ProShare Advisors LLC Trims Stock Position in CoStar Group, Inc. $CSGP

ProShare Advisors LLC lowered its position in CoStar Group, Inc. (NASDAQ:CSGP) by 17.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 547,465 shares of the technology company’s stock after selling 113,968 shares during the quarter. ProShare Advisors LLC owned approximately 0.13% of CoStar Group worth $46,190,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Quent Capital LLC bought a new stake in shares of CoStar Group in the 3rd quarter valued at about $26,000. Rossby Financial LCC increased its holdings in CoStar Group by 315.9% during the second quarter. Rossby Financial LCC now owns 341 shares of the technology company’s stock valued at $27,000 after buying an additional 259 shares during the period. Manning & Napier Advisors LLC bought a new position in CoStar Group in the third quarter worth approximately $28,000. Westside Investment Management Inc. lifted its holdings in CoStar Group by 100.0% during the third quarter. Westside Investment Management Inc. now owns 360 shares of the technology company’s stock worth $30,000 after buying an additional 180 shares during the period. Finally, Root Financial Partners LLC bought a new stake in CoStar Group during the 3rd quarter valued at $31,000. 96.60% of the stock is owned by institutional investors.

CoStar Group Stock Up 1.4%

CoStar Group stock opened at $50.96 on Tuesday. The business’s 50-day moving average price is $63.92 and its 200 day moving average price is $75.31. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The firm has a market cap of $21.60 billion, a price-to-earnings ratio of 1,019.20, a price-to-earnings-growth ratio of 1.32 and a beta of 0.84. CoStar Group, Inc. has a 52 week low of $48.56 and a 52 week high of $97.43.

CoStar Group declared that its board has authorized a stock buyback program on Wednesday, January 7th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

CSGP has been the topic of a number of recent analyst reports. Needham & Company LLC lowered their price target on shares of CoStar Group from $105.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. BMO Capital Markets cut their price target on shares of CoStar Group from $77.00 to $72.00 and set a “market perform” rating on the stock in a report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft set a $68.00 price objective on CoStar Group in a report on Thursday, January 8th. Keefe, Bruyette & Woods dropped their target price on CoStar Group from $100.00 to $75.00 and set an “outperform” rating on the stock in a research note on Monday, January 12th. Finally, Zacks Research lowered CoStar Group from a “hold” rating to a “strong sell” rating in a research report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $83.00.

About CoStar Group

CoStar Group, Inc is a provider of information, analytics and online marketplaces for the commercial real estate industry. The company gathers property-level data, builds market analytics and supplies research tools used by brokers, owners, lenders, investors and other real estate professionals to evaluate markets, track inventory and manage listings. CoStar’s offerings are delivered primarily through subscription-based platforms that combine proprietary databases, mapping and workflow applications to support decision-making across the property life cycle.

In addition to its core CoStar research service, the company operates prominent online listing and marketing platforms that connect buyers, sellers, tenants and brokers.