CIBC Asset Management Inc Has $9.43 Million Stock Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

CIBC Asset Management Inc raised its stake in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 3.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,674 shares of the technology company's stock after purchasing an additional 4,583 shares during the quarter. CIBC Asset Management Inc's holdings in CoStar Group were worth $9,427,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in CoStar Group in the third quarter valued at about $40,000. JPMorgan Chase & Co. grew its stake in shares of CoStar Group by 73.8% during the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company's stock valued at $177,913,000 after acquiring an additional 1,001,177 shares in the last quarter. Telemark Asset Management LLC grew its stake in shares of CoStar Group by 42.9% during the third quarter. Telemark Asset Management LLC now owns 500,000 shares of the technology company's stock valued at $37,720,000 after acquiring an additional 150,000 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of CoStar Group by 16.2% during the third quarter. PNC Financial Services Group Inc. now owns 103,547 shares of the technology company's stock valued at $7,812,000 after acquiring an additional 14,468 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC acquired a new stake in shares of CoStar Group during the third quarter valued at about $621,000. 96.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Needham & Company LLC lowered their target price on CoStar Group from $100.00 to $87.00 and set a "buy" rating for the company in a research note on Wednesday. Stephens reiterated an "overweight" rating and issued a $103.00 price target on shares of CoStar Group in a research note on Tuesday. Royal Bank of Canada reiterated a "sector perform" rating and issued a $83.00 price target on shares of CoStar Group in a research note on Wednesday. BMO Capital Markets decreased their price target on CoStar Group from $78.00 to $75.00 and set a "market perform" rating for the company in a research note on Thursday, October 24th. Finally, Wells Fargo & Company decreased their price target on CoStar Group from $65.00 to $63.00 and set an "underweight" rating for the company in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $88.00.

CoStar Group Price Performance

NASDAQ:CSGP traded down $1.54 during midday trading on Friday, hitting $76.79. 4,667,016 shares of the stock were exchanged, compared to its average volume of 2,816,777. CoStar Group, Inc. has a one year low of $68.26 and a one year high of $100.38. The company has a market capitalization of $31.48 billion, a price-to-earnings ratio of 219.40 and a beta of 0.87. The business has a 50-day moving average price of $73.83 and a two-hundred day moving average price of $75.39. 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 (NASDAQ:CSGP - Get Free Report) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, hitting the consensus estimate of $0.22. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. The firm had revenue of $709.40 million for the quarter, compared to analysts' expectations of $703.00 million. Sell-side analysts predict that CoStar Group, Inc. will post 0.94 EPS for the current year.

CoStar Group declared that its Board of Directors has approved a share buyback plan on Tuesday, February 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Michael J. Desmarais sold 5,500 shares of the business's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total transaction of $439,340.00. Following the transaction, the insider now directly owns 58,798 shares in the company, valued at $4,696,784.24. The trade was a 8.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.57% of the stock is currently owned by company insiders.

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.