Rhumbline Advisers Buys 54,747 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Rhumbline Advisers grew its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 7.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 768,366 shares of the technology company's stock after purchasing an additional 54,747 shares during the period. Rhumbline Advisers owned about 0.18% of CoStar Group worth $60,878,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Steward Partners Investment Advisory LLC lifted its stake in CoStar Group by 497.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,133 shares of the technology company's stock valued at $511,000 after acquiring an additional 5,940 shares in the last quarter. Allworth Financial LP boosted its holdings in CoStar Group by 9.7% during the fourth quarter. Allworth Financial LP now owns 1,950 shares of the technology company's stock worth $144,000 after purchasing an additional 173 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in CoStar Group by 6.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 482,712 shares of the technology company's stock worth $34,190,000 after purchasing an additional 31,152 shares in the last quarter. Atria Wealth Solutions Inc. increased its stake in CoStar Group by 2.3% in the 4th quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company's stock valued at $557,000 after buying an additional 176 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in shares of CoStar Group in the 4th quarter worth approximately $30,000. 96.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on CSGP. Deutsche Bank Aktiengesellschaft began coverage on CoStar Group in a report on Friday, February 28th. They set a "buy" rating and a $89.00 price target on the stock. Bank of America began coverage on shares of CoStar Group in a report on Friday, May 30th. They issued a "neutral" rating and a $79.00 price target on the stock. The Goldman Sachs Group assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They set a "buy" rating for the company. William Blair started coverage on shares of CoStar Group in a research note on Friday, February 28th. They set a "market perform" rating for the company. Finally, 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. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, CoStar Group presently has an average rating of "Moderate Buy" and a consensus target price of $87.54.

CoStar Group Stock Performance

Shares of NASDAQ:CSGP traded up $1.37 during midday trading on Wednesday, reaching $77.06. 3,168,340 shares of the company traded hands, compared to its average volume of 2,921,513. The firm's fifty day moving average price is $76.95 and its two-hundred day moving average price is $76.23. The firm has a market capitalization of $32.51 billion, a price-to-earnings ratio of 220.17 and a beta of 0.89. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. CoStar Group, Inc. has a 12 month low of $68.26 and a 12 month high of $83.68.

CoStar Group declared that its Board of Directors has approved a stock buyback plan on Tuesday, February 18th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the business'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 transaction, the chief accounting officer now owns 29,456 shares of the company's stock, valued at approximately $2,353,534.40. The trade was a 5.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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.