Alliancebernstein L.P. Lowers Position in CoStar Group, Inc. (NASDAQ:CSGP)

Alliancebernstein L.P. lowered its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 0.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 468,401 shares of the technology company’s stock after selling 482 shares during the period. Alliancebernstein L.P.’s holdings in CoStar Group were worth $33,533,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC raised its position in shares of CoStar Group by 9.9% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 18,176 shares of the technology company’s stock worth $1,301,000 after buying an additional 1,644 shares during the period. CIBC Private Wealth Group LLC raised its holdings in shares of CoStar Group by 3.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 329,091 shares of the technology company’s stock worth $23,477,000 after purchasing an additional 11,038 shares during the period. RWA Wealth Partners LLC lifted its stake in shares of CoStar Group by 18.8% in the 4th quarter. RWA Wealth Partners LLC now owns 5,430 shares of the technology company’s stock valued at $389,000 after purchasing an additional 859 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of CoStar Group during the 4th quarter worth about $291,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in CoStar Group by 117.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 24,577 shares of the technology company’s stock valued at $1,759,000 after buying an additional 13,299 shares during the period. Institutional investors and hedge funds own 96.60% of the company’s stock.

CoStar Group Stock Performance

CSGP stock opened at $72.62 on Monday. The stock’s fifty day moving average is $77.30 and its two-hundred day moving average is $75.78. The stock has a market capitalization of $29.78 billion, a price-to-earnings ratio of 207.49 and a beta of 0.88. 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, Inc. has a 1 year low of $68.26 and a 1 year high of $95.71.

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

CoStar Group announced that its Board of Directors has authorized a share repurchase program on Tuesday, February 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

CSGP has been the topic of several recent research reports. Wells Fargo & Company reduced their target price on shares of CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a report on Wednesday, February 19th. Needham & Company LLC dropped their price objective on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods lowered their price target on shares of CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a report on Tuesday, January 28th. Craig Hallum assumed coverage on shares of CoStar Group in a research report on Friday, February 28th. They issued a “buy” rating for the company. Finally, Stephens reiterated an “overweight” rating and issued a $103.00 price target on shares of CoStar Group in a research note on Tuesday, February 18th. Two analysts have rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, CoStar Group presently has a consensus rating of “Moderate Buy” and an average target price of $88.07.

Insider Activity

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $79.90, for a total value of $139,745.10. Following the completion of the transaction, the chief accounting officer now owns 29,456 shares in the company, valued at $2,353,534.40. This represents a 5.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.57% of the company’s stock.

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.