Redmond Asset Management LLC Trims Stake in CoStar Group Inc (NASDAQ:CSGP)

Redmond Asset Management LLC reduced its position in CoStar Group Inc (NASDAQ:CSGP) by 53.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 2,127 shares of the technology company’s stock after selling 2,473 shares during the period. Redmond Asset Management LLC’s holdings in CoStar Group were worth $1,178,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in CoStar Group by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 335,302 shares of the technology company’s stock worth $113,029,000 after purchasing an additional 4,060 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in CoStar Group by 13.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 86,635 shares of the technology company’s stock worth $29,227,000 after purchasing an additional 10,145 shares during the last quarter. Nwam LLC purchased a new position in CoStar Group in the first quarter worth about $222,000. Wedbush Securities Inc. purchased a new position in CoStar Group in the first quarter worth about $256,000. Finally, IFM Investors Pty Ltd boosted its position in CoStar Group by 10.7% in the first quarter. IFM Investors Pty Ltd now owns 2,311 shares of the technology company’s stock worth $1,078,000 after purchasing an additional 224 shares during the last quarter. 95.81% of the stock is owned by institutional investors and hedge funds.

Shares of CSGP stock traded up $8.13 during trading hours on Thursday, reaching $608.16. 1,407 shares of the company traded hands, compared to its average volume of 283,362. CoStar Group Inc has a 12-month low of $315.85 and a 12-month high of $639.41. The stock has a market cap of $23.01 billion, a P/E ratio of 82.39, a P/E/G ratio of 4.66 and a beta of 1.32. The stock’s 50-day moving average price is $591.90.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, July 23rd. The technology company reported $1.95 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.73 by $0.22. CoStar Group had a return on equity of 10.42% and a net margin of 22.48%. The firm had revenue of $343.76 million for the quarter, compared to analysts’ expectations of $336.71 million. During the same period in the previous year, the firm earned $1.05 EPS. The business’s quarterly revenue was up 15.7% on a year-over-year basis. As a group, equities research analysts forecast that CoStar Group Inc will post 9.01 earnings per share for the current fiscal year.

In other news, VP Matthew Linnington sold 14,651 shares of CoStar Group stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $617.39, for a total transaction of $9,045,380.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Andrew C. Florance sold 24,210 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $628.64, for a total value of $15,219,374.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,109 shares of company stock worth $28,803,346. Insiders own 2.14% of the company’s stock.

Several research analysts have issued reports on CSGP shares. SunTrust Banks raised their target price on CoStar Group to $650.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. BidaskClub raised CoStar Group from a “hold” rating to a “buy” rating in a research report on Friday, July 12th. JPMorgan Chase & Co. raised their target price on CoStar Group from $425.00 to $597.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 24th. Wells Fargo & Co raised their target price on CoStar Group from $550.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, Zacks Investment Research cut CoStar Group from a “buy” rating to a “hold” rating in a research report on Monday, June 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $621.60.

CoStar Group Company Profile

CoStar Group, Inc provides information, analytics, and online marketplaces to the commercial real estate industry in the United States and the United Kingdom. The company offers CoStar Property Professional service that offers inventory of office, industrial, retail, and multifamily properties and land.

See Also: Why is momentum important to successful trading?

Want to see what other hedge funds are holding CSGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CoStar Group Inc (NASDAQ:CSGP).

Institutional Ownership by Quarter for CoStar Group (NASDAQ:CSGP)

Receive News & Ratings for CoStar Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CoStar Group and related companies with MarketBeat.com's FREE daily email newsletter.