Comerica Bank Sells 29,431 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Comerica Bank decreased its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 26.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,548 shares of the technology company's stock after selling 29,431 shares during the period. Comerica Bank's holdings in CoStar Group were worth $5,766,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Barclays PLC lifted its stake in CoStar Group by 91.4% in the third quarter. Barclays PLC now owns 2,249,188 shares of the technology company's stock worth $169,678,000 after acquiring an additional 1,073,793 shares during the period. Wilmington Savings Fund Society FSB bought a new position in CoStar Group in the 3rd quarter worth $256,000. GAMMA Investing LLC lifted its position in shares of CoStar Group by 7.7% in the 4th quarter. GAMMA Investing LLC now owns 4,938 shares of the technology company's stock worth $354,000 after purchasing an additional 355 shares during the period. Nordea Investment Management AB boosted its stake in shares of CoStar Group by 3.7% during the 4th quarter. Nordea Investment Management AB now owns 32,902 shares of the technology company's stock valued at $2,376,000 after purchasing an additional 1,172 shares in the last quarter. Finally, Insight Wealth Strategies LLC increased its position in shares of CoStar Group by 3.3% during the fourth quarter. Insight Wealth Strategies LLC now owns 51,815 shares of the technology company's stock valued at $3,709,000 after buying an additional 1,632 shares during the period. Hedge funds and other institutional investors own 96.60% of the company's stock.

CoStar Group Stock Performance

CSGP traded down $1.29 during midday trading on Friday, hitting $74.56. 2,300,106 shares of the company traded hands, compared to its average volume of 2,851,950. The company's 50-day moving average is $78.26 and its 200 day moving average is $76.18. 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 firm has a market capitalization of $31.45 billion, a PE ratio of 213.03 and a beta of 0.89. 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 issued its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.22. The company had revenue of $709.40 million for the quarter, compared to analysts' expectations of $703.00 million. CoStar Group had a net margin of 5.07% and a return on equity of 3.11%. On average, research analysts expect 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 plan on Tuesday, February 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have weighed in on CSGP shares. The Goldman Sachs Group assumed coverage on CoStar Group in a research report on Friday, February 28th. They set a "buy" rating on the stock. Piper Sandler began coverage on CoStar Group in a report on Friday, February 28th. They issued an "overweight" rating for the company. JPMorgan Chase & Co. dropped their target price on shares of CoStar Group from $99.00 to $87.00 and set an "overweight" rating on the stock in a report on Wednesday, February 19th. Wells Fargo & Company increased their price target 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. Finally, William Blair assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a "market perform" rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $88.31.

Insider Activity at CoStar Group

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were 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 represents a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.57% of the stock is owned by company insiders.

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.