Arrowpoint Investment Partners Singapore Pte. Ltd. Takes $261,000 Position in CoStar Group, Inc. (NASDAQ:CSGP)

Key Points

• Arrowpoint Investment Partners acquired a new stake in CoStar Group, purchasing 3,300 shares valued at approximately $261,000 in the first quarter of 2023.
• Several institutional investors increased their holdings, with Mizuho Markets Americas acquiring a position worth around $586 million in the same quarter.
• Analysts have mixed ratings on CoStar Group, with the stock currently holding a consensus rating of "Moderate Buy" and a target price of $93.25, while recently trading down by 4.4%.

Arrowpoint Investment Partners Singapore Pte. Ltd. acquired a new position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,300 shares of the technology company's stock, valued at approximately $261,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cerity Partners LLC grew its position in CoStar Group by 185.9% in the 4th quarter. Cerity Partners LLC now owns 41,602 shares of the technology company's stock worth $3,021,000 after purchasing an additional 27,049 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of CoStar Group in the fourth quarter valued at approximately $45,993,000. Rockefeller Capital Management L.P. bought a new position in shares of CoStar Group in the fourth quarter valued at approximately $885,000. Summit Investment Advisors Inc. boosted its holdings in shares of CoStar Group by 2.5% in the fourth quarter. Summit Investment Advisors Inc. now owns 17,037 shares of the technology company's stock valued at $1,220,000 after acquiring an additional 408 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in CoStar Group during the fourth quarter worth approximately $664,000. Institutional investors and hedge funds own 96.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CSGP. Needham & Company LLC boosted their target price on shares of CoStar Group from $98.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Robert W. Baird raised their price target on shares of CoStar Group from $100.00 to $105.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. William Blair restated an "outperform" rating on shares of CoStar Group in a report on Wednesday, July 23rd. BMO Capital Markets lifted their target price on shares of CoStar Group from $82.00 to $89.00 and gave the stock a "market perform" rating in a report on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. raised their price target on shares of CoStar Group from $87.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $93.25.

Insider Buying and Selling

In related news, insider Frederick G. Saint sold 25,000 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $93.23, for a total transaction of $2,330,750.00. Following the completion of the sale, the insider directly owned 319,539 shares of the company's stock, valued at $29,790,620.97. The trade was a 7.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Cynthia Cammett Cann sold 2,033 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $92.85, for a total transaction of $188,764.05. Following the completion of the sale, the chief accounting officer directly owned 25,771 shares of the company's stock, valued at $2,392,837.35. The trade was a 7.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.09% of the company's stock.

CoStar Group Price Performance

Shares of CSGP stock traded up $1.69 during trading hours on Friday, reaching $89.66. 2,534,265 shares of the company were exchanged, compared to its average volume of 3,387,803. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $97.43. The stock's fifty day moving average is $86.22 and its two-hundred day moving average is $80.30. The company has a market cap of $37.98 billion, a price-to-earnings ratio of 358.64, a P/E/G ratio of 4.37 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.83 and a quick ratio of 5.83.

CoStar Group (NASDAQ:CSGP - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The technology company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. The business had revenue of $781.30 million during the quarter, compared to the consensus estimate of $772.06 million. CoStar Group had a net margin of 3.57% and a return on equity of 2.88%. CoStar Group's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.15 earnings per share. Sell-side analysts forecast that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

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.