CoStar Group, Inc. (NASDAQ:CSGP) Stake Increased by Intech Investment Management LLC

Intech Investment Management LLC increased its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 205.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 21,632 shares of the technology company’s stock after acquiring an additional 14,559 shares during the quarter. Intech Investment Management LLC’s holdings in CoStar Group were worth $1,549,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CSGP. Polen Capital Management LLC bought a new stake in shares of CoStar Group in the fourth quarter worth $465,134,000. Barclays PLC increased its stake in shares of CoStar Group by 91.4% in the third quarter. Barclays PLC now owns 2,249,188 shares of the technology company’s stock worth $169,678,000 after buying an additional 1,073,793 shares during the last quarter. JPMorgan Chase & Co. increased its stake 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 worth $177,913,000 after buying an additional 1,001,177 shares during the last quarter. State Street Corp increased its stake in shares of CoStar Group by 4.4% in the third quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock worth $1,286,987,000 after buying an additional 722,153 shares during the last quarter. Finally, Amundi increased its stake in shares of CoStar Group by 30.1% in the fourth quarter. Amundi now owns 2,810,540 shares of the technology company’s stock worth $200,504,000 after buying an additional 650,454 shares during the last quarter. Institutional investors own 96.60% of the company’s stock.

Insider Buying and Selling

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $79.90, for a total value of $139,745.10. Following the completion of the sale, the chief accounting officer now directly owns 29,456 shares of the company’s stock, valued at approximately $2,353,534.40. This represents a 5.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.57% of the company’s stock.

CoStar Group Stock Performance

CSGP stock opened at $78.46 on Friday. The company has a market capitalization of $32.18 billion, a P/E ratio of 224.17 and a beta of 0.93. The company has a 50-day simple moving average of $76.15 and a 200 day simple moving average of $75.74. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $97.73. 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 (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, hitting the consensus estimate of $0.22. The business had revenue of $709.40 million during the quarter, compared to the consensus estimate of $703.00 million. CoStar Group had a net margin of 5.07% and a return on equity of 3.11%. Sell-side analysts predict that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

CoStar Group announced that its Board of Directors has authorized a share buyback plan on Tuesday, February 18th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Citigroup lowered their target price on shares of CoStar Group from $88.00 to $86.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Piper Sandler assumed coverage on shares of CoStar Group in a research note on Friday, February 28th. They set an “overweight” rating for the company. Stephens reiterated an “overweight” rating and set a $103.00 target price on shares of CoStar Group in a research note on Tuesday, February 18th. The Goldman Sachs Group assumed coverage on shares of CoStar Group in a research note on Friday, February 28th. They set a “buy” rating for the company. Finally, Wells Fargo & Company lowered their target price on shares of CoStar Group from $65.00 to $63.00 and set an “underweight” rating for the company in a research note on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, CoStar Group presently has an average rating of “Moderate Buy” and an average target price of $88.07.

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.