Portside Wealth Group LLC Invests $1.92 Million in CoStar Group, Inc. (NASDAQ:CSGP)

Portside Wealth Group LLC bought a new stake in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 24,193 shares of the technology company's stock, valued at approximately $1,917,000.

A number of other hedge funds have also added to or reduced their stakes in CSGP. Hopwood Financial Services Inc. bought a new stake in shares of CoStar Group in the 4th quarter valued at $25,000. SBI Securities Co. Ltd. bought a new position in CoStar Group in the fourth quarter worth approximately $30,000. Annis Gardner Whiting Capital Advisors LLC increased its holdings 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 valued at $36,000 after acquiring an additional 402 shares in the last quarter. Centricity Wealth Management LLC acquired a new position in shares of CoStar Group during the fourth quarter worth approximately $40,000. Finally, Private Trust Co. NA lifted its stake in shares of CoStar Group by 969.5% in the fourth quarter. Private Trust Co. NA now owns 631 shares of the technology company's stock valued at $45,000 after buying an additional 572 shares in the last quarter. 96.60% of the stock is currently owned by institutional investors.

Insider Activity

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $79.90, for a total transaction of $139,745.10. Following the completion of the sale, the chief accounting officer now directly owns 29,456 shares of the company's stock, valued at approximately $2,353,534.40. This represents a 5.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.09% of the company's stock.

Analyst Upgrades and Downgrades

CSGP has been the subject of several analyst reports. JMP Securities reiterated a "market outperform" rating and issued a $85.00 price objective on shares of CoStar Group in a research note on Wednesday, April 30th. Wells Fargo & Company upped their price target on CoStar Group from $63.00 to $65.00 and gave the company an "underweight" rating in a research report on Wednesday, April 30th. Stephens reaffirmed an "overweight" rating and set a $103.00 price objective on shares of CoStar Group in a report on Tuesday, February 18th. Needham & Company LLC lifted their price target on CoStar Group from $87.00 to $98.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Finally, William Blair began coverage on CoStar Group in a report on Friday, February 28th. They issued a "market perform" rating on the stock. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, CoStar Group currently has a consensus rating of "Moderate Buy" and an average target price of $87.54.

CoStar Group Stock Up 1.5%

Shares of CSGP traded up $1.14 on Thursday, reaching $78.20. The stock had a trading volume of 3,391,677 shares, compared to its average volume of 2,926,120. CoStar Group, Inc. has a 12-month low of $68.26 and a 12-month high of $83.68. The firm has a market capitalization of $32.99 billion, a price-to-earnings ratio of 223.43 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96. The company has a 50-day simple moving average of $76.91 and a 200-day simple moving average of $76.23.

CoStar Group declared that its board has approved a stock buyback plan on Tuesday, February 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

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.