Royal Bank of Canada Buys 677,222 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Royal Bank of Canada raised its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 87.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,452,442 shares of the technology company's stock after buying an additional 677,222 shares during the quarter. Royal Bank of Canada owned about 0.35% of CoStar Group worth $103,981,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Hopwood Financial Services Inc. acquired a new position in shares of CoStar Group in the fourth quarter valued at $25,000. SBI Securities Co. Ltd. acquired a new position in shares of CoStar Group in the fourth quarter valued at $30,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of CoStar Group in the fourth quarter valued at $32,000. Annis Gardner Whiting Capital Advisors LLC raised its stake in shares of CoStar Group by 414.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 499 shares of the technology company's stock valued at $36,000 after purchasing an additional 402 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. raised its stake in shares of CoStar Group by 17,100.0% in the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 516 shares of the technology company's stock valued at $37,000 after purchasing an additional 513 shares in the last quarter. 96.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on CSGP. JPMorgan Chase & Co. cut their target price on CoStar Group from $99.00 to $87.00 and set an "overweight" rating for the company in a research note on Wednesday, February 19th. JMP Securities restated a "market outperform" rating and issued a $85.00 target price on shares of CoStar Group in a research note on Wednesday, April 30th. Craig Hallum began coverage on CoStar Group in a research note on Friday, February 28th. They issued a "buy" rating for the company. Deutsche Bank Aktiengesellschaft initiated coverage on CoStar Group in a research note on Friday, February 28th. They issued a "buy" rating and a $89.00 target price for the company. Finally, Wells Fargo & Company increased their price objective on CoStar Group from $63.00 to $65.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.31.

CoStar Group Price Performance

CoStar Group stock opened at $76.91 on Tuesday. The business's 50-day simple moving average is $78.03 and its 200 day simple moving average is $76.30. The stock has a market cap of $32.45 billion, a price-to-earnings ratio of 219.74 and a beta of 0.89. CoStar Group, Inc. has a 12-month low of $68.26 and a 12-month high of $87.86. 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 (NASDAQ:CSGP - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.22. The business had revenue of $709.40 million for the quarter, compared to analysts' expectations of $703.00 million. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. As a group, research analysts anticipate that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

CoStar Group announced that its board has approved a share buyback program on Tuesday, February 18th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Activity at CoStar Group

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $79.90, for a total transaction of $139,745.10. Following 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.09% of the stock is owned by company insiders.

CoStar Group Company 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.

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