Platinum Investment Management Ltd. Raises Stock Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

Platinum Investment Management Ltd. grew its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 40.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 70,000 shares of the technology company's stock after purchasing an additional 20,000 shares during the period. Platinum Investment Management Ltd.'s holdings in CoStar Group were worth $5,011,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CSGP. JPMorgan Chase & Co. grew 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 worth $177,913,000 after acquiring an additional 1,001,177 shares during the period. Telemark Asset Management LLC increased its position in shares of CoStar Group by 42.9% in the third quarter. Telemark Asset Management LLC now owns 500,000 shares of the technology company's stock valued at $37,720,000 after buying an additional 150,000 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of CoStar Group by 16.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 103,547 shares of the technology company's stock worth $7,812,000 after buying an additional 14,468 shares during the last quarter. Kovitz Investment Group Partners LLC purchased a new stake in shares of CoStar Group in the 3rd quarter worth about $621,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in CoStar Group by 497.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,133 shares of the technology company's stock valued at $511,000 after acquiring an additional 5,940 shares in the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $79.90, for a total transaction of $139,745.10. Following the sale, 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.57% of the company's stock.

CoStar Group Trading Down 0.7 %

Shares of CSGP traded down $0.56 during trading hours on Friday, hitting $78.46. The stock had a trading volume of 4,383,489 shares, compared to its average volume of 2,545,640. CoStar Group, Inc. has a 12-month low of $68.26 and a 12-month high of $97.64. The firm has a market cap of $32.18 billion, a P/E ratio of 224.17 and a beta of 0.93. 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's fifty day simple moving average is $76.15 and its 200 day simple moving average is $75.74.

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

CoStar Group announced that its board has initiated a share repurchase plan on Tuesday, February 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CSGP has been the topic of several recent research reports. Keefe, Bruyette & Woods reduced their price target on shares of CoStar Group from $96.00 to $93.00 and set an "outperform" rating on the stock in a report on Tuesday, January 28th. StockNews.com cut CoStar Group from a "hold" rating to a "sell" rating in a report on Wednesday, January 15th. Royal Bank of Canada reissued a "sector perform" rating and issued a $83.00 price target on shares of CoStar Group in a report on Wednesday, February 19th. JMP Securities reaffirmed a "market outperform" rating and set a $90.00 price objective on shares of CoStar Group in a research note on Monday, December 16th. Finally, JPMorgan Chase & Co. cut their target price on shares of CoStar Group from $99.00 to $87.00 and set an "overweight" rating for the company in a research note on Wednesday, February 19th. Two analysts have rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $88.07.

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.