CoStar Group, Inc. (NASDAQ:CSGP) Shares Bought by Polen Capital Management LLC

Key Points

• Polen Capital Management LLC increased its stake in CoStar Group by 1.6% in Q1, owning approximately 6.6 million shares valued at $523 million, making it the firm's 23rd largest holding.
• CoStar Group's stock is currently trading at around $94.50, with a market cap of $40.03 billion and a 1-year high of $97.43.
• The company's latest quarterly earnings report showed a revenue increase of 15.2% year-over-year, with earnings per share of $0.17, surpassing analyst expectations.

Polen Capital Management LLC boosted its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 1.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,601,800 shares of the technology company's stock after purchasing an additional 104,612 shares during the period. CoStar Group comprises approximately 1.6% of Polen Capital Management LLC's investment portfolio, making the stock its 23rd biggest holding. Polen Capital Management LLC owned approximately 1.56% of CoStar Group worth $523,061,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CSGP. Invesco Ltd. raised its position in shares of CoStar Group by 1.7% in the first quarter. Invesco Ltd. now owns 4,305,556 shares of the technology company's stock worth $341,129,000 after acquiring an additional 70,561 shares during the period. Mizuho Markets Americas LLC acquired a new position in shares of CoStar Group in the first quarter worth about $586,403,000. Benjamin Edwards Inc. raised its position in shares of CoStar Group by 12.9% in the first quarter. Benjamin Edwards Inc. now owns 23,869 shares of the technology company's stock worth $1,891,000 after acquiring an additional 2,732 shares during the period. Frank Rimerman Advisors LLC acquired a new position in shares of CoStar Group in the first quarter worth about $260,000. Finally, Zions Bancorporation National Association UT acquired a new position in shares of CoStar Group in the first quarter worth about $31,000. 96.60% of the stock is currently owned by institutional investors and hedge funds.

CoStar Group Stock Performance

CoStar Group stock opened at $94.50 on Friday. The firm has a 50 day simple moving average of $84.95 and a 200-day simple moving average of $79.81. CoStar Group, Inc. has a 1-year low of $68.26 and a 1-year high of $97.43. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.83 and a quick ratio of 5.83. The stock has a market cap of $40.03 billion, a price-to-earnings ratio of 378.00, a price-to-earnings-growth ratio of 4.60 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 the consensus estimate of $0.14 by $0.03. The business had revenue of $781.30 million during the quarter, compared to analysts' expectations of $772.06 million. CoStar Group had a net margin of 3.57% and a return on equity of 2.88%. The business's revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.15 EPS. On average, analysts expect that CoStar Group, Inc. will post 0.94 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CSGP. Wells Fargo & Company restated an "underweight" rating and set a $70.00 price target (up previously from $65.00) on shares of CoStar Group in a research report on Wednesday, July 16th. Robert W. Baird upped their price target on shares of CoStar Group from $100.00 to $105.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. 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 report on Wednesday, July 23rd. BMO Capital Markets raised their price objective on CoStar Group from $82.00 to $89.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Finally, JMP Securities restated a "market outperform" rating and issued a $85.00 price objective on shares of CoStar Group in a report on Wednesday, April 30th. Two equities 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 issued a strong buy rating to the company. Based on data from MarketBeat, CoStar Group currently 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 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 transaction, the insider owned 319,539 shares of the company's stock, valued at approximately $29,790,620.97. This trade represents a 7.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Cynthia Cammett Cann sold 2,033 shares of the stock in a transaction that occurred 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 transaction, 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. 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.

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