OMERS ADMINISTRATION Corp Trims Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

OMERS ADMINISTRATION Corp trimmed its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 16.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,787 shares of the technology company’s stock after selling 5,994 shares during the period. OMERS ADMINISTRATION Corp’s holdings in CoStar Group were worth $2,204,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Hopwood Financial Services Inc. purchased a new position in CoStar Group during the fourth quarter worth $25,000. SBI Securities Co. Ltd. purchased a new stake in CoStar Group during the 4th quarter worth about $30,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in CoStar Group in the 4th quarter valued at about $32,000. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in CoStar Group by 414.4% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 499 shares of the technology company’s stock valued at $36,000 after purchasing an additional 402 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. lifted its holdings in CoStar Group by 17,100.0% in the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 516 shares of the technology company’s stock valued at $37,000 after purchasing an additional 513 shares in the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Stock Performance

CoStar Group stock opened at $75.69 on Thursday. The company has a market cap of $31.93 billion, a price-to-earnings ratio of 216.26 and a beta of 0.89. CoStar Group, Inc. has a 12 month low of $68.26 and a 12 month high of $89.33. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63. The stock’s 50-day moving average is $78.10 and its 200-day moving average is $76.19.

CoStar Group (NASDAQ:CSGP) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.22. The firm 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%. Equities analysts anticipate that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

CoStar Group declared that its board has authorized a share buyback program on Tuesday, February 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to reacquire up to 1.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the stock in a transaction dated 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 sale, the chief accounting officer now owns 29,456 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.57% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. William Blair initiated coverage on shares of CoStar Group in a research report on Friday, February 28th. They issued a “market perform” rating for the company. JPMorgan Chase & Co. cut their price target on CoStar Group from $99.00 to $87.00 and set an “overweight” rating for the company in a report on Wednesday, February 19th. Piper Sandler assumed coverage on CoStar Group in a report on Friday, February 28th. They set an “overweight” rating on the stock. Keefe, Bruyette & Woods lifted their price objective on CoStar Group from $93.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, April 30th. Finally, The Goldman Sachs Group began coverage on CoStar Group in a research report on Friday, February 28th. They set a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.31.

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.