CoStar Group, Inc. (NASDAQ:CSGP) Shares Purchased by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in CoStar Group by 4.1%, owning over 68 million shares, representing approximately 16.22% of the company, valued at $5.42 billion.
• CoStar Group reported better-than-expected earnings for the last quarter, with an EPS of $0.17, exceeding the consensus estimate of $0.14, alongside a 15.2% year-over-year revenue growth.
• Wall Street analysts have raised their price targets on CoStar Group, with a consensus rating of "Moderate Buy" and an average target price of $93.25, reflecting positive market sentiment.

Vanguard Group Inc. boosted its stake in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 4.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 68,426,711 shares of the technology company's stock after acquiring an additional 2,709,320 shares during the quarter. Vanguard Group Inc. owned 16.22% of CoStar Group worth $5,421,448,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its stake in CoStar Group by 42.4% in the 1st quarter. Farther Finance Advisors LLC now owns 1,210 shares of the technology company's stock valued at $96,000 after purchasing an additional 360 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new position in CoStar Group in the 1st quarter valued at $221,000. PFG Investments LLC acquired a new position in CoStar Group in the 1st quarter valued at $234,000. Golden State Wealth Management LLC raised its stake in CoStar Group by 6.3% in the 1st quarter. Golden State Wealth Management LLC now owns 3,385 shares of the technology company's stock valued at $268,000 after purchasing an additional 200 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in CoStar Group in the 1st quarter valued at $4,835,000. 96.60% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Frederick G. Saint sold 25,000 shares of the business's stock in a transaction 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 in the company, valued at approximately $29,790,620.97. The trade was a 7.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Cynthia Cammett Cann sold 2,033 shares of CoStar Group 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 sale, the chief accounting officer owned 25,771 shares in the company, valued at $2,392,837.35. This represents a 7.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.09% of the stock is currently owned by corporate insiders.

CoStar Group Stock Down 0.9%

Shares of CoStar Group stock traded down $0.84 during trading hours on Friday, reaching $94.50. 2,429,437 shares of the company were exchanged, compared to its average volume of 3,001,959. CoStar Group, Inc. has a 1 year low of $68.26 and a 1 year high of $97.43. The stock's fifty day moving average is $84.95 and its 200 day moving average is $79.77. 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 $40.03 billion, a PE ratio of 378.00, a PEG ratio of 4.64 and a beta of 0.85.

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 for the quarter, topping analysts' consensus estimates of $0.14 by $0.03. CoStar Group had a return on equity of 2.88% and a net margin of 3.57%. The business had revenue of $781.30 million for the quarter, compared to analyst estimates of $772.06 million. During the same quarter in the prior year, the company earned $0.15 earnings per share. The company's revenue was up 15.2% on a year-over-year basis. As a group, equities research analysts forecast that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on CSGP. Wells Fargo & Company reissued an "underweight" rating and issued a $70.00 price objective (up from $65.00) on shares of CoStar Group in a research note on Wednesday, July 16th. Citigroup boosted their price objective on CoStar Group from $91.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Needham & Company LLC boosted their price objective on CoStar Group from $98.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. boosted their price objective on CoStar Group from $87.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Finally, Bank of America initiated coverage on CoStar Group in a research note on Friday, May 30th. They set a "neutral" rating and a $79.00 price objective on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $93.25.

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.