CoStar Group, Inc. (NASDAQ:CSGP) Shares Purchased by Mackenzie Financial Corp

Mackenzie Financial Corp increased its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 4.6% during the 4th quarter, Holdings Channel reports. The fund owned 2,935,559 shares of the technology company’s stock after purchasing an additional 128,540 shares during the quarter. Mackenzie Financial Corp’s holdings in CoStar Group were worth $210,157,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CSGP. Polen Capital Management LLC acquired a new stake in CoStar Group in the fourth quarter valued at approximately $465,134,000. Norges Bank acquired a new stake in CoStar Group in the fourth quarter valued at approximately $390,755,000. Capital International Investors grew its holdings in CoStar Group by 44.9% in the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company’s stock valued at $1,004,578,000 after purchasing an additional 4,345,267 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in CoStar Group by 24.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,415,895 shares of the technology company’s stock valued at $459,314,000 after purchasing an additional 1,267,263 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in CoStar Group by 2,181.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 1,129,307 shares of the technology company’s stock valued at $80,847,000 after purchasing an additional 1,079,815 shares during the period. 96.60% of the stock is owned by institutional investors and hedge funds.

CoStar Group Stock Performance

Shares of CoStar Group stock opened at $73.99 on Friday. CoStar Group, Inc. has a one year low of $68.26 and a one year high of $87.04. The company has a market cap of $31.22 billion, a price-to-earnings ratio of 211.40 and a beta of 0.89. 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 business’s 50 day moving average price is $77.74 and its 200 day moving average price is $76.28.

CoStar Group (NASDAQ:CSGP) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, meeting analysts’ consensus estimates of $0.22. The company had revenue of $709.40 million for the quarter, compared to the consensus estimate of $703.00 million. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. On average, research analysts predict that CoStar Group, Inc. will post 0.94 EPS for the current year.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Stephens reaffirmed an “overweight” rating and issued a $103.00 price target on shares of CoStar Group in a research note on Tuesday, February 18th. The Goldman Sachs Group assumed coverage on CoStar Group in a research note on Friday, February 28th. They issued a “buy” rating on the stock. Citigroup lowered their price target on CoStar Group from $88.00 to $86.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $83.00 price target on shares of CoStar Group in a research note on Thursday, April 17th. Finally, William Blair assumed coverage on CoStar Group in a research note on Friday, February 28th. They issued a “market perform” rating on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $88.31.

Insider Buying and Selling

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 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 trade represents a 5.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.09% of the company’s stock.

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.