6,497,188 Shares in CoStar Group, Inc. (NASDAQ:CSGP) Bought by Polen Capital Management LLC

Polen Capital Management LLC bought a new position in CoStar Group, Inc. (NASDAQ:CSGP) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 6,497,188 shares of the technology company’s stock, valued at approximately $465,134,000. CoStar Group accounts for about 1.3% of Polen Capital Management LLC’s holdings, making the stock its 23rd largest holding.

Other hedge funds also recently bought and sold shares of the company. Hopwood Financial Services Inc. purchased a new stake in CoStar Group in the 4th quarter worth $25,000. ORG Partners LLC lifted its stake in CoStar Group by 534.8% in the 4th quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock worth $30,000 after purchasing an additional 353 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in CoStar Group in the 4th quarter worth $30,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in CoStar Group in the 4th quarter worth $32,000. Finally, E Fund Management Hong Kong Co. Ltd. lifted its stake 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 worth $37,000 after purchasing an additional 513 shares in the last quarter. Institutional investors own 96.60% of the company’s stock.

Analyst Ratings Changes

CSGP has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued a “buy” rating and a $89.00 price target on the stock. JPMorgan Chase & Co. decreased their price target on shares of CoStar Group from $99.00 to $87.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 19th. Piper Sandler started coverage on shares of CoStar Group in a research report on Friday, February 28th. They set an “overweight” rating on the stock. Stephens restated an “overweight” rating and set a $103.00 target price on shares of CoStar Group in a research report on Tuesday, February 18th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $83.00 target price on shares of CoStar Group in a research report on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, CoStar Group has a consensus rating of “Moderate Buy” and a consensus price target of $88.07.

Insiders Place Their Bets

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the firm’s stock in a transaction on 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 transaction, the chief accounting officer now 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.57% of the company’s stock.

CoStar Group Price Performance

NASDAQ CSGP opened at $78.73 on Monday. 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 firm’s 50 day moving average price is $75.32 and its 200-day moving average price is $75.66. CoStar Group, Inc. has a 52-week low of $68.26 and a 52-week high of $100.38. The company has a market cap of $32.29 billion, a PE ratio of 224.94 and a beta of 0.93.

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

CoStar Group declared that its board has initiated 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 buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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.