CoStar Group, Inc. $CSGP Position Increased by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. increased its stake in CoStar Group, Inc. by 22.4% during Q2, acquiring an additional 23,043 shares, bringing its total holdings to 125,889 shares valued at approximately $10.1 million.
• CoStar Group reported earnings of $0.17 per share for Q2, exceeding the consensus estimate of $0.14, with revenues of $781.3 million, reflecting a year-over-year increase of 15.2%.
• Insiders at CoStar Group have sold a total of 52,033 shares worth nearly $4.78 million in the past three months, indicating a decrease in ownership among company executives.

First Citizens Bank & Trust Co. increased its position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 22.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 125,889 shares of the technology company's stock after acquiring an additional 23,043 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in CoStar Group were worth $10,121,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CSGP. Wayfinding Financial LLC acquired a new stake in CoStar Group during the 1st quarter valued at $29,000. Bayforest Capital Ltd purchased a new position in CoStar Group during the first quarter valued at approximately $29,000. GKV Capital Management Co. Inc. acquired a new position in CoStar Group in the 1st quarter valued at approximately $31,000. Zions Bancorporation National Association UT purchased a new stake in CoStar Group in the 1st quarter worth approximately $31,000. Finally, Cullen Frost Bankers Inc. boosted its stake in shares of CoStar Group by 137.4% during the 1st quarter. Cullen Frost Bankers Inc. now owns 406 shares of the technology company's stock valued at $32,000 after buying an additional 235 shares during the period. Hedge funds and other institutional investors own 96.60% of the company's stock.

CoStar Group Stock Performance

NASDAQ:CSGP opened at $77.50 on Thursday. CoStar Group, Inc. has a 52-week low of $68.26 and a 52-week high of $97.43. The company has a market cap of $32.83 billion, a price-to-earnings ratio of 309.98, a PEG ratio of 3.61 and a beta of 0.87. The firm's 50-day moving average is $84.69 and its 200-day moving average is $82.64. The company has a debt-to-equity ratio of 0.12, a quick ratio of 5.83 and a current ratio of 5.83.

CoStar Group (NASDAQ:CSGP - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The technology company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.03. The company had revenue of $781.30 million for the quarter, compared to analyst estimates of $772.06 million. CoStar Group had a return on equity of 2.88% and a net margin of 3.57%.CoStar Group's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.15 EPS. Equities research analysts anticipate that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

Insider Transactions at CoStar Group

In other CoStar Group news, insider Frederick G. Saint sold 25,000 shares of the firm's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $90.33, for a total transaction of $2,258,250.00. Following the completion of the transaction, the insider owned 293,103 shares in the company, valued at $26,475,993.99. This trade represents a 7.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Cynthia Cammett Cann sold 2,033 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $92.85, for a total value of $188,764.05. Following the transaction, the chief accounting officer owned 25,771 shares of the company's stock, valued at $2,392,837.35. This trade represents a 7.31% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 52,033 shares of company stock worth $4,777,764. 1.09% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of CoStar Group in a research note on Wednesday, October 8th. Wolfe Research assumed coverage on CoStar Group in a research note on Wednesday, September 3rd. They set an "outperform" rating and a $105.00 price target for the company. Needham & Company LLC raised their price objective on CoStar Group from $98.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. lifted their price target on shares of CoStar Group from $87.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Finally, BMO Capital Markets raised their target price on shares of CoStar Group from $82.00 to $89.00 and gave the company a "market perform" rating in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, CoStar Group currently has a consensus rating of "Moderate Buy" and an average price target of $94.15.

CoStar Group 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.

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