ING Groep NV Boosts Stock Position in CoStar Group, Inc. $CSGP

ING Groep NV grew its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 1,950.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 128,052 shares of the technology company’s stock after purchasing an additional 121,807 shares during the quarter. ING Groep NV’s holdings in CoStar Group were worth $10,804,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in CoStar Group during the second quarter valued at approximately $426,783,000. Viking Global Investors LP purchased a new stake in shares of CoStar Group in the 2nd quarter valued at $258,773,000. Franklin Resources Inc. boosted its stake in shares of CoStar Group by 70.3% in the 2nd quarter. Franklin Resources Inc. now owns 3,439,904 shares of the technology company’s stock valued at $276,568,000 after purchasing an additional 1,419,732 shares in the last quarter. Third Point LLC grew its holdings in shares of CoStar Group by 56.2% during the 2nd quarter. Third Point LLC now owns 3,085,000 shares of the technology company’s stock valued at $248,034,000 after purchasing an additional 1,110,000 shares during the last quarter. Finally, Ion Asset Management Ltd. raised its position in CoStar Group by 730.3% in the 2nd quarter. Ion Asset Management Ltd. now owns 1,169,833 shares of the technology company’s stock worth $94,055,000 after purchasing an additional 1,028,933 shares during the period. Institutional investors own 96.60% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on CSGP. Wells Fargo & Company set a $48.00 price target on shares of CoStar Group and gave the company an “underweight” rating in a research report on Wednesday, February 4th. Deutsche Bank Aktiengesellschaft set a $68.00 target price on CoStar Group in a research note on Thursday, January 8th. BNP Paribas Exane assumed coverage on CoStar Group in a research report on Wednesday, January 14th. They set a “neutral” rating and a $64.00 price target on the stock. Jefferies Financial Group raised CoStar Group to a “hold” rating in a research note on Wednesday, October 29th. Finally, Citizens Jmp lowered their price objective on CoStar Group from $100.00 to $78.00 and set a “market outperform” rating for the company in a research report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $83.24.

CoStar Group Stock Performance

Shares of CSGP stock opened at $47.87 on Thursday. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The stock has a fifty day moving average of $63.15 and a 200 day moving average of $74.83. The firm has a market capitalization of $20.29 billion, a price-to-earnings ratio of 957.40, a PEG ratio of 1.33 and a beta of 0.84. CoStar Group, Inc. has a 52 week low of $46.78 and a 52 week high of $97.43.

CoStar Group declared that its board has authorized a share repurchase program on Wednesday, January 7th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the technology company to buy up to 5.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

CoStar Group Company Profile

CoStar Group, Inc is a provider of information, analytics and online marketplaces for the commercial real estate industry. The company gathers property-level data, builds market analytics and supplies research tools used by brokers, owners, lenders, investors and other real estate professionals to evaluate markets, track inventory and manage listings. CoStar’s offerings are delivered primarily through subscription-based platforms that combine proprietary databases, mapping and workflow applications to support decision-making across the property life cycle.

In addition to its core CoStar research service, the company operates prominent online listing and marketing platforms that connect buyers, sellers, tenants and brokers.