Parnassus Investments LLC Sells 218,660 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Parnassus Investments LLC trimmed its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 94.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,009 shares of the technology company’s stock after selling 218,660 shares during the quarter. Parnassus Investments LLC’s holdings in CoStar Group were worth $860,000 as of its most recent SEC filing.

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

Insider Activity at CoStar Group

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $79.90, for a total transaction of $139,745.10. Following the completion of the transaction, the chief accounting officer now owns 29,456 shares in the company, valued at approximately $2,353,534.40. The trade was a 5.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.57% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods lowered their target price on CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. Royal Bank of Canada restated a “sector perform” rating and set a $83.00 price objective on shares of CoStar Group in a research report on Wednesday, February 19th. Craig Hallum initiated coverage on CoStar Group in a report on Friday, February 28th. They issued a “buy” rating on the stock. William Blair assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They set a “market perform” rating for the company. Finally, Wells Fargo & Company dropped 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. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $88.07.

CoStar Group Price Performance

Shares of NASDAQ CSGP opened at $78.73 on Friday. The firm has a market capitalization of $32.29 billion, a P/E ratio of 224.94 and a beta of 0.93. The firm’s 50-day moving average price is $75.32 and its 200-day moving average price is $75.68. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. CoStar Group, Inc. has a 1-year low of $68.26 and a 1-year high of $100.38.

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

CoStar Group declared that its Board of Directors has initiated a stock buyback plan on Tuesday, February 18th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are 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.