Connor Clark & Lunn Investment Management Ltd. Cuts Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 63.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,842 shares of the technology company’s stock after selling 13,607 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in CoStar Group were worth $592,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of CSGP. Bank of New York Mellon Corp grew its stake in shares of CoStar Group by 2.1% during the 2nd 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 period. Vulcan Value Partners LLC grew its position in CoStar Group by 90.1% during the second quarter. Vulcan Value Partners LLC now owns 4,138,987 shares of the technology company’s stock worth $306,831,000 after buying an additional 1,961,917 shares during the period. Mackenzie Financial Corp boosted its position in CoStar Group by 16.9% during the second quarter. Mackenzie Financial Corp now owns 2,358,526 shares of the technology company’s stock worth $174,861,000 after purchasing an additional 341,046 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in CoStar Group by 0.5% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,950,417 shares of the technology company’s stock worth $144,604,000 after acquiring an additional 9,907 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of CoStar Group by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,697,933 shares of the technology company’s stock valued at $125,889,000 after purchasing an additional 219,758 shares in the last quarter. Hedge funds and other institutional investors own 96.60% of the company’s stock.

Insider Buying and Selling

In related news, CEO Andrew C. Florance bought 14,731 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was bought at an average cost of $74.67 per share, for a total transaction of $1,099,963.77. Following the completion of the purchase, the chief executive officer now directly owns 1,263,098 shares in the company, valued at approximately $94,315,527.66. The trade was a 1.18 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael R. Klein sold 71,633 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $74.69, for a total transaction of $5,350,268.77. Following the transaction, the director now directly owns 1,913,501 shares of the company’s stock, valued at approximately $142,919,389.69. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.57% of the company’s stock.

CoStar Group Stock Performance

Shares of CSGP stock opened at $81.34 on Friday. The company’s fifty day simple moving average is $75.86 and its 200-day simple moving average is $76.66. The company has a current ratio of 9.63, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. CoStar Group, Inc. has a 52 week low of $68.26 and a 52 week high of $100.38. The company has a market cap of $33.35 billion, a PE ratio of 184.86 and a beta of 0.82.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. The company had revenue of $692.60 million for the quarter, compared to analyst estimates of $695.91 million. During the same quarter last year, the firm posted $0.25 earnings per share. The business’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, equities research analysts anticipate that CoStar Group, Inc. will post 0.52 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. JMP Securities restated a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a research report on Friday, September 6th. StockNews.com cut shares of CoStar Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. cut their price target on CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Citigroup decreased their price objective on CoStar Group from $97.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Finally, BMO Capital Markets decreased their target price on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating on the stock in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $93.25.

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.