Jennison Associates LLC Trims Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Jennison Associates LLC decreased its position in CoStar Group, Inc. (NASDAQ:CSGP) by 10.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 455,322 shares of the technology company’s stock after selling 53,829 shares during the period. Jennison Associates LLC owned 0.11% of CoStar Group worth $34,349,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of CSGP. PNC Financial Services Group Inc. raised its holdings in CoStar Group by 16.2% in the third quarter. PNC Financial Services Group Inc. now owns 103,547 shares of the technology company’s stock worth $7,812,000 after purchasing an additional 14,468 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of CoStar Group in the 3rd quarter worth approximately $1,500,000. FWG Holdings LLC raised its stake in shares of CoStar Group by 4.1% during the 3rd quarter. FWG Holdings LLC now owns 6,212 shares of the technology company’s stock worth $462,000 after acquiring an additional 247 shares in the last quarter. Meeder Asset Management Inc. lifted its position in CoStar Group by 978.9% during the third quarter. Meeder Asset Management Inc. now owns 103,276 shares of the technology company’s stock valued at $7,791,000 after acquiring an additional 93,704 shares during the last quarter. Finally, Swiss National Bank boosted its stake in CoStar Group by 0.3% in the third quarter. Swiss National Bank now owns 1,212,400 shares of the technology company’s stock valued at $91,463,000 after acquiring an additional 3,200 shares in the last quarter. Institutional investors own 96.60% of the company’s stock.

CoStar Group Trading Up 0.9 %

CSGP opened at $76.99 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.63 and a quick ratio of 9.63. The company’s 50 day simple moving average is $75.47 and its two-hundred day simple moving average is $77.07. The firm has a market capitalization of $31.56 billion, a price-to-earnings ratio of 174.98 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.

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 the consensus estimate 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 return on equity of 3.53% and a net margin of 6.57%. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.25 EPS. Analysts expect that CoStar Group, Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity

In related news, CEO Andrew C. Florance acquired 14,731 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were acquired 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 $94,315,527.66. The trade was a 1.18 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael R. Klein sold 71,633 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $74.69, for a total value of $5,350,268.77. Following the sale, the director now owns 1,913,501 shares in the company, valued at approximately $142,919,389.69. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.57% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on CSGP. JPMorgan Chase & Co. decreased their price target 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. Royal Bank of Canada cut shares of CoStar Group from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $96.00 to $83.00 in a research note on Wednesday, October 23rd. 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. Citigroup lowered their price objective on shares of CoStar Group from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $100.00 target price on shares of CoStar Group in a research report on Tuesday. One investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $93.25.

CoStar Group Profile

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.