Frank Rimerman Advisors LLC Purchases Shares of 3,277 CoStar Group, Inc. (NASDAQ:CSGP)

Key Points

• Frank Rimerman Advisors LLC invested approximately $260,000 in CoStar Group, acquiring 3,277 shares during the first quarter.
• CoStar Group's stock is currently rated as a "Moderate Buy" by analysts, with an average price target of $93.25.
• Insider sales included notable transactions by CEO Frederick G. Saint and CAO Cynthia Cammett Cann, reflecting a decrease in their stock positions.

Frank Rimerman Advisors LLC purchased a new position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 3,277 shares of the technology company's stock, valued at approximately $260,000.

A number of other hedge funds have also made changes to their positions in CSGP. Vanguard Group Inc. increased its stake in CoStar Group by 4.1% during the first quarter. Vanguard Group Inc. now owns 68,426,711 shares of the technology company's stock valued at $5,421,448,000 after acquiring an additional 2,709,320 shares during the period. Bamco Inc. NY raised its stake in shares of CoStar Group by 2.2% in 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 purchasing an additional 418,128 shares in the last quarter. Capital International Investors lifted its position 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 worth $1,004,578,000 after purchasing an additional 4,345,267 shares during the period. Akre Capital Management LLC lifted its position in CoStar Group by 4.3% in the fourth quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company's stock worth $666,781,000 after purchasing an additional 379,787 shares during the period. Finally, Baillie Gifford & Co. boosted its stake in CoStar Group by 6.6% during the first quarter. Baillie Gifford & Co. now owns 8,436,199 shares of the technology company's stock worth $668,400,000 after buying an additional 524,601 shares in the last quarter. Institutional investors and hedge funds own 96.60% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Royal Bank Of Canada raised their price objective on shares of CoStar Group from $83.00 to $91.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 23rd. Bank of America assumed coverage on shares of CoStar Group in a report on Friday, May 30th. They set a "neutral" rating and a $79.00 price objective for the company. JMP Securities reaffirmed a "market outperform" rating and set a $85.00 price objective on shares of CoStar Group in a report on Wednesday, April 30th. Wells Fargo & Company reaffirmed an "underweight" rating and set a $70.00 price objective (up from $65.00) on shares of CoStar Group in a report on Wednesday, July 16th. Finally, JPMorgan Chase & Co. increased their target price on shares of CoStar Group from $87.00 to $101.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $93.25.

CoStar Group Stock Performance

Shares of NASDAQ:CSGP traded up $0.41 on Thursday, hitting $87.97. The company had a trading volume of 2,943,549 shares, compared to its average volume of 3,213,307. CoStar Group, Inc. has a 1-year low of $68.26 and a 1-year high of $97.43. The stock has a market cap of $37.27 billion, a price-to-earnings ratio of 351.88, a P/E/G ratio of 4.31 and a beta of 0.85. The stock has a 50 day moving average price of $85.80 and a 200 day moving average price of $80.09. The company has a current ratio of 5.83, a quick ratio of 5.83 and a debt-to-equity ratio of 0.12.

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 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 company had revenue of $781.30 million during the quarter, compared to the consensus estimate of $772.06 million. During the same quarter last year, the firm earned $0.15 earnings per share. The company's revenue was up 15.2% on a year-over-year basis. Analysts expect that CoStar Group, Inc. will post 0.94 EPS for the current year.

Insiders Place Their Bets

In other CoStar Group news, CAO Cynthia Cammett Cann sold 2,033 shares of the business's 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 sale, the chief accounting officer owned 25,771 shares of the company's stock, valued at approximately $2,392,837.35. The trade was a 7.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Frederick G. Saint sold 25,000 shares of the company's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $93.23, for a total transaction of $2,330,750.00. Following the transaction, the insider owned 319,539 shares of the company's stock, valued at $29,790,620.97. This trade represents a 7.26% 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.

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.