Fayez Sarofim & Co Raises Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Fayez Sarofim & Co lifted its holdings in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 4.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,043,090 shares of the technology company's stock after purchasing an additional 94,715 shares during the period. Fayez Sarofim & Co owned about 0.50% of CoStar Group worth $146,265,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Barclays PLC increased its holdings in CoStar Group by 91.4% in the 3rd 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 during the period. Wilmington Savings Fund Society FSB acquired a new stake in CoStar Group during the 3rd quarter worth about $256,000. Tidal Investments LLC raised its stake in shares of CoStar Group by 292.0% during the 3rd quarter. Tidal Investments LLC now owns 73,184 shares of the technology company's stock valued at $5,521,000 after buying an additional 54,515 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of CoStar Group by 73.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company's stock valued at $177,913,000 after buying an additional 1,001,177 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of CoStar Group by 7.7% in the fourth quarter. GAMMA Investing LLC now owns 4,938 shares of the technology company's stock worth $354,000 after buying an additional 355 shares during the last quarter. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the company's stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 29,456 shares in the company, valued at $2,353,534.40. This represents a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.57% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Piper Sandler assumed coverage on CoStar Group in a research report on Friday, February 28th. They set an "overweight" rating for the company. Keefe, Bruyette & Woods decreased their target price on shares of CoStar Group from $96.00 to $93.00 and set an "outperform" rating for the company in a research note on Tuesday, January 28th. StockNews.com downgraded shares of CoStar Group from a "hold" rating to a "sell" rating in a report on Wednesday, January 15th. Craig Hallum started coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a "buy" rating for the company. Finally, Wells Fargo & Company lowered their target price on shares of CoStar Group from $65.00 to $63.00 and set an "underweight" rating on the stock in a research note on Wednesday, February 19th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $87.54.

CoStar Group Price Performance

Shares of CSGP traded down $0.40 during trading hours on Friday, hitting $82.82. 2,295,385 shares of the stock were exchanged, compared to its average volume of 2,738,667. The stock's 50-day moving average price is $78.06 and its two-hundred day moving average price is $76.11. CoStar Group, Inc. has a 12-month low of $68.26 and a 12-month high of $93.29. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96. The company has a market cap of $33.97 billion, a price-to-earnings ratio of 236.63 and a beta of 0.88.

CoStar Group (NASDAQ:CSGP - Get Free Report) last released its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, hitting 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 net margin of 5.07% and a return on equity of 3.11%. Research 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 initiated a stock buyback 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 often an indication that the company's leadership believes its shares are undervalued.

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.