Red Spruce Capital LLC Acquires New Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

Red Spruce Capital LLC bought a new position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 15,867 shares of the technology company's stock, valued at approximately $1,257,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Colonial Trust Co SC increased its holdings in shares of CoStar Group by 27.4% in the 4th quarter. Colonial Trust Co SC now owns 674 shares of the technology company's stock worth $48,000 after acquiring an additional 145 shares during the period. DoubleLine ETF Adviser LP increased its holdings in shares of CoStar Group by 0.5% in the 4th quarter. DoubleLine ETF Adviser LP now owns 29,398 shares of the technology company's stock worth $2,105,000 after acquiring an additional 146 shares during the period. Allworth Financial LP increased its holdings in shares of CoStar Group by 9.7% in the 4th quarter. Allworth Financial LP now owns 1,950 shares of the technology company's stock worth $144,000 after acquiring an additional 173 shares during the period. Atria Wealth Solutions Inc. increased its holdings in shares of CoStar Group by 2.3% in the 4th quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company's stock worth $557,000 after acquiring an additional 176 shares during the period. Finally, Moran Wealth Management LLC increased its holdings in shares of CoStar Group by 2.2% in the 4th quarter. Moran Wealth Management LLC now owns 8,207 shares of the technology company's stock worth $588,000 after acquiring an additional 180 shares during the period. 96.60% of the stock is owned by institutional investors and hedge funds.

CoStar Group Price Performance

Shares of NASDAQ:CSGP traded down $1.57 during trading hours on Friday, hitting $72.50. 6,147,177 shares of the company's stock traded hands, compared to its average volume of 2,917,133. CoStar Group, Inc. has a 52 week low of $68.26 and a 52 week high of $83.68. 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's fifty day simple moving average is $77.19 and its two-hundred day simple moving average is $76.21. The company has a market cap of $30.59 billion, a price-to-earnings ratio of 207.14 and a beta of 0.89.

CoStar Group announced that its board has initiated a share repurchase program on Tuesday, February 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CSGP. Bank of America began coverage on shares of CoStar Group in a report on Friday. They issued a "neutral" rating and a $79.00 price objective on the stock. Citigroup decreased their target price on shares of CoStar Group from $88.00 to $86.00 and set a "buy" rating for the company in a research report on Thursday, February 20th. JPMorgan Chase & Co. decreased their target price on shares of CoStar Group from $99.00 to $87.00 and set an "overweight" rating for the company in a research report on Wednesday, February 19th. William Blair began coverage on shares of CoStar Group in a research report on Friday, February 28th. They issued a "market perform" rating for the company. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $83.00 target price on shares of CoStar Group in a research report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $87.54.

Insider Activity

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the firm's stock in a transaction dated 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 transaction, the chief accounting officer now owns 29,456 shares in the company, valued at approximately $2,353,534.40. This trade represents a 5.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.09% of the company's stock.

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.