Kirtland Hills Capital Management LLC Decreases Stake in CoStar Group, Inc. (NASDAQ:CSGP)

Kirtland Hills Capital Management LLC trimmed its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 7.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,803 shares of the technology company’s stock after selling 558 shares during the period. Kirtland Hills Capital Management LLC’s holdings in CoStar Group were worth $513,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Vulcan Value Partners LLC boosted its holdings in CoStar Group by 90.1% in the second quarter. Vulcan Value Partners LLC now owns 4,138,987 shares of the technology company’s stock valued at $306,831,000 after purchasing an additional 1,961,917 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of CoStar Group by 17.7% in the 1st quarter. Janus Henderson Group PLC now owns 11,808,027 shares of the technology company’s stock valued at $1,140,650,000 after buying an additional 1,773,564 shares in the last quarter. Select Equity Group L.P. purchased a new position in shares of CoStar Group in the 2nd quarter valued at $60,761,000. Renaissance Technologies LLC acquired a new stake in CoStar Group during the 2nd quarter worth $46,692,000. Finally, Jupiter Asset Management Ltd. purchased a new stake in CoStar Group in the second quarter valued at $34,987,000. Hedge funds and other institutional investors own 96.60% of the company’s stock.

Insider Activity at CoStar Group

In related news, CEO Andrew C. Florance purchased 14,731 shares of the company’s stock in a transaction on Friday, October 25th. The stock was bought at an average price of $74.67 per share, with a total value of $1,099,963.77. Following the completion of 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 represents a 1.18 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael R. Klein sold 71,633 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $74.69, for a total value of $5,350,268.77. Following the completion of the sale, the director now owns 1,913,501 shares in the company, valued at $142,919,389.69. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.57% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CSGP. JMP Securities reissued a “market outperform” rating and issued a $90.00 target price on shares of CoStar Group in a research report on Friday, September 6th. The Goldman Sachs Group lowered their price objective on shares of CoStar Group from $108.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Royal Bank of Canada cut shares of CoStar Group from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $96.00 to $83.00 in a report on Wednesday, October 23rd. Robert W. Baird lowered their price target on CoStar Group from $105.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. reduced their price objective on CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $93.25.

CoStar Group Stock Performance

NASDAQ:CSGP opened at $72.09 on Wednesday. The firm’s fifty day simple moving average is $75.56 and its 200-day simple moving average is $77.08. The company has a quick ratio of 9.63, a current ratio of 9.63 and a debt-to-equity ratio of 0.13. The stock has a market cap of $29.55 billion, a PE ratio of 163.84 and a beta of 0.82. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $100.38.

CoStar Group (NASDAQ:CSGP) last issued its earnings results 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. The company had revenue of $692.60 million during the quarter, compared to analysts’ expectations of $695.91 million. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the company posted $0.25 earnings per share. Analysts expect that CoStar Group, Inc. will post 0.52 earnings per share 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.