Parnassus Investments LLC Has $17.40 Million Stake in CoStar Group, Inc. (NASDAQ:CSGP)

Parnassus Investments LLC cut its position in CoStar Group, Inc. (NASDAQ:CSGP) by 33.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 230,669 shares of the technology company’s stock after selling 117,538 shares during the quarter. Parnassus Investments LLC owned 0.06% of CoStar Group worth $17,402,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new position in shares of CoStar Group in the 3rd quarter valued at $40,000. Swedbank AB bought a new stake in shares of CoStar Group during the first quarter worth about $4,223,000. Gateway Investment Advisers LLC increased its stake in shares of CoStar Group by 31.1% in the second quarter. Gateway Investment Advisers LLC now owns 40,525 shares of the technology company’s stock valued at $3,005,000 after buying an additional 9,618 shares during the period. First Hawaiian Bank raised its holdings in CoStar Group by 111.9% in the 2nd quarter. First Hawaiian Bank now owns 16,726 shares of the technology company’s stock valued at $1,240,000 after buying an additional 8,833 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in CoStar Group by 248.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 369,291 shares of the technology company’s stock worth $27,379,000 after buying an additional 263,234 shares during the period. Institutional investors own 96.60% of the company’s stock.

Insider Activity at CoStar Group

In other news, CEO Andrew C. Florance bought 14,731 shares of the stock in a transaction on Friday, October 25th. The shares were acquired at an average cost of $74.67 per share, for a total transaction of $1,099,963.77. Following the purchase, the chief executive officer now directly owns 1,263,098 shares of the company’s stock, valued at $94,315,527.66. This trade represents a 1.18 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 owns 1,913,501 shares of the company’s stock, valued at $142,919,389.69. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.57% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. StockNews.com lowered shares of CoStar Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Citigroup cut their price objective on CoStar Group from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. JMP Securities reiterated a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a research report on Friday, September 6th. BMO Capital Markets reduced their price objective on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a research report on Thursday, October 24th. Finally, Royal Bank of Canada downgraded shares of CoStar Group from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $96.00 to $83.00 in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.25.

CoStar Group Stock Performance

Shares of CSGP opened at $73.35 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 $30.07 billion, a PE ratio of 166.71 and a beta of 0.82. CoStar Group, Inc. has a 1 year low of $68.26 and a 1 year high of $100.38. The stock’s fifty day moving average price is $75.70 and its two-hundred day moving average price is $77.21.

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

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.