Summit Securities Group LLC Makes New Investment in CoStar Group, Inc. (NASDAQ:CSGP)

Summit Securities Group LLC purchased a new position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 4,065 shares of the technology company's stock, valued at approximately $291,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its position in shares of CoStar Group by 73.8% during the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company's stock worth $177,913,000 after purchasing an additional 1,001,177 shares in the last quarter. Steward Partners Investment Advisory LLC increased its stake 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 worth $511,000 after buying an additional 5,940 shares during the period. Kovitz Investment Group Partners LLC acquired a new position in CoStar Group in the 3rd quarter worth $621,000. Cerity Partners LLC boosted its position in CoStar Group by 101.1% in the 3rd quarter. Cerity Partners LLC now owns 14,553 shares of the technology company's stock valued at $1,098,000 after buying an additional 7,317 shares during the last quarter. Finally, National Bank of Canada FI grew its stake in shares of CoStar Group by 79.7% during the third quarter. National Bank of Canada FI now owns 293,148 shares of the technology company's stock valued at $22,115,000 after acquiring an additional 130,045 shares in the last quarter. Hedge funds and other institutional investors own 96.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Keefe, Bruyette & Woods cut their price target on CoStar Group from $96.00 to $93.00 and set an "outperform" rating on the stock in a research note on Tuesday, January 28th. Wells Fargo & Company cut their target price on CoStar Group from $65.00 to $63.00 and set an "underweight" rating on the stock in a research report on Wednesday, February 19th. Stephens reissued an "overweight" rating and set a $103.00 price target on shares of CoStar Group in a research report on Tuesday, February 18th. Craig Hallum began coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a "buy" rating on the stock. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They set a "buy" rating and a $89.00 price objective for the company. Two research 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 has a consensus rating of "Moderate Buy" and an average price target of $88.07.

CoStar Group Stock Performance

CSGP stock traded down $1.66 during midday trading on Thursday, reaching $78.26. The company had a trading volume of 1,272,697 shares, compared to its average volume of 2,644,227. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $77.29 and a 200 day moving average price of $75.82. The firm has a market capitalization of $32.10 billion, a PE ratio of 223.60 and a beta of 0.93. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $95.71.

CoStar Group (NASDAQ:CSGP - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $709.40 million during the quarter, compared to the consensus estimate of $703.00 million. Analysts anticipate that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

CoStar Group declared that its board has initiated a stock buyback program 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 shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the 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 transaction, the chief accounting officer now directly owns 29,456 shares of the company's stock, valued at $2,353,534.40. This represents a 5.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.57% of the company's stock.

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.