Harvest Fund Management Co. Ltd Grows Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Harvest Fund Management Co. Ltd boosted its stake in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 27.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 24,127 shares of the technology company's stock after acquiring an additional 5,249 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in CoStar Group were worth $1,726,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Platinum Investment Management Ltd. increased its position in shares of CoStar Group by 40.0% during the fourth quarter. Platinum Investment Management Ltd. now owns 70,000 shares of the technology company's stock worth $5,011,000 after purchasing an additional 20,000 shares in the last quarter. Enhancing Capital LLC purchased a new stake in shares of CoStar Group during the fourth quarter worth $477,000. Xponance Inc. raised its position in shares of CoStar Group by 1.7% in the fourth quarter. Xponance Inc. now owns 56,155 shares of the technology company's stock valued at $4,020,000 after buying an additional 957 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of CoStar Group by 205.8% in the fourth quarter. Intech Investment Management LLC now owns 21,632 shares of the technology company's stock worth $1,549,000 after buying an additional 14,559 shares in the last quarter. Finally, Generali Asset Management SPA SGR purchased a new position in shares of CoStar Group in the fourth quarter worth about $237,000. Hedge funds and other institutional investors own 96.60% of the company's stock.

CoStar Group Trading Up 2.1 %

Shares of NASDAQ CSGP traded up $1.68 on Monday, reaching $80.14. 2,266,199 shares of the company traded hands, compared to its average volume of 2,544,542. The stock has a market capitalization of $32.87 billion, a PE ratio of 228.97 and a beta of 0.93. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $97.64. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average of $76.15 and a 200 day moving average of $75.73.

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

CoStar Group announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods cut their price target on CoStar Group from $96.00 to $93.00 and set an "outperform" rating for the company in a report on Tuesday, January 28th. StockNews.com lowered CoStar Group from a "hold" rating to a "sell" rating in a research report on Wednesday, January 15th. The Goldman Sachs Group assumed coverage on CoStar Group in a research note on Friday, February 28th. They set a "buy" rating for the company. Piper Sandler assumed coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued an "overweight" rating for the company. Finally, JMP Securities restated a "market outperform" rating and set a $90.00 target price on shares of CoStar Group in a research report on Monday, December 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.07.

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.