Balyasny Asset Management LLC Has $28.56 Million Position in CoStar Group, Inc. (CSGP)
Balyasny Asset Management LLC boosted its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 773.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 108,342 shares of the technology company’s stock after purchasing an additional 95,933 shares during the quarter. Balyasny Asset Management LLC owned approximately 0.33% of CoStar Group worth $28,559,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in CoStar Group by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 2,633,434 shares of the technology company’s stock valued at $694,173,000 after purchasing an additional 79,521 shares during the period. BlackRock Inc. raised its stake in CoStar Group by 0.5% during the 2nd quarter. BlackRock Inc. now owns 1,554,466 shares of the technology company’s stock valued at $409,755,000 after acquiring an additional 7,555 shares in the last quarter. State Street Corp raised its stake in CoStar Group by 3.2% during the 1st quarter. State Street Corp now owns 570,780 shares of the technology company’s stock valued at $118,272,000 after acquiring an additional 17,777 shares in the last quarter. Bares Capital Management Inc. raised its stake in CoStar Group by 17.4% during the 1st quarter. Bares Capital Management Inc. now owns 551,194 shares of the technology company’s stock valued at $114,218,000 after acquiring an additional 81,722 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in CoStar Group by 6.1% during the 2nd quarter. Alliancebernstein L.P. now owns 488,584 shares of the technology company’s stock valued at $128,791,000 after acquiring an additional 28,066 shares in the last quarter. Institutional investors and hedge funds own 99.84% of the company’s stock.
Several analysts have weighed in on the company. B. Riley reaffirmed a “buy” rating and set a $325.00 target price on shares of CoStar Group in a research note on Friday, July 14th. Citigroup Inc. set a $320.00 target price on CoStar Group and gave the company a “buy” rating in a research note on Friday, July 28th. Zacks Investment Research raised CoStar Group from a “hold” rating to a “strong-buy” rating and set a $317.00 target price on the stock in a research note on Tuesday, August 1st. Needham & Company LLC lifted their target price on CoStar Group from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, July 28th. Finally, SunTrust Banks, Inc. lifted their target price on CoStar Group from $275.00 to $310.00 and gave the company a “buy” rating in a research note on Wednesday, July 5th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $313.67.
Shares of CoStar Group, Inc. (CSGP) traded up 0.81% during mid-day trading on Friday, reaching $268.25. The company’s stock had a trading volume of 1,392,840 shares. CoStar Group, Inc. has a 12 month low of $179.22 and a 12 month high of $287.96. The firm has a market capitalization of $8.80 billion, a P/E ratio of 90.05 and a beta of 1.52. The company has a 50 day moving average of $280.46 and a 200-day moving average of $251.76.
CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Wednesday, July 26th. The technology company reported $0.86 EPS for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.23. The business had revenue of $237.20 million for the quarter, compared to analyst estimates of $234.38 million. CoStar Group had a return on equity of 7.19% and a net margin of 10.85%. CoStar Group’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.91 EPS. Equities research analysts forecast that CoStar Group, Inc. will post $4.48 EPS for the current year.
In related news, VP Matthew Linnington sold 1,767 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $273.15, for a total transaction of $482,656.05. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.98% of the stock is owned by corporate insiders.
About CoStar Group
CoStar Group, Inc (CoStar) is a provider of information, analytics and online marketplaces to the commercial real estate and related business community through its database of commercial real estate information covering the United States, the United Kingdom, and parts of Canada, Spain, Germany and France.
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