SlateStone Wealth LLC Purchases 5,624 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Key Points

• SlateStone Wealth LLC increased its stake in CoStar Group by 19.1%, bringing its total holdings to 35,041 shares valued at approximately $2.8 million as of the latest SEC filing.
• Insider Frederick G. Saint sold 25,000 shares at an average price of $93.23, a transaction totaling approximately $2.33 million and representing a 7.26% decrease in his position.
• CoStar Group reported earnings per share (EPS) of $0.17, beating analysts' expectations, and achieved a 15.2% increase in quarterly revenue compared to the same period last year.

SlateStone Wealth LLC raised its position in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 19.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,041 shares of the technology company's stock after acquiring an additional 5,624 shares during the quarter. SlateStone Wealth LLC's holdings in CoStar Group were worth $2,776,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Farther Finance Advisors LLC boosted its stake in CoStar Group by 42.4% during the first quarter. Farther Finance Advisors LLC now owns 1,210 shares of the technology company's stock worth $96,000 after acquiring an additional 360 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new stake in CoStar Group during the first quarter worth about $221,000. PFG Investments LLC bought a new stake in CoStar Group during the first quarter worth about $234,000. Golden State Wealth Management LLC boosted its stake in CoStar Group by 6.3% during the first quarter. Golden State Wealth Management LLC now owns 3,385 shares of the technology company's stock worth $268,000 after acquiring an additional 200 shares in the last quarter. Finally, Janney Montgomery Scott LLC bought a new stake in CoStar Group during the first quarter worth about $4,835,000. Hedge funds and other institutional investors own 96.60% of the company's stock.

Analyst Upgrades and Downgrades

CSGP has been the topic of several research reports. Citigroup boosted their price objective on shares of CoStar Group from $91.00 to $100.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. 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 target price for the company. Keefe, Bruyette & Woods lifted their target price on shares of CoStar Group from $95.00 to $100.00 and gave the stock an "outperform" rating in a report on Thursday, July 17th. Royal Bank Of Canada lifted their target price on shares of CoStar Group from $83.00 to $91.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 23rd. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $85.00 target price on shares of CoStar Group in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $93.25.

Insider Activity at CoStar Group

In other CoStar Group news, CAO Cynthia Cammett Cann sold 2,033 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $92.85, for a total value of $188,764.05. Following the transaction, the chief accounting officer directly owned 25,771 shares in the company, valued at approximately $2,392,837.35. This trade represents a 7.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Frederick G. Saint sold 25,000 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $93.23, for a total transaction of $2,330,750.00. Following the completion of the transaction, the insider owned 319,539 shares in the company, 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 company insiders.

CoStar Group Stock Performance

Shares of CSGP traded down $0.59 during mid-day trading on Friday, hitting $94.60. 2,841,243 shares of the company traded hands, compared to its average volume of 2,836,619. The company has a debt-to-equity ratio of 0.12, a quick ratio of 5.83 and a current ratio of 5.83. The stock has a 50-day moving average price of $82.75 and a two-hundred day moving average price of $79.01. CoStar Group, Inc. has a 1 year low of $68.26 and a 1 year high of $97.15. The stock has a market cap of $40.08 billion, a price-to-earnings ratio of 378.40, a P/E/G ratio of 4.64 and a beta of 0.89.

CoStar Group (NASDAQ:CSGP - Get Free Report) last released its quarterly earnings results 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. CoStar Group had a net margin of 3.57% and a return on equity of 2.88%. The business had revenue of $781.30 million for the quarter, compared to the consensus estimate of $772.06 million. During the same period last year, the firm earned $0.15 earnings per share. The company's quarterly revenue was up 15.2% on a year-over-year basis. Equities analysts anticipate that CoStar Group, Inc. will post 0.94 earnings per share for the current 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.