Sumitomo Life Insurance Co. Lowers Stake in CoStar Group, Inc. (NASDAQ:CSGP)

Sumitomo Life Insurance Co. decreased its position in CoStar Group, Inc. (NASDAQ:CSGP) by 1.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,018 shares of the technology company’s stock after selling 467 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in CoStar Group were worth $1,719,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new stake in shares of CoStar Group in the 3rd quarter valued at $40,000. JPMorgan Chase & Co. increased its stake in CoStar Group by 73.8% during the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock worth $177,913,000 after purchasing an additional 1,001,177 shares during the period. Telemark Asset Management LLC lifted its position in shares of CoStar Group by 42.9% during the third quarter. Telemark Asset Management LLC now owns 500,000 shares of the technology company’s stock worth $37,720,000 after purchasing an additional 150,000 shares in the last quarter. Swedbank AB grew its holdings in shares of CoStar Group by 469.3% in the third quarter. Swedbank AB now owns 248,043 shares of the technology company’s stock valued at $18,712,000 after purchasing an additional 204,474 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in CoStar Group by 16.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 103,547 shares of the technology company’s stock worth $7,812,000 after buying an additional 14,468 shares during the period. 96.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Royal Bank of Canada reissued a “sector perform” rating and set a $83.00 target price on shares of CoStar Group in a research note on Friday, January 10th. JMP Securities reaffirmed a “market outperform” rating and issued a $90.00 price target on shares of CoStar Group in a research report on Monday, December 16th. Stephens reissued an “overweight” rating and set a $103.00 price objective on shares of CoStar Group in a research report on Wednesday. Finally, StockNews.com cut shares of CoStar Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.33.

CoStar Group Price Performance

Shares of NASDAQ:CSGP opened at $75.65 on Thursday. CoStar Group, Inc. has a 12 month low of $68.26 and a 12 month high of $100.38. The firm has a market capitalization of $31.01 billion, a P/E ratio of 171.94 and a beta of 0.85. 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 fifty day moving average price is $74.76 and its 200 day moving average price is $75.41.

Insiders Place Their Bets

In other news, insider Michael J. Desmarais sold 5,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total transaction of $439,340.00. Following the transaction, the insider now directly owns 58,798 shares in the company, valued at approximately $4,696,784.24. This trade represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.57% of the company’s stock.

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.