Bank of Nova Scotia Sells 6,228 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Key Points

• The Bank of Nova Scotia has reduced its stake in CoStar Group, Inc. by 12.4%, now holding 43,888 shares worth approximately $3.5 million.
• CoStar Group reported an earnings per share (EPS) of $0.17 for the last quarter, surpassing expectations, with revenue increasing by 15.2% year-over-year.
• Analysts are optimistic about CoStar Group's future, with most ratings suggesting it has strong buy or outperform potential, setting target prices ranging from $89 to $105.

Bank of Nova Scotia lessened its stake in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 12.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 43,888 shares of the technology company's stock after selling 6,228 shares during the quarter. Bank of Nova Scotia's holdings in CoStar Group were worth $3,477,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CSGP. Capital International Investors increased its stake in CoStar Group by 44.9% in the 4th quarter. Capital International Investors now owns 14,032,363 shares of the technology company's stock valued at $1,004,578,000 after buying an additional 4,345,267 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in CoStar Group by 24.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,415,895 shares of the technology company's stock valued at $459,314,000 after buying an additional 1,267,263 shares during the period. Canada Pension Plan Investment Board increased its stake in CoStar Group by 2,181.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,129,307 shares of the technology company's stock valued at $80,847,000 after buying an additional 1,079,815 shares during the period. ShawSpring Partners LLC acquired a new position in CoStar Group in the 4th quarter valued at approximately $65,133,000. Finally, Kensico Capital Management Corp acquired a new position in CoStar Group in the 4th quarter valued at approximately $51,244,000. Institutional investors and hedge funds own 96.60% of the company's stock.

CoStar Group Stock Performance

NASDAQ:CSGP traded down $0.84 during midday trading on Friday, reaching $94.50. The stock had a trading volume of 2,429,437 shares, 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 firm's fifty day simple moving average is $84.95 and its 200-day simple moving average is $79.81. 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 capitalization of $40.03 billion, a P/E ratio of 378.00, a PEG ratio of 4.60 and a beta of 0.85.

CoStar Group (NASDAQ:CSGP - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The technology company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.03. CoStar Group had a net margin of 3.57% and a return on equity of 2.88%. The business had revenue of $781.30 million for the quarter, compared to analyst estimates of $772.06 million. During the same period last year, the business posted $0.15 EPS. CoStar Group's revenue was up 15.2% compared to the same quarter last year. On average, equities research analysts forecast that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other CoStar Group news, insider Frederick G. Saint sold 25,000 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $93.23, for a total value of $2,330,750.00. Following the completion of the sale, the insider directly owned 319,539 shares of the company's stock, valued at $29,790,620.97. This represents a 7.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Cynthia Cammett Cann sold 2,033 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $92.85, for a total transaction of $188,764.05. Following the completion of the sale, the chief accounting officer directly owned 25,771 shares of the company's stock, valued at approximately $2,392,837.35. This trade represents a 7.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.09% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CSGP shares. BMO Capital Markets upped their price objective on shares of CoStar Group from $82.00 to $89.00 and gave the company a "market perform" rating in a research note on Wednesday, July 23rd. Bank of America initiated coverage on shares of CoStar Group in a research note on Friday, May 30th. They set a "neutral" rating and a $79.00 price target on the stock. 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 note on Wednesday, July 16th. JPMorgan Chase & Co. increased their price target on shares of CoStar Group from $87.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Finally, Royal Bank Of Canada increased their price target on shares of CoStar Group from $83.00 to $91.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 23rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $93.25.

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.