CoStar Group, Inc. (NASDAQ:CSGP) Shares Bought by Meeder Asset Management Inc.

Key Points

• Meeder Asset Management Inc. significantly increased its stake in CoStar Group by 721% in Q1, acquiring a total of 113,708 shares valued at approximately $9 million.
• Analysts have raised their price targets for CoStar Group, with JPMorgan Chase increasing its target from $87 to $101 and Robert W. Baird also raising their target from $100 to $105, indicating strong investor confidence.
• CoStar Group announced a quarterly earnings per share of $0.17, exceeding expectations and reflecting a year-over-year revenue increase of 15.2%, with total revenue of $781.3 million.

Meeder Asset Management Inc. raised its position in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 721.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 113,708 shares of the technology company's stock after purchasing an additional 99,858 shares during the quarter. Meeder Asset Management Inc.'s holdings in CoStar Group were worth $9,009,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CSGP. Capital International Investors raised its position 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 worth $1,004,578,000 after purchasing an additional 4,345,267 shares during the period. T. Rowe Price Investment Management Inc. increased its position in shares of CoStar Group by 24.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,415,895 shares of the technology company's stock worth $459,314,000 after acquiring an additional 1,267,263 shares during the period. Canada Pension Plan Investment Board increased its position in shares of CoStar Group by 2,181.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,129,307 shares of the technology company's stock worth $80,847,000 after acquiring an additional 1,079,815 shares during the period. ShawSpring Partners LLC purchased a new position in shares of CoStar Group during the fourth quarter worth approximately $65,133,000. Finally, Kensico Capital Management Corp purchased a new position in shares of CoStar Group during the fourth quarter worth approximately $51,244,000. 96.60% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Trading Down 1.0%

NASDAQ:CSGP traded down $0.92 on Friday, hitting $94.27. The stock had a trading volume of 1,630,071 shares, compared to its average volume of 3,207,135. The company has a quick ratio of 5.83, a current ratio of 5.83 and a debt-to-equity ratio of 0.12. The stock has a market cap of $39.94 billion, a price-to-earnings ratio of 377.10, a PEG ratio of 4.69 and a beta of 0.89. The company has a fifty day moving average price of $82.34 and a two-hundred day moving average price of $78.84. CoStar Group, Inc. has a 1-year low of $68.26 and a 1-year high of $97.15.

CoStar Group (NASDAQ:CSGP - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The technology company reported $0.17 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $772.06 million. During the same period in the prior year, the business posted $0.15 EPS. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. Equities research analysts expect that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

Insider Activity at CoStar Group

In other 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 value of $188,764.05. Following the transaction, the chief accounting officer directly 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Frederick G. Saint sold 25,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider owned 319,539 shares in the company, valued at approximately $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. Corporate insiders own 1.09% of the company's stock.

Analyst Upgrades and Downgrades

CSGP has been the topic of several research reports. Robert W. Baird lifted their price objective on shares of CoStar Group from $100.00 to $105.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Bank of America initiated coverage on shares of CoStar Group in a report on Friday, May 30th. They set a "neutral" rating and a $79.00 price objective on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of CoStar Group from $95.00 to $100.00 and gave the company an "outperform" rating in a report on Thursday, July 17th. Wells Fargo & Company reissued 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, Citigroup raised their target price on shares of CoStar Group from $91.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average 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.