Focus Partners Wealth Takes $43.90 Million Position in CoStar Group, Inc. (NASDAQ:CSGP)

Focus Partners Wealth acquired a new position in CoStar Group, Inc. (NASDAQ:CSGP) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 613,141 shares of the technology company’s stock, valued at approximately $43,895,000. Focus Partners Wealth owned approximately 0.15% of CoStar Group at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Fiduciary Trust Co increased its holdings in shares of CoStar Group by 9.8% during the fourth quarter. Fiduciary Trust Co now owns 3,988 shares of the technology company’s stock valued at $286,000 after purchasing an additional 355 shares during the period. Deutsche Bank AG increased its stake in CoStar Group by 25.4% during the 4th quarter. Deutsche Bank AG now owns 1,589,997 shares of the technology company’s stock valued at $113,828,000 after buying an additional 321,919 shares during the period. Colonial Trust Co SC raised its position in shares of CoStar Group by 27.4% during the 4th quarter. Colonial Trust Co SC now owns 674 shares of the technology company’s stock worth $48,000 after buying an additional 145 shares in the last quarter. Crestline Management LP acquired a new stake in shares of CoStar Group in the 4th quarter worth approximately $2,727,000. Finally, Centiva Capital LP bought a new position in shares of CoStar Group in the fourth quarter valued at approximately $770,000. 96.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CSGP shares. Piper Sandler assumed coverage on CoStar Group in a report on Friday, February 28th. They set an “overweight” rating on the stock. StockNews.com lowered CoStar Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. JPMorgan Chase & Co. lowered their target price on CoStar Group from $99.00 to $87.00 and set an “overweight” rating on the stock in a report on Wednesday, February 19th. Needham & Company LLC boosted their price target on shares of CoStar Group from $87.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, April 30th. Finally, Wells Fargo & Company lifted their price objective on shares of CoStar Group from $63.00 to $65.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 30th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, CoStar Group currently has an average rating of “Moderate Buy” and a consensus target price of $88.31.

Insider Activity at CoStar Group

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 29,456 shares in the company, valued at $2,353,534.40. The trade was a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.57% of the company’s stock.

CoStar Group Stock Down 1.7 %

NASDAQ:CSGP opened at $74.56 on Friday. The business’s fifty day moving average price is $78.26 and its 200 day moving average price is $76.18. The firm has a market capitalization of $31.45 billion, a price-to-earnings ratio of 213.03 and a beta of 0.89. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. CoStar Group, Inc. has a 1-year low of $68.26 and a 1-year high of $90.93.

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

CoStar Group announced that its board has initiated a stock repurchase plan on Tuesday, February 18th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

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.