CoStar Group, Inc. (NASDAQ:CSGP) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its stake in CoStar Group by 16.1% in Q1, selling 472,205 shares and now holds approximately 0.58% of the company's stock, valued at $195.17 million.
• CoStar Group reported better-than-expected earnings with a $0.17 EPS for the quarter, exceeding analysts' expectations of $0.14, and a 15.2% increase in quarterly revenue year-over-year.
• Several analysts have upgraded their ratings on CoStar Group, with price targets ranging from $85.00 to $105.00, indicating a largely positive sentiment among equities research analysts.

Mackenzie Financial Corp lessened its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 16.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,463,354 shares of the technology company's stock after selling 472,205 shares during the quarter. Mackenzie Financial Corp owned approximately 0.58% of CoStar Group worth $195,172,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CSGP. Wayfinding Financial LLC bought a new position in shares of CoStar Group during the 1st quarter worth approximately $29,000. Cullen Frost Bankers Inc. boosted its holdings in CoStar Group by 137.4% in the first quarter. Cullen Frost Bankers Inc. now owns 406 shares of the technology company's stock worth $32,000 after acquiring an additional 235 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its stake in shares of CoStar Group by 414.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 499 shares of the technology company's stock worth $36,000 after acquiring an additional 402 shares during the last quarter. Close Asset Management Ltd acquired a new position in shares of CoStar Group during the first quarter valued at about $41,000. Finally, SBI Securities Co. Ltd. raised its position in shares of CoStar Group by 53.1% in the 1st quarter. SBI Securities Co. Ltd. now owns 652 shares of the technology company's stock valued at $52,000 after purchasing an additional 226 shares during the last quarter. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Frederick G. Saint sold 25,000 shares of CoStar Group stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $93.23, for a total value of $2,330,750.00. Following the sale, the insider directly owned 319,539 shares in the company, valued at approximately $29,790,620.97. The trade was a 7.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Cynthia Cammett Cann sold 2,033 shares of the company's 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 directly owned 25,771 shares of the company's stock, valued at $2,392,837.35. The trade was a 7.31% decrease in their position. The disclosure for this sale can be found here. 1.09% of the stock is owned by corporate insiders.

CoStar Group Price Performance

CSGP traded down $0.84 during trading on Thursday, hitting $95.41. The company's stock had a trading volume of 1,160,005 shares, compared to its average volume of 3,204,403. The firm has a market capitalization of $40.42 billion, a price-to-earnings ratio of 381.08, a P/E/G ratio of 4.66 and a beta of 0.89. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $97.15. The business's fifty day simple moving average is $81.92 and its 200 day simple moving average is $78.66. 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 announced 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. The firm had revenue of $781.30 million for the quarter, compared to analyst estimates of $772.06 million. CoStar Group had a return on equity of 2.88% and a net margin of 3.57%. The business's revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.15 EPS. On average, equities research analysts forecast that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of CoStar Group from $95.00 to $100.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. Needham & Company LLC boosted their price target on CoStar Group from $98.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. William Blair reissued an "outperform" rating on shares of CoStar Group in a report on Wednesday, July 23rd. JPMorgan Chase & Co. lifted their target price on CoStar Group from $87.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Finally, Wells Fargo & Company restated an "underweight" rating and set a $70.00 price objective (up from $65.00) on shares of CoStar Group in a research note on Wednesday, July 16th. Two research 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target 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.