CoStar Group, Inc. (NASDAQ:CSGP) Shares Bought by Procyon Advisors LLC

Procyon Advisors LLC lifted its stake in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 31.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,649 shares of the technology company's stock after buying an additional 5,125 shares during the period. Procyon Advisors LLC's holdings in CoStar Group were worth $1,715,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of CSGP. Bamco Inc. NY grew its stake in shares of CoStar Group by 2.2% during the fourth quarter. Bamco Inc. NY now owns 19,203,564 shares of the technology company's stock valued at $1,374,783,000 after acquiring an additional 418,128 shares in the last quarter. Capital International Investors raised its holdings in CoStar Group by 44.9% in the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company's stock valued at $1,004,578,000 after acquiring an additional 4,345,267 shares in the last quarter. Geode Capital Management LLC boosted its stake in CoStar Group by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 11,475,755 shares of the technology company's stock valued at $819,678,000 after acquiring an additional 166,769 shares during the last quarter. Akre Capital Management LLC boosted its stake in CoStar Group by 4.3% during the 4th quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company's stock valued at $666,781,000 after acquiring an additional 379,787 shares during the last quarter. Finally, Polen Capital Management LLC acquired a new position in CoStar Group during the 4th quarter worth $465,134,000. Institutional investors and hedge funds own 96.60% of the company's stock.

Wall Street Analysts Forecast Growth

CSGP has been the topic of a number of recent analyst reports. The Goldman Sachs Group began coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued a "buy" rating on the stock. Keefe, Bruyette & Woods upped their price objective on CoStar Group from $93.00 to $95.00 and gave the company an "outperform" rating in a research note on Wednesday, April 30th. Bank of America started coverage on CoStar Group in a research report on Friday, May 30th. They issued a "neutral" rating and a $79.00 target price for the company. Needham & Company LLC boosted their price target on CoStar Group from $87.00 to $98.00 and gave the company a "buy" rating in a report on Wednesday, April 30th. Finally, Deutsche Bank Aktiengesellschaft began coverage on CoStar Group in a research note on Friday, February 28th. They set a "buy" rating and a $89.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $87.54.

CoStar Group Stock Up 0.4%

CSGP stock opened at $78.52 on Friday. The stock has a market cap of $33.13 billion, a PE ratio of 224.34 and a beta of 0.87. The firm's 50-day simple moving average is $76.88 and its 200 day simple moving average is $76.31. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $83.68. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13.

CoStar Group announced that its Board of Directors has approved a stock buyback program on Tuesday, February 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 1.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its shares are undervalued.

Insider Activity

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $79.90, for a total value of $139,745.10. Following the completion of the sale, the chief accounting officer now directly owns 29,456 shares of the company's stock, valued at approximately $2,353,534.40. This represents a 5.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate 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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