Parnassus Investments LLC Decreases Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Parnassus Investments LLC lessened its position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 94.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,009 shares of the technology company's stock after selling 218,660 shares during the quarter. Parnassus Investments LLC's holdings in CoStar Group were worth $860,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ lifted its holdings in CoStar Group by 5.3% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 84,811 shares of the technology company's stock valued at $6,092,000 after purchasing an additional 4,300 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in CoStar Group by 410.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 40,007 shares of the technology company's stock valued at $2,864,000 after purchasing an additional 32,165 shares in the last quarter. Hopwood Financial Services Inc. purchased a new position in CoStar Group during the fourth quarter valued at $25,000. Farther Finance Advisors LLC lifted its holdings in CoStar Group by 77.1% during the fourth quarter. Farther Finance Advisors LLC now owns 850 shares of the technology company's stock valued at $61,000 after purchasing an additional 370 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in CoStar Group by 723.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,717 shares of the technology company's stock valued at $195,000 after purchasing an additional 2,387 shares in the last quarter. Institutional investors and hedge funds own 96.60% of the company's stock.

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Insider Transactions at CoStar Group

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $79.90, for a total transaction 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 $2,353,534.40. This trade represents a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.57% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CSGP shares. JMP Securities reaffirmed a "market outperform" rating and set a $90.00 price objective on shares of CoStar Group in a report on Monday, December 16th. Piper Sandler began coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued an "overweight" rating on the stock. Needham & Company LLC lowered their price target on shares of CoStar Group from $100.00 to $87.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. William Blair began coverage on shares of CoStar Group in a research report on Friday, February 28th. They set a "market perform" rating on the stock. Finally, StockNews.com lowered shares of CoStar Group from a "hold" rating to a "sell" rating in a research report on Wednesday, January 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $88.07.

CoStar Group Trading Up 1.3 %

CSGP stock traded up $1.04 during midday trading on Wednesday, hitting $79.40. 2,856,854 shares of the company's stock were exchanged, compared to its average volume of 2,537,280. The business has a 50-day simple moving average of $75.66 and a two-hundred day simple moving average of $75.69. 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 stock has a market capitalization of $32.56 billion, a PE ratio of 226.86 and a beta of 0.93. CoStar Group, Inc. has a 1-year low of $68.26 and a 1-year high of $97.91.

CoStar Group (NASDAQ:CSGP - Get Free Report) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (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 company had revenue of $709.40 million during the quarter, compared to analysts' expectations of $703.00 million. On average, sell-side analysts predict that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

CoStar Group declared that its board has approved a stock repurchase program on Tuesday, February 18th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is 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.