Meeder Advisory Services Inc. Buys New Stake in CoStar Group, Inc. (NASDAQ:CSGP)

Key Points

• Meeder Advisory Services Inc. has acquired a new stake in CoStar Group, Inc., purchasing 4,254 shares for approximately $337,000 during the 1st quarter of 2023.
• Institutional investors now own 96.60% of CoStar Group's stock, indicating a strong interest from large investment firms.
• CoStar Group's stock ratings are mostly positive, with a consensus rating of "Moderate Buy" and an average target price of $93.25 following various upgrades from analysts.

Meeder Advisory Services Inc. acquired a new position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,254 shares of the technology company's stock, valued at approximately $337,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital International Investors boosted its stake in CoStar Group by 44.9% during 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 purchasing an additional 4,345,267 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings 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 worth $459,314,000 after buying an additional 1,267,263 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in CoStar Group by 2,181.8% during 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 acquiring an additional 1,079,815 shares during the period. ShawSpring Partners LLC purchased a new stake in shares of CoStar Group during the 4th quarter valued at about $65,133,000. Finally, Kensico Capital Management Corp bought a new stake in shares of CoStar Group in the fourth quarter worth approximately $51,244,000. Hedge funds and other institutional investors own 96.60% of the company's stock.

Insiders Place Their Bets

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

CoStar Group Trading Up 2.3%

Shares of CoStar Group stock traded up $2.20 on Monday, reaching $96.80. The company had a trading volume of 987,680 shares, compared to its average volume of 3,200,246. The firm's 50-day moving average price is $82.75 and its two-hundred day moving average price is $79.09. CoStar Group, Inc. has a 1 year low of $68.26 and a 1 year high of $97.15. The firm has a market cap of $41.01 billion, a price-to-earnings ratio of 386.72, a P/E/G ratio of 4.61 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a current ratio of 5.83 and a quick ratio of 5.83.

CoStar Group (NASDAQ:CSGP - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The technology company reported $0.17 EPS for the quarter, topping 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 firm had revenue of $781.30 million during the quarter, compared to analysts' expectations of $772.06 million. During the same period in the previous year, the company earned $0.15 EPS. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, research analysts predict that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Citigroup lifted their target price on shares of CoStar Group from $91.00 to $100.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Keefe, Bruyette & Woods boosted their price target on CoStar Group from $95.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. JPMorgan Chase & Co. boosted their target price on shares of CoStar Group from $87.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Needham & Company LLC increased their price target on shares of CoStar Group from $98.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Finally, Royal Bank Of Canada upped their price objective on 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 research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average 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.