Blue Zone Wealth Advisors LLC Grows Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

Blue Zone Wealth Advisors LLC increased its position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 11.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,356 shares of the technology company's stock after purchasing an additional 6,683 shares during the period. Blue Zone Wealth Advisors LLC's holdings in CoStar Group were worth $5,257,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Procyon Advisors LLC increased its position in shares of CoStar Group by 31.0% during the first quarter. Procyon Advisors LLC now owns 21,649 shares of the technology company's stock valued at $1,715,000 after acquiring an additional 5,125 shares during the last quarter. Davis Capital Management increased its position in shares of CoStar Group by 7.3% during the first quarter. Davis Capital Management now owns 14,437 shares of the technology company's stock valued at $1,144,000 after acquiring an additional 981 shares during the last quarter. Portside Wealth Group LLC acquired a new stake in shares of CoStar Group during the first quarter valued at about $1,917,000. Hamilton Lane Advisors LLC acquired a new stake in shares of CoStar Group during the first quarter valued at about $731,000. Finally, Merit Financial Group LLC increased its position in shares of CoStar Group by 20.0% during the first quarter. Merit Financial Group LLC now owns 4,151 shares of the technology company's stock valued at $329,000 after acquiring an additional 693 shares during the last quarter. 96.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CSGP has been the subject of a number of recent analyst reports. Stephens reiterated an "overweight" rating and set a $103.00 price target on shares of CoStar Group in a research report on Tuesday, February 18th. JPMorgan Chase & Co. dropped their price objective on shares of CoStar Group from $99.00 to $87.00 and set an "overweight" rating for the company in a report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a "buy" rating and a $89.00 price objective for the company. Bank of America assumed coverage on shares of CoStar Group in a report on Friday, May 30th. They issued a "neutral" rating and a $79.00 price objective for the company. Finally, Piper Sandler assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They issued an "overweight" rating for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $87.54.

CoStar Group Stock Up 0.4%

CoStar Group stock traded up $0.32 during trading on Friday, reaching $78.52. The stock had a trading volume of 2,102,085 shares, compared to its average volume of 2,922,301. CoStar Group, Inc. has a 52-week low of $68.26 and a 52-week high of $83.68. The business has a 50 day moving average price of $76.88 and a 200 day moving average price of $76.31. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. The stock has a market cap of $33.13 billion, a PE ratio of 224.34 and a beta of 0.87.

CoStar Group announced that its Board of Directors has authorized a stock repurchase program on Tuesday, February 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the business'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 transaction of $139,745.10. Following the completion of the sale, the chief accounting officer now owns 29,456 shares in the company, valued at approximately $2,353,534.40. The trade was a 5.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.09% of the stock is owned by insiders.

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.