CoStar Group, Inc. (NASDAQ:CSGP) Shares Bought by Fayez Sarofim & Co

Key Points

• Fayez Sarofim & Co increased its stake in CoStar Group by 5.0%, owning over 2.14 million shares valued at approximately $170 million as of the recent SEC filing.
• Multiple institutional investors have also made significant increases in their positions, with Capital International Investors raising their ownership by 44.9% to over 14 million shares worth about $1 billion.
• CoStar Group's quarterly earnings exceeded expectations, reporting $0.17 earnings per share, beating the consensus estimate of $0.14, with a revenue of $781.3 million for the quarter.

Fayez Sarofim & Co boosted its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,145,367 shares of the technology company's stock after buying an additional 102,277 shares during the quarter. Fayez Sarofim & Co owned 0.51% of CoStar Group worth $169,978,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CSGP. Capital International Investors grew its stake in shares of CoStar Group by 44.9% in the fourth 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. Vanguard Group Inc. raised its stake in CoStar Group by 4.1% in the first quarter. Vanguard Group Inc. now owns 68,426,711 shares of the technology company's stock valued at $5,421,448,000 after buying an additional 2,709,320 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of CoStar Group by 24.6% during 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. Canada Pension Plan Investment Board raised its holdings in CoStar Group by 2,181.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,129,307 shares of the technology company's stock worth $80,847,000 after purchasing an additional 1,079,815 shares in the last quarter. Finally, ShawSpring Partners LLC acquired a new position in shares of CoStar Group in the 4th quarter valued at $65,133,000. 96.60% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Cynthia Cammett Cann sold 2,033 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $92.85, for a total value of $188,764.05. Following the completion of the sale, the chief accounting officer owned 25,771 shares in the company, valued at $2,392,837.35. This trade represents a 7.31% 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, insider Frederick G. Saint sold 25,000 shares of the company's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $93.23, for a total transaction of $2,330,750.00. Following the transaction, the insider owned 319,539 shares in the company, valued at $29,790,620.97. The trade was a 7.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.09% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CSGP shares. JPMorgan Chase & Co. boosted 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. BMO Capital Markets raised their price target on CoStar Group from $82.00 to $89.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. Keefe, Bruyette & Woods boosted their price objective on CoStar Group from $95.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Stephens raised CoStar Group to a "strong-buy" rating and set a $105.00 price objective for the company in a report on Monday, June 16th. Finally, Needham & Company LLC lifted their target price on shares of CoStar Group from $98.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $93.25.

CoStar Group Price Performance

Shares of CSGP opened at $96.29 on Thursday. The company has a current ratio of 5.83, a quick ratio of 5.83 and a debt-to-equity ratio of 0.12. The stock's 50 day moving average is $84.09 and its two-hundred day moving average is $79.49. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $97.43. The firm has a market capitalization of $40.79 billion, a PE ratio of 385.16, a P/E/G ratio of 4.70 and a beta of 0.85.

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, beating analysts' consensus estimates of $0.14 by $0.03. The firm had revenue of $781.30 million for the quarter, compared to the consensus estimate of $772.06 million. CoStar Group had a return on equity of 2.88% and a net margin of 3.57%. The company'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 business earned $0.15 earnings per share. Research analysts anticipate that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

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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