Pallas Capital Advisors LLC Reduces Stake in CoStar Group, Inc. (NASDAQ:CSGP)

Pallas Capital Advisors LLC cut its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 44.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,571 shares of the technology company’s stock after selling 2,909 shares during the quarter. Pallas Capital Advisors LLC’s holdings in CoStar Group were worth $283,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC boosted its stake in shares of CoStar Group by 497.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,133 shares of the technology company’s stock valued at $511,000 after acquiring an additional 5,940 shares during the last quarter. Allworth Financial LP grew its holdings in CoStar Group by 9.7% in the 4th quarter. Allworth Financial LP now owns 1,950 shares of the technology company’s stock valued at $144,000 after buying an additional 173 shares during the period. Allspring Global Investments Holdings LLC increased its position in CoStar Group by 6.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 482,712 shares of the technology company’s stock worth $34,190,000 after purchasing an additional 31,152 shares during the last quarter. Atria Wealth Solutions Inc. increased its holdings in shares of CoStar Group by 2.3% during the 4th quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company’s stock worth $557,000 after buying an additional 176 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in shares of CoStar Group in the 4th quarter worth about $30,000. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

CoStar Group Trading Down 1.5%

Shares of NASDAQ CSGP opened at $81.16 on Friday. The company has a market cap of $34.24 billion, a price-to-earnings ratio of 231.89 and a beta of 0.87. The stock’s 50 day simple moving average is $77.42 and its 200 day simple moving average is $76.39. 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 12-month low of $68.26 and a 12-month high of $83.68.

CoStar Group declared that its Board of Directors has initiated a share repurchase program on Tuesday, February 18th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CSGP. JMP Securities reissued a “market outperform” rating and issued a $85.00 price objective on shares of CoStar Group in a research report on Wednesday, April 30th. Needham & Company LLC upped their target price on shares of CoStar Group from $87.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, April 30th. Bank of America assumed coverage on CoStar Group in a research note on Friday, May 30th. They set a “neutral” rating and a $79.00 target price for the company. The Goldman Sachs Group initiated coverage on shares of CoStar Group in a research report on Friday, February 28th. They set a “buy” rating for the company. Finally, Craig Hallum assumed coverage on shares of CoStar Group in a research report on Friday, February 28th. They set a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $87.54.

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.