Invesco Ltd. Acquires 486,045 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Invesco Ltd. grew its stake in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 13.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,234,995 shares of the technology company's stock after acquiring an additional 486,045 shares during the quarter. Invesco Ltd. owned 1.03% of CoStar Group worth $303,183,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CSGP. Hopwood Financial Services Inc. bought a new position in CoStar Group during the fourth quarter worth about $25,000. ORG Partners LLC lifted its holdings in shares of CoStar Group by 534.8% during the 4th quarter. ORG Partners LLC now owns 419 shares of the technology company's stock valued at $30,000 after purchasing an additional 353 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of CoStar Group in the 4th quarter valued at approximately $30,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of CoStar Group in the 4th quarter valued at approximately $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC increased its stake in CoStar Group by 414.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 499 shares of the technology company's stock worth $36,000 after purchasing an additional 402 shares in the last quarter. 96.60% of the stock is owned by institutional investors.

CoStar Group Price Performance

Shares of NASDAQ:CSGP traded down $0.29 during trading on Wednesday, reaching $80.22. 305,540 shares of the company traded hands, compared to its average volume of 2,728,498. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. CoStar Group, Inc. has a 52 week low of $68.26 and a 52 week high of $93.94. The firm has a market capitalization of $32.90 billion, a PE ratio of 229.21 and a beta of 0.88. The company's 50 day moving average is $77.32 and its two-hundred day moving average is $75.83.

Remove Ads

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

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

Insider Activity at CoStar Group

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the stock in a transaction dated 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 Securities & Exchange Commission, which can be accessed through this link. 1.57% of the stock is currently owned by insiders.

Analyst Ratings Changes

CSGP has been the topic of a number of research reports. Keefe, Bruyette & Woods cut their price target on shares of CoStar Group from $96.00 to $93.00 and set an "outperform" rating on the stock in a research note on Tuesday, January 28th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $83.00 price objective on shares of CoStar Group in a research report on Wednesday, February 19th. Craig Hallum began coverage on CoStar Group in a report on Friday, February 28th. They set a "buy" rating for the company. JPMorgan Chase & Co. dropped their price target on CoStar Group from $99.00 to $87.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company reduced their price objective on CoStar Group from $65.00 to $63.00 and set an "underweight" rating for the company in a research report on Wednesday, February 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $87.54.

CoStar Group Company 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.