Soroban Capital Partners LP Makes New $33.86 Million Investment in CoStar Group, Inc. (NASDAQ:CSGP)

Soroban Capital Partners LP bought a new stake in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 472,912 shares of the technology company's stock, valued at approximately $33,856,000. CoStar Group accounts for approximately 0.5% of Soroban Capital Partners LP's portfolio, making the stock its 22nd largest holding. Soroban Capital Partners LP owned 0.12% of CoStar Group at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Polen Capital Management LLC acquired a new position in CoStar Group during the fourth quarter worth $465,134,000. Norges Bank acquired a new position in CoStar Group during the fourth quarter worth $390,755,000. Capital International Investors raised its holdings in CoStar Group by 44.9% during the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company's stock worth $1,004,578,000 after buying an additional 4,345,267 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in CoStar Group by 24.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,415,895 shares of the technology company's stock worth $459,314,000 after buying an additional 1,267,263 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in CoStar Group by 2,181.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,129,307 shares of the technology company's stock worth $80,847,000 after buying an additional 1,079,815 shares during the last quarter. Institutional investors and hedge funds own 96.60% of the company's stock.

Analysts Set New Price Targets

CSGP has been the subject of several recent analyst reports. Craig Hallum initiated coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued a "buy" rating for the company. JPMorgan Chase & Co. reduced 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 note on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued a "buy" rating and a $89.00 target price for the company. The Goldman Sachs Group initiated coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued a "buy" rating for the company. Finally, Wells Fargo & Company upped their target price on shares of CoStar Group from $63.00 to $65.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, CoStar Group has an average rating of "Moderate Buy" and a consensus target price of $88.31.

Insider Activity

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the firm'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 value of $139,745.10. Following the sale, the chief accounting officer now directly owns 29,456 shares of the company's stock, valued at $2,353,534.40. This trade represents a 5.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.09% of the stock is owned by company insiders.

CoStar Group Stock Performance

NASDAQ CSGP traded up $0.18 during trading on Thursday, hitting $74.14. 2,980,754 shares of the company's stock traded hands, compared to its average volume of 2,898,947. The stock has a market capitalization of $31.28 billion, a price-to-earnings ratio of 211.83 and a beta of 0.89. CoStar Group, Inc. has a 12-month low of $68.26 and a 12-month high of $87.27. 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 business has a 50 day moving average of $77.95 and a 200-day moving average of $76.29.

CoStar Group (NASDAQ:CSGP - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. CoStar Group had a net margin of 5.07% and a return on equity of 3.11%. The business had revenue of $709.40 million for the quarter, compared to the consensus estimate of $703.00 million. As a group, equities research analysts anticipate that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

CoStar Group announced that its Board of Directors has authorized a share repurchase plan on Tuesday, February 18th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

CoStar Group 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.