Capital Research Global Investors Boosts Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Capital Research Global Investors grew its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 14.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,405,818 shares of the technology company's stock after buying an additional 429,048 shares during the quarter. Capital Research Global Investors owned 0.83% of CoStar Group worth $243,825,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. JPMorgan Chase & Co. lifted its stake in CoStar Group by 73.8% in the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company's stock worth $177,913,000 after acquiring an additional 1,001,177 shares during the period. Steward Partners Investment Advisory LLC raised its holdings in shares of CoStar Group by 497.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,133 shares of the technology company's stock valued at $511,000 after purchasing an additional 5,940 shares in the last quarter. Allworth Financial LP boosted its stake in shares of CoStar Group by 9.7% during the fourth quarter. Allworth Financial LP now owns 1,950 shares of the technology company's stock valued at $144,000 after purchasing an additional 173 shares in the last quarter. Douglas Lane & Associates LLC purchased a new position in CoStar Group during the fourth quarter valued at approximately $27,446,000. Finally, Barclays PLC raised its stake in CoStar Group by 91.4% in the third quarter. Barclays PLC now owns 2,249,188 shares of the technology company's stock worth $169,678,000 after buying an additional 1,073,793 shares in the last quarter. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

CoStar Group Trading Up 1.3 %

Shares of NASDAQ CSGP traded up $1.01 during midday trading on Wednesday, reaching $81.88. 3,089,063 shares of the stock were exchanged, compared to its average volume of 2,750,165. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $93.94. The stock has a market capitalization of $33.58 billion, a P/E ratio of 233.95 and a beta of 0.88. The company has a 50 day simple moving average of $77.72 and a 200 day simple moving average of $76.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96.

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

CoStar Group declared that its Board of Directors has approved a share buyback 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 typically an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at CoStar Group

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction on Monday, March 10th. The stock was sold at an average price of $79.90, for a total value 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 approximately $2,353,534.40. This trade represents a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.57% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have issued reports on CSGP. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $83.00 price target on shares of CoStar Group in a report on Thursday, April 17th. Deutsche Bank Aktiengesellschaft began coverage on shares of CoStar Group in a research note on Friday, February 28th. They set a "buy" rating and a $89.00 price target on the stock. Citigroup lowered their price objective on shares of CoStar Group from $88.00 to $86.00 and set a "buy" rating for the company in a research note on Thursday, February 20th. Piper Sandler started coverage on CoStar Group in a research report on Friday, February 28th. They issued an "overweight" rating on the stock. Finally, William Blair started coverage on CoStar Group in a research note on Friday, February 28th. They set a "market perform" rating on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $87.54.

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.