Peapack Gladstone Financial Corp Takes $404,000 Position in CoStar Group, Inc. (NASDAQ:CSGP)

Peapack Gladstone Financial Corp bought a new position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,641 shares of the technology company's stock, valued at approximately $404,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Polen Capital Management LLC bought a new stake in shares of CoStar Group in the fourth quarter valued at about $465,134,000. Norges Bank bought a new position in shares of CoStar Group during the fourth quarter worth approximately $390,755,000. Barclays PLC increased its holdings in shares of CoStar Group by 91.4% during the third quarter. Barclays PLC now owns 2,249,188 shares of the technology company's stock worth $169,678,000 after purchasing an additional 1,073,793 shares during the period. JPMorgan Chase & Co. raised its position in shares of CoStar Group by 73.8% in the third 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 in the last quarter. Finally, DF Dent & Co. Inc. grew its position in CoStar Group by 38.5% during the fourth quarter. DF Dent & Co. Inc. now owns 2,456,562 shares of the technology company's stock worth $175,865,000 after buying an additional 682,984 shares in the last quarter. Institutional investors own 96.60% of the company's stock.

Insider Activity at CoStar Group

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the business's 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 transaction, the chief accounting officer now owns 29,456 shares in the company, valued at $2,353,534.40. The trade was a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.57% of the stock is currently owned by company insiders.

Remove Ads

CoStar Group Trading Up 1.0 %

Shares of CoStar Group stock traded up $0.77 on Tuesday, hitting $80.30. The stock had a trading volume of 630,302 shares, compared to its average volume of 2,729,603. The stock has a 50 day moving average of $77.27 and a 200 day moving average of $75.80. 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, Inc. has a twelve month low of $68.26 and a twelve month high of $93.94. The firm has a market capitalization of $32.93 billion, a P/E ratio of 229.79 and a beta of 0.88.

CoStar Group (NASDAQ:CSGP - Get Free Report) last issued 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. The company 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%. Sell-side analysts expect that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal 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 outstanding shares. This repurchase authorization allows the technology company to purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Keefe, Bruyette & Woods decreased their price target on CoStar Group from $96.00 to $93.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 28th. JMP Securities restated a "market outperform" rating and issued a $90.00 target price on shares of CoStar Group in a research report on Monday, December 16th. William Blair initiated coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued a "market perform" rating on the stock. Royal Bank of Canada restated a "sector perform" rating and set a $83.00 target price on shares of CoStar Group in a research note on Wednesday, February 19th. Finally, Piper Sandler assumed coverage on CoStar Group in a research note on Friday, February 28th. They issued an "overweight" rating on the stock. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, CoStar Group has a consensus rating of "Moderate Buy" and a consensus 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.