Bares Capital Management Inc. Sells 734,368 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Bares Capital Management Inc. reduced its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 53.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 648,467 shares of the technology company’s stock after selling 734,368 shares during the quarter. CoStar Group accounts for about 4.5% of Bares Capital Management Inc.’s investment portfolio, making the stock its 8th biggest holding. Bares Capital Management Inc.’s holdings in CoStar Group were worth $48,920,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. State Street Corp lifted its stake in CoStar Group by 4.4% in the 3rd quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock valued at $1,286,987,000 after acquiring an additional 722,153 shares in the last quarter. Geode Capital Management LLC boosted its holdings in CoStar Group by 2.1% during the third quarter. Geode Capital Management LLC now owns 11,308,986 shares of the technology company’s stock worth $850,656,000 after purchasing an additional 236,407 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in CoStar Group by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 6,117,260 shares of the technology company’s stock worth $453,534,000 after purchasing an additional 124,761 shares during the last quarter. Vulcan Value Partners LLC increased its stake in CoStar Group by 90.1% in the 2nd quarter. Vulcan Value Partners LLC now owns 4,138,987 shares of the technology company’s stock valued at $306,831,000 after buying an additional 1,961,917 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of CoStar Group by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,684,373 shares of the technology company’s stock worth $202,509,000 after buying an additional 76,916 shares during the last quarter. 96.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on CSGP. JPMorgan Chase & Co. reduced their price target on CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. StockNews.com cut shares of CoStar Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Citigroup dropped their price target on shares of CoStar Group from $97.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Royal Bank of Canada downgraded shares of CoStar Group from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $96.00 to $83.00 in a research report on Wednesday, October 23rd. Finally, JMP Securities reiterated a “market outperform” rating and set a $90.00 price target on shares of CoStar Group in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, CoStar Group presently has an average rating of “Moderate Buy” and an average target price of $93.25.

CoStar Group Stock Performance

Shares of NASDAQ CSGP opened at $78.65 on Tuesday. 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 firm has a market cap of $32.24 billion, a price-to-earnings ratio of 178.75 and a beta of 0.83. The stock’s fifty day moving average price is $76.26 and its two-hundred day moving average price is $76.15. CoStar Group, Inc. has a one year low of $68.26 and a one year high of $100.38.

CoStar Group (NASDAQ:CSGP) last released its earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.06. The firm 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 company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.25 earnings per share. On average, equities analysts forecast that CoStar Group, Inc. will post 0.52 EPS for the current year.

Insider Buying and Selling

In related news, insider Michael J. Desmarais sold 5,500 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $79.88, for a total value of $439,340.00. Following the completion of the sale, the insider now directly owns 58,798 shares in the company, valued at $4,696,784.24. This represents a 8.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael R. Klein sold 71,633 shares of the company’s stock in a transaction dated 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 trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. 1.57% of the stock is owned by corporate insiders.

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.