Resona Asset Management Co. Ltd. Boosts Stock Holdings in CoStar Group, Inc. $CSGP

Key Points

• Resona Asset Management Co. Ltd. increased its stake in CoStar Group by 10.7%, now owning 129,338 shares valued at approximately $10.25 million.
• CoStar Group reported a 15.2% year-over-year revenue growth with a net margin of 3.57% and a EPS of $0.17 for the latest quarter, surpassing analyst expectations.
• Institutional investors and hedge funds hold approximately 96.60% of CoStar Group's stock, indicating strong institutional interest in the company.

Resona Asset Management Co. Ltd. boosted its position in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 10.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 129,338 shares of the technology company's stock after purchasing an additional 12,501 shares during the period. Resona Asset Management Co. Ltd.'s holdings in CoStar Group were worth $10,249,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. Arrowpoint Investment Partners Singapore Pte. Ltd. purchased a new stake in shares of CoStar Group during the first quarter valued at approximately $261,000. Callan Family Office LLC grew its stake in CoStar Group by 18.8% in the 1st quarter. Callan Family Office LLC now owns 7,609 shares of the technology company's stock valued at $603,000 after purchasing an additional 1,205 shares during the period. Enhancing Capital LLC increased its position in shares of CoStar Group by 3.4% during the 1st quarter. Enhancing Capital LLC now owns 6,883 shares of the technology company's stock valued at $545,000 after purchasing an additional 224 shares during the last quarter. Independent Advisor Alliance raised its stake in shares of CoStar Group by 20.8% during the 1st quarter. Independent Advisor Alliance now owns 4,058 shares of the technology company's stock worth $322,000 after purchasing an additional 700 shares during the period. Finally, Nuveen LLC bought a new position in CoStar Group during the first quarter valued at about $82,756,000. Institutional investors own 96.60% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Royal Bank Of Canada lifted their price objective on shares of CoStar Group from $83.00 to $91.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 23rd. William Blair reaffirmed an "outperform" rating on shares of CoStar Group in a report on Wednesday, July 23rd. BMO Capital Markets upped their price objective on CoStar Group from $82.00 to $89.00 and gave the company a "market perform" rating in a research note on Wednesday, July 23rd. Needham & Company LLC raised their target price on CoStar Group from $98.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, Bank of America initiated coverage on CoStar Group in a research report on Friday, May 30th. They set a "neutral" rating and a $79.00 price target on the stock. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $93.25.

CoStar Group Price Performance

CoStar Group stock traded down $1.13 during midday trading on Monday, reaching $88.53. 1,072,686 shares of the stock were exchanged, compared to its average volume of 3,195,104. CoStar Group, Inc. has a 52 week low of $68.26 and a 52 week high of $97.43. The company has a debt-to-equity ratio of 0.12, a quick ratio of 5.83 and a current ratio of 5.83. The firm has a market cap of $37.51 billion, a PE ratio of 354.20, a PEG ratio of 4.37 and a beta of 0.85. The company's fifty day moving average is $86.22 and its 200-day moving average is $80.32.

CoStar Group (NASDAQ:CSGP - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The technology company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.03. The company had revenue of $781.30 million during 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%. The firm's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the company earned $0.15 earnings per share. On average, sell-side analysts forecast that CoStar Group, Inc. will post 0.94 EPS for the current year.

Insider Buying and Selling

In other CoStar Group 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 value of $2,330,750.00. Following the completion of the transaction, the insider owned 319,539 shares of the company's stock, valued at $29,790,620.97. The trade was a 7.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Cynthia Cammett Cann sold 2,033 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of $92.85, for a total transaction of $188,764.05. Following the completion of the transaction, the chief accounting officer directly owned 25,771 shares in the company, 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. Company insiders own 1.09% 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.