Russell Investments Group Ltd. Acquires 112,665 Shares of CoStar Group, Inc. $CSGP

Key Points

• Russell Investments Group Ltd. has increased its holdings in CoStar Group, Inc. by 36.1% this quarter, now owning 424,796 shares valued at approximately $33.7 million.
• The stock posted a record quarterly earnings of $0.17 per share, exceeding expectations, with revenues of $781.3 million for the same period.
• Analyst ratings for CoStar Group are generally positive, with the current consensus rating of "Moderate Buy" and a target price around $93.25.

Russell Investments Group Ltd. increased its position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 36.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 424,796 shares of the technology company's stock after purchasing an additional 112,665 shares during the period. Russell Investments Group Ltd. owned approximately 0.10% of CoStar Group worth $33,659,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CSGP. Resona Asset Management Co. Ltd. grew its holdings in CoStar Group by 10.7% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 129,338 shares of the technology company's stock valued at $10,249,000 after buying an additional 12,501 shares in the last quarter. Arrowpoint Investment Partners Singapore Pte. Ltd. bought a new stake in shares of CoStar Group in the first quarter valued at about $261,000. Callan Family Office LLC boosted its position in shares of CoStar Group by 18.8% in the first quarter. Callan Family Office LLC now owns 7,609 shares of the technology company's stock valued at $603,000 after acquiring an additional 1,205 shares during the period. Enhancing Capital LLC grew its stake in shares of CoStar Group by 3.4% in the first quarter. Enhancing Capital LLC now owns 6,883 shares of the technology company's stock valued at $545,000 after acquiring an additional 224 shares in the last quarter. Finally, Independent Advisor Alliance increased its position in CoStar Group by 20.8% during the first quarter. Independent Advisor Alliance now owns 4,058 shares of the technology company's stock worth $322,000 after acquiring an additional 700 shares during the period. 96.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CSGP shares. Keefe, Bruyette & Woods boosted 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. Needham & Company LLC boosted their price target on CoStar Group from $98.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. JMP Securities reissued a "market outperform" rating and set a $85.00 price target on shares of CoStar Group in a research report on Wednesday, April 30th. JPMorgan Chase & Co. lifted their price objective on CoStar Group from $87.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Finally, William Blair reissued an "outperform" rating on shares of CoStar Group in a research note on Wednesday, July 23rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, CoStar Group currently has a consensus rating of "Moderate Buy" and an average target price of $93.25.

Insider Activity at CoStar Group

In other news, CAO Cynthia Cammett Cann sold 2,033 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $92.85, for a total transaction of $188,764.05. Following the transaction, the chief accounting officer owned 25,771 shares of the company's stock, valued at $2,392,837.35. This represents a 7.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Frederick G. Saint sold 25,000 shares of the business's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $93.23, for a total value of $2,330,750.00. Following the completion of the sale, the insider directly owned 319,539 shares of the company's stock, valued at $29,790,620.97. The trade was a 7.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.09% of the stock is currently owned by insiders.

CoStar Group Trading Down 1.5%

NASDAQ:CSGP traded down $1.33 on Monday, reaching $88.33. 1,336,951 shares of the stock traded hands, compared to its average volume of 3,196,492. CoStar Group, Inc. has a 1-year low of $68.26 and a 1-year high of $97.43. The company has a current ratio of 5.83, a quick ratio of 5.83 and a debt-to-equity ratio of 0.12. The company's 50 day moving average is $86.22 and its 200-day moving average is $80.32. The firm has a market capitalization of $37.42 billion, a price-to-earnings ratio of 353.38, a price-to-earnings-growth ratio of 4.37 and a beta of 0.85.

CoStar Group (NASDAQ:CSGP - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The technology company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.03. The firm had revenue of $781.30 million during the quarter, compared to analyst estimates of $772.06 million. CoStar Group had a return on equity of 2.88% and a net margin of 3.57%. The business's quarterly revenue was up 15.2% on a year-over-year basis. During the same period last year, the company posted $0.15 EPS. Equities research analysts anticipate that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

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.