Bank of America Corp DE Lowers Position in CoStar Group, Inc. (NASDAQ:CSGP)

Bank of America Corp DE cut its position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 15.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,573,082 shares of the technology company's stock after selling 635,625 shares during the period. Bank of America Corp DE owned approximately 0.87% of CoStar Group worth $255,797,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. DoubleLine ETF Adviser LP boosted its holdings in CoStar Group by 0.5% during the fourth quarter. DoubleLine ETF Adviser LP now owns 29,398 shares of the technology company's stock worth $2,105,000 after buying an additional 146 shares in the last quarter. Allworth Financial LP lifted its stake in shares of CoStar Group by 9.7% during the 4th quarter. Allworth Financial LP now owns 1,950 shares of the technology company's stock worth $144,000 after buying an additional 173 shares during the last quarter. Atria Wealth Solutions Inc. raised its stake in CoStar Group by 2.3% in the 4th quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company's stock worth $557,000 after purchasing an additional 176 shares in the last quarter. Moran Wealth Management LLC grew its holdings in shares of CoStar Group by 2.2% during the 4th quarter. Moran Wealth Management LLC now owns 8,207 shares of the technology company's stock valued at $588,000 after purchasing an additional 180 shares during the last quarter. Finally, FWG Holdings LLC boosted its position in CoStar Group by 3.5% during the 4th quarter. FWG Holdings LLC now owns 6,431 shares of the technology company's stock worth $494,000 after buying an additional 219 shares during the period. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

CoStar Group Stock Performance

CSGP stock traded up $0.81 during midday trading on Monday, hitting $75.38. 3,687,101 shares of the company traded hands, compared to its average volume of 2,855,289. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $90.93. 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 business has a 50 day simple moving average of $78.26 and a 200-day simple moving average of $76.19. The stock has a market capitalization of $31.80 billion, a price-to-earnings ratio of 215.37 and a beta of 0.89.

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 firm had revenue of $709.40 million during the quarter, compared to analysts' expectations of $703.00 million. As a group, equities research analysts predict that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

CoStar Group declared that its Board of Directors has approved a stock repurchase plan on Tuesday, February 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CSGP. Keefe, Bruyette & Woods upped their target price on shares of CoStar Group from $93.00 to $95.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 30th. William Blair assumed coverage on shares of CoStar Group in a research note on Friday, February 28th. They set a "market perform" rating for the company. Needham & Company LLC boosted their target price on CoStar Group from $87.00 to $98.00 and gave the stock a "buy" rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. cut their price objective on CoStar Group from $99.00 to $87.00 and set an "overweight" rating for the company in a research note on Wednesday, February 19th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $83.00 price target on shares of CoStar Group in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $88.31.

Insider Transactions at CoStar Group

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.57% of the stock is currently owned by insiders.

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.