Resona Asset Management Co. Ltd. Invests $8.38 Million in CoStar Group, Inc. (NASDAQ:CSGP)

Resona Asset Management Co. Ltd. purchased a new position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 116,837 shares of the technology company's stock, valued at approximately $8,375,000.

Other large investors have also made changes to their positions in the company. Polen Capital Management LLC bought a new stake in CoStar Group during the fourth quarter worth $465,134,000. Norges Bank acquired a new stake in CoStar Group in the fourth quarter valued at about $390,755,000. Barclays PLC grew its position in CoStar Group by 91.4% in the third quarter. Barclays PLC now owns 2,249,188 shares of the technology company's stock valued at $169,678,000 after acquiring an additional 1,073,793 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of CoStar Group by 73.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company's stock valued at $177,913,000 after purchasing an additional 1,001,177 shares during the last quarter. Finally, DF Dent & Co. Inc. increased its holdings in shares of CoStar Group by 38.5% during the fourth quarter. DF Dent & Co. Inc. now owns 2,456,562 shares of the technology company's stock worth $175,865,000 after buying an additional 682,984 shares in the last quarter. Institutional investors and hedge funds own 96.60% of the company's stock.

CoStar Group Stock Up 2.6 %

NASDAQ:CSGP traded up $1.97 during trading hours on Friday, reaching $77.39. The company had a trading volume of 2,224,793 shares, compared to its average volume of 2,739,405. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $93.94. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. The firm has a market cap of $31.74 billion, a price-to-earnings ratio of 221.11 and a beta of 0.88. The business's 50-day simple moving average is $77.23 and its two-hundred day simple moving average is $75.77.

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CoStar Group (NASDAQ:CSGP - Get Free Report) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, meeting analysts' consensus estimates of $0.22. The business had revenue of $709.40 million during the quarter, compared to analyst estimates of $703.00 million. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. On average, equities analysts expect that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

CoStar Group announced that its Board of Directors has approved a share repurchase program on Tuesday, February 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 1.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CSGP has been the subject of several research reports. Royal Bank of Canada reissued a "sector perform" rating and set a $83.00 price target on shares of CoStar Group in a research note on Wednesday, February 19th. The Goldman Sachs Group started coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a "buy" rating for the company. William Blair initiated coverage on shares of CoStar Group in a report on Friday, February 28th. They set a "market perform" rating on the stock. JMP Securities restated a "market outperform" rating and issued a $90.00 price target on shares of CoStar Group in a research report on Monday, December 16th. Finally, Craig Hallum assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They set a "buy" rating on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $87.54.

Insider Transactions at CoStar Group

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $79.90, for a total transaction of $139,745.10. Following the completion of the transaction, the chief accounting officer now directly owns 29,456 shares in the company, valued at $2,353,534.40. This trade represents a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.57% of the stock is owned by insiders.

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.