Ameriprise Financial Inc. Increases Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Ameriprise Financial Inc. increased its position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 31.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,749,116 shares of the technology company's stock after buying an additional 665,483 shares during the quarter. Ameriprise Financial Inc. owned 0.67% of CoStar Group worth $196,832,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Visualize Group LP acquired a new stake in shares of CoStar Group in the fourth quarter valued at approximately $15,778,000. DoubleLine ETF Adviser LP increased its position in shares of CoStar Group by 0.5% in the fourth quarter. DoubleLine ETF Adviser LP now owns 29,398 shares of the technology company's stock valued at $2,105,000 after acquiring an additional 146 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in CoStar Group by 84.0% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 17,448 shares of the technology company's stock worth $1,249,000 after acquiring an additional 7,963 shares in the last quarter. Keel Point LLC acquired a new position in shares of CoStar Group during the 4th quarter worth about $211,000. Finally, Davidson Kahn Capital Management LLC acquired a new position in CoStar Group during the fourth quarter worth approximately $2,399,000. Institutional investors and hedge funds own 96.60% of the company's stock.

CoStar Group Stock Up 0.2%

CoStar Group stock traded up $0.13 during midday trading on Monday, hitting $74.70. 617,749 shares of the stock were exchanged, compared to its average volume of 2,843,404. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $31.52 billion, a price-to-earnings ratio of 213.29 and a beta of 0.89. The business's 50-day moving average price is $78.26 and its 200-day moving average price is $76.19. CoStar Group, Inc. has a 52-week low of $68.26 and a 52-week high of $90.93.

CoStar Group (NASDAQ:CSGP - Get Free Report) last announced 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. 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 during the quarter, compared to analyst estimates of $703.00 million. On average, research analysts expect that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

CoStar Group announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, February 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 1.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Activity

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the company'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 directly owns 29,456 shares in the company, valued at approximately $2,353,534.40. The trade was a 5.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.57% of the company's stock.

Wall Street Analysts Forecast Growth

CSGP has been the topic of a number of research analyst reports. William Blair began coverage on CoStar Group in a research note on Friday, February 28th. They issued a "market perform" rating on the stock. Keefe, Bruyette & Woods lifted their target price on shares of CoStar Group from $93.00 to $95.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. Craig Hallum assumed coverage on CoStar Group in a research note on Friday, February 28th. They set a "buy" rating on the stock. Citigroup reduced their price target on CoStar Group from $88.00 to $86.00 and set a "buy" rating for the company in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. lowered their price objective on CoStar Group from $99.00 to $87.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 19th. 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 stock. According to MarketBeat.com, CoStar Group has a consensus rating of "Moderate Buy" and an average target price of $88.31.

About CoStar Group

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.