarter. Van ECK Associates Corp now owns 72,346 shares of the technology company’s stock worth $5,268,000 after acquiring an additional 993 shares during the period. Cortland Associates Inc. MO acquired a new stake in CoStar Group during the 3rd quarter worth approximately $14,535,000. Finally, National Pension Service lifted its position in CoStar Group by 0.7% during the 3rd quarter. National Pension Service now owns 1,020,943 shares of the technology company’s stock worth $77,020,000 after acquiring an additional 6,826 shares during the period. 96.60% of the stock is owned by institutional investors and hedge funds.

CoStar Group Stock Performance

Shares of CSGP stock opened at $75.39 on Tuesday. The stock has a fifty day moving average price of $74.36 and a 200 day moving average price of $75.56. The stock has a market cap of $30.92 billion, a PE ratio of 215.40 and a beta of 0.87. CoStar Group, Inc. has a 1 year low of $68.26 and a 1 year high of $100.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, hitting the consensus estimate of $0.22. The company had revenue of $709.40 million during the quarter, compared to the consensus estimate of $703.00 million. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. Sell-side analysts forecast that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

CoStar Group declared that its board has authorized a stock repurchase program on Tuesday, February 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Needham & Company LLC decreased their price objective on CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Royal Bank of Canada reissued a “sector perform” rating and issued a $83.00 price target on shares of CoStar Group in a report on Wednesday, February 19th. Piper Sandler started coverage on CoStar Group in a report on Friday. They issued an “overweight” rating for the company. Citigroup reduced their price target on CoStar Group from $88.00 to $86.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Finally, Keefe, Bruyette & Woods reduced their price target on CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a report on Tuesday, January 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CoStar Group currently has a consensus rating of “Moderate Buy” and an average target price of $88.07.

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.