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

Comerica Bank decreased its holdings in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 26.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 80,548 shares of the technology company's stock after selling 29,431 shares during the quarter. 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 also recently made changes to their positions in the company. Polen Capital Management LLC bought a new position in CoStar Group during the 4th quarter worth approximately $465,134,000. Norges Bank acquired a new stake in CoStar Group during the 4th quarter worth about $390,755,000. Capital International Investors raised its position in shares of CoStar Group by 44.9% in the 4th quarter. Capital International Investors now owns 14,032,363 shares of the technology company's stock worth $1,004,578,000 after acquiring an additional 4,345,267 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of CoStar Group by 24.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,415,895 shares of the technology company's stock worth $459,314,000 after acquiring an additional 1,267,263 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of CoStar Group by 2,181.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,129,307 shares of the technology company's stock valued at $80,847,000 after purchasing an additional 1,079,815 shares in the last quarter. Institutional investors and hedge funds own 96.60% of the company's stock.

CoStar Group Stock Performance

Shares of NASDAQ:CSGP traded down $1.29 during mid-day trading on Friday, reaching $74.56. The company had a trading volume of 2,300,106 shares, compared to its average volume of 2,846,931. CoStar Group, Inc. has a one year low of $68.26 and a one year high of $91.24. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. The company's 50-day moving average price is $78.26 and its 200-day moving average price is $76.15. The firm has a market cap of $31.45 billion, a price-to-earnings ratio of 213.03 and a beta of 0.89.

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, meeting the consensus estimate of $0.22. The firm had revenue of $709.40 million for the quarter, compared to analyst estimates of $703.00 million. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. As a group, equities research analysts anticipate that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

CoStar Group declared that its Board of Directors has approved a stock repurchase 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 stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. StockNews.com lowered CoStar Group from a "hold" rating to a "sell" rating in a research note on Wednesday, January 15th. William Blair initiated coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a "market perform" rating for the company. Keefe, Bruyette & Woods increased their price objective on shares of CoStar Group from $93.00 to $95.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 30th. Piper Sandler began coverage on CoStar Group in a research report on Friday, February 28th. They issued an "overweight" rating for the company. Finally, Deutsche Bank Aktiengesellschaft started coverage on CoStar Group in a report on Friday, February 28th. They issued a "buy" rating and a $89.00 price target on the stock. Two 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. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $88.31.

Insiders Place Their Bets

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the firm's stock in a transaction on Monday, March 10th. The stock was 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 of the company's stock, valued at $2,353,534.40. This trade represents 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 at the SEC website. Company insiders own 1.57% of the company's stock.

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.