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

Soroban Capital Partners LP acquired a new stake in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 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 investment portfolio, making the stock its 22nd biggest holding. Soroban Capital Partners LP owned 0.12% of CoStar Group as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bamco Inc. NY raised its stake in shares of CoStar Group by 2.2% during the 4th quarter. Bamco Inc. NY now owns 19,203,564 shares of the technology company's stock valued at $1,374,783,000 after purchasing an additional 418,128 shares during the period. Capital International Investors boosted its holdings in CoStar Group by 44.9% in the 4th quarter. Capital International Investors now owns 14,032,363 shares of the technology company's stock valued at $1,004,578,000 after purchasing an additional 4,345,267 shares during the period. Geode Capital Management LLC boosted its holdings in CoStar Group by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 11,475,755 shares of the technology company's stock valued at $819,678,000 after purchasing an additional 166,769 shares during the period. Akre Capital Management LLC boosted its holdings in CoStar Group by 4.3% in the 4th quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company's stock valued at $666,781,000 after purchasing an additional 379,787 shares during the period. Finally, Polen Capital Management LLC bought a new position in CoStar Group in the 4th quarter valued at $465,134,000. 96.60% of the stock is currently owned by institutional investors.

CoStar Group Trading Down 0.2%

Shares of CSGP stock traded down $0.15 on Friday, hitting $73.99. 1,900,360 shares of the company's stock traded hands, compared to its average volume of 2,900,102. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96. CoStar Group, Inc. has a one year low of $68.26 and a one year high of $87.04. The company's fifty day simple moving average is $77.74 and its 200 day simple moving average is $76.28. The stock has a market capitalization of $31.22 billion, a price-to-earnings ratio of 211.40 and a beta of 0.89.

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

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

Analyst Ratings Changes

Several research analysts have commented on the stock. Keefe, Bruyette & Woods raised their price target on shares of CoStar Group from $93.00 to $95.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. Craig Hallum assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a "buy" rating for the company. Piper Sandler started coverage on shares of CoStar Group in a report on Friday, February 28th. They issued an "overweight" rating for the company. Royal Bank of Canada restated a "sector perform" rating and issued a $83.00 price objective on shares of CoStar Group in a research report on Thursday, April 17th. Finally, The Goldman Sachs Group started coverage on CoStar Group in a research note on Friday, February 28th. They set a "buy" rating for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, CoStar Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $88.31.

Insider Buying and Selling at CoStar Group

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $79.90, for a total value of $139,745.10. Following the completion of the sale, the chief accounting officer now owns 29,456 shares in the company, 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 document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.09% of the company's stock.

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.