Tremblant Capital Group Takes Position in CoStar Group, Inc. (NASDAQ:CSGP)

Tremblant Capital Group bought a new position in CoStar Group, Inc. (NASDAQ:CSGP - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 173,868 shares of the technology company's stock, valued at approximately $12,447,000.

A number of other institutional investors and hedge funds have also modified their holdings of CSGP. Colonial Trust Co SC grew its stake in CoStar Group by 27.4% in the fourth quarter. Colonial Trust Co SC now owns 674 shares of the technology company's stock valued at $48,000 after purchasing an additional 145 shares in the last quarter. DoubleLine ETF Adviser LP lifted its position in shares of CoStar Group by 0.5% during the 4th quarter. DoubleLine ETF Adviser LP now owns 29,398 shares of the technology company's stock worth $2,105,000 after purchasing an additional 146 shares during the last quarter. Allworth Financial LP lifted its position in shares of CoStar Group by 9.7% during the 4th quarter. Allworth Financial LP now owns 1,950 shares of the technology company's stock worth $144,000 after purchasing an additional 173 shares during the last quarter. Atria Wealth Solutions Inc. lifted its position in shares of CoStar Group by 2.3% during the 4th quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company's stock worth $557,000 after purchasing an additional 176 shares during the last quarter. Finally, Moran Wealth Management LLC lifted its position in shares of CoStar Group by 2.2% during the 4th quarter. Moran Wealth Management LLC now owns 8,207 shares of the technology company's stock worth $588,000 after purchasing an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 96.60% of the company's stock.

Insider Buying and Selling

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $79.90, for a total transaction of $139,745.10. Following the sale, the chief accounting officer now owns 29,456 shares of the company's stock, valued at approximately $2,353,534.40. This represents a 5.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.09% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on CoStar Group in a report on Friday, February 28th. They issued a "buy" rating and a $89.00 price target for the company. Piper Sandler assumed coverage on CoStar Group in a report on Friday, February 28th. They issued an "overweight" rating for the company. Stephens reaffirmed an "overweight" rating and issued a $103.00 price target on shares of CoStar Group in a report on Tuesday, February 18th. JPMorgan Chase & Co. decreased their price objective on CoStar Group from $99.00 to $87.00 and set an "overweight" rating for the company in a report on Wednesday, February 19th. Finally, Citigroup cut their price objective on shares of CoStar Group from $88.00 to $86.00 and set a "buy" rating for the company in a research report on Thursday, February 20th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $88.31.

CoStar Group Price Performance

Shares of NASDAQ CSGP traded up $0.18 during midday trading on Thursday, reaching $74.14. 2,980,754 shares of the company were exchanged, compared to its average volume of 2,898,947. The stock's 50-day moving average price is $77.95 and its 200-day moving average price is $76.29. The stock has a market cap of $31.28 billion, a P/E ratio of 211.83 and a beta of 0.89. CoStar Group, Inc. has a one year low of $68.26 and a one year high of $87.27. 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 earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, hitting analysts' consensus estimates of $0.22. CoStar Group had a net margin of 5.07% and a return on equity of 3.11%. The firm had revenue of $709.40 million for the quarter, compared to analysts' expectations of $703.00 million. On average, sell-side analysts anticipate that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

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

About CoStar Group

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.