CIBC Asset Management Inc Boosts Stake in CoStar Group, Inc. (NASDAQ:CSGP)

CIBC Asset Management Inc boosted its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 6.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,091 shares of the technology company's stock after buying an additional 7,304 shares during the period. CIBC Asset Management Inc's holdings in CoStar Group were worth $9,588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CSGP. Crewe Advisors LLC acquired a new position in shares of CoStar Group during the first quarter valued at about $31,000. Ashton Thomas Securities LLC purchased a new stake in CoStar Group during the 3rd quarter worth approximately $40,000. Industrial Alliance Investment Management Inc. acquired a new position in CoStar Group during the 2nd quarter valued at approximately $49,000. Quarry LP purchased a new position in shares of CoStar Group in the second quarter worth $54,000. Finally, Covestor Ltd lifted its stake in shares of CoStar Group by 43.0% during the first quarter. Covestor Ltd now owns 702 shares of the technology company's stock worth $68,000 after buying an additional 211 shares during the period. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

CoStar Group Stock Performance

Shares of CSGP traded down $3.79 during trading hours on Friday, hitting $71.25. The stock had a trading volume of 3,569,653 shares, compared to its average volume of 3,722,642. The firm has a 50-day moving average price of $75.82 and a 200 day moving average price of $77.42. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $100.38. The firm has a market capitalization of $29.21 billion, a price-to-earnings ratio of 161.94 and a beta of 0.82. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 9.63.

CoStar Group (NASDAQ:CSGP - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The technology company reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.06. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. The business had revenue of $692.60 million during the quarter, compared to the consensus estimate of $695.91 million. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The company's revenue was up 10.9% compared to the same quarter last year. As a group, research analysts anticipate that CoStar Group, Inc. will post 0.52 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CSGP shares. The Goldman Sachs Group cut their target price on CoStar Group from $108.00 to $93.00 and set a "buy" rating on the stock in a research report on Wednesday, July 24th. StockNews.com lowered CoStar Group from a "hold" rating to a "sell" rating in a report on Monday, October 28th. Citigroup reduced their price objective on CoStar Group from $97.00 to $90.00 and set a "buy" rating for the company in a research note on Thursday, October 24th. Needham & Company LLC dropped their target price on CoStar Group from $107.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, October 23rd. Finally, JMP Securities reissued a "market outperform" rating and set a $90.00 price target on shares of CoStar Group in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $93.25.

Insider Buying and Selling at CoStar Group

In related news, CEO Andrew C. Florance bought 14,731 shares of the business's stock in a transaction dated Friday, October 25th. The stock was acquired at an average price of $74.67 per share, with a total value of $1,099,963.77. Following the completion of the purchase, the chief executive officer now directly owns 1,263,098 shares of the company's stock, valued at approximately $94,315,527.66. This trade represents a 1.18 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael R. Klein sold 71,633 shares of the company's stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $74.69, for a total transaction of $5,350,268.77. Following the transaction, the director now owns 1,913,501 shares of the company's stock, valued at approximately $142,919,389.69. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. 1.57% of the stock is owned by corporate insiders.

About CoStar Group

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.