Massachusetts Financial Services Co. MA Sells 4,286,449 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Massachusetts Financial Services Co. MA decreased its position in CoStar Group, Inc. (NASDAQ:CSGP) by 37.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,093,743 shares of the technology company’s stock after selling 4,286,449 shares during the period. Massachusetts Financial Services Co. MA’s holdings in CoStar Group were worth $507,841,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CSGP. Hopwood Financial Services Inc. acquired a new position in CoStar Group during the 4th quarter valued at about $25,000. ORG Partners LLC lifted its holdings in CoStar Group by 534.8% in the fourth quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock valued at $30,000 after buying an additional 353 shares during the period. SBI Securities Co. Ltd. acquired a new position in CoStar Group in the fourth quarter valued at approximately $30,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in CoStar Group in the fourth quarter valued at approximately $32,000. Finally, E Fund Management Hong Kong Co. Ltd. grew its holdings in CoStar Group by 17,100.0% during the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 516 shares of the technology company’s stock worth $37,000 after acquiring an additional 513 shares during the period. 96.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at CoStar Group

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

Analyst Upgrades and Downgrades

CSGP has been the topic of several recent research reports. Craig Hallum began coverage on CoStar Group in a research report on Friday, February 28th. They issued a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft started coverage on CoStar Group in a report on Friday, February 28th. They set a “buy” rating and a $89.00 target price on the stock. Wells Fargo & Company cut their price target on shares of CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 19th. JPMorgan Chase & Co. cut their target price on shares of CoStar Group from $99.00 to $87.00 and set an “overweight” rating on the stock in a report on Wednesday, February 19th. Finally, Needham & Company LLC decreased their price target on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, CoStar Group has an average rating of “Moderate Buy” and an average target price of $88.07.

CoStar Group Price Performance

Shares of CSGP opened at $79.92 on Thursday. 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, Inc. has a twelve month low of $68.26 and a twelve month high of $95.71. The stock has a market capitalization of $32.78 billion, a P/E ratio of 228.34 and a beta of 0.93. The company has a 50 day moving average of $77.29 and a 200-day moving average of $75.82.

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

CoStar Group announced that its Board of Directors has approved a share repurchase plan on Tuesday, February 18th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to buy up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

CoStar Group Company 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.