USS Investment Management Ltd Reduces Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

USS Investment Management Ltd reduced its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 6.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 73,788 shares of the technology company's stock after selling 4,992 shares during the period. USS Investment Management Ltd's holdings in CoStar Group were worth $5,280,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Bamco Inc. NY raised its holdings in CoStar Group by 2.2% in the 4th quarter. Bamco Inc. NY now owns 19,203,564 shares of the technology company's stock worth $1,374,783,000 after purchasing an additional 418,128 shares during the period. Capital International Investors raised its stake in shares of CoStar Group by 44.9% during the 4th 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 period. Geode Capital Management LLC raised its stake in shares of CoStar Group by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 11,475,755 shares of the technology company's stock worth $819,678,000 after buying an additional 166,769 shares during the period. Akre Capital Management LLC lifted its position in shares of CoStar Group by 4.3% during 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 buying an additional 379,787 shares in the last quarter. Finally, Polen Capital Management LLC acquired a new stake in CoStar Group in the 4th quarter valued at $465,134,000. Institutional investors and hedge funds own 96.60% of the company's stock.

CoStar Group Stock Up 0.8%

Shares of CSGP stock traded up $0.61 on Tuesday, reaching $74.60. 1,102,672 shares of the stock were exchanged, compared to its average volume of 2,899,875. The company has a market capitalization of $31.47 billion, a price-to-earnings ratio of 213.04 and a beta of 0.89. The business's 50 day moving average price is $77.63 and its 200 day moving average price is $76.26. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $85.78.

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

Insider Activity at CoStar Group

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction 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 transaction, the chief accounting officer now directly owns 29,456 shares of the company's stock, valued at $2,353,534.40. The trade was a 5.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CSGP. Piper Sandler started coverage on shares of CoStar Group in a report on Friday, February 28th. They set an "overweight" rating on the stock. Wells Fargo & Company raised their price target on shares of CoStar Group from $63.00 to $65.00 and gave the company an "underweight" rating in a research note on Wednesday, April 30th. Needham & Company LLC lifted their price objective on CoStar Group from $87.00 to $98.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Royal Bank of Canada restated a "sector perform" rating and issued a $83.00 target price on shares of CoStar Group in a research report on Thursday, April 17th. Finally, JMP Securities reissued a "market outperform" rating and issued a $85.00 price objective on shares of CoStar Group in a research note on Wednesday, April 30th. Two research 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, CoStar Group currently has a consensus rating of "Moderate Buy" and an average price target of $88.31.

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.