Focus Partners Wealth Buys Shares of 613,141 CoStar Group, Inc. (NASDAQ:CSGP)

Focus Partners Wealth purchased a new position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 613,141 shares of the technology company's stock, valued at approximately $43,895,000. Focus Partners Wealth owned about 0.15% of CoStar Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Fiduciary Trust Co boosted its holdings in CoStar Group by 9.8% in the fourth quarter. Fiduciary Trust Co now owns 3,988 shares of the technology company's stock valued at $286,000 after acquiring an additional 355 shares during the last quarter. Deutsche Bank AG boosted its holdings in CoStar Group by 25.4% in the fourth quarter. Deutsche Bank AG now owns 1,589,997 shares of the technology company's stock valued at $113,828,000 after acquiring an additional 321,919 shares during the last quarter. Colonial Trust Co SC boosted its holdings 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 acquiring an additional 145 shares during the last quarter. Crestline Management LP bought a new stake in CoStar Group in the fourth quarter valued at approximately $2,727,000. Finally, Centiva Capital LP bought a new stake in CoStar Group in the fourth quarter valued at approximately $770,000. 96.60% of the stock is currently owned by institutional investors.

CoStar Group Stock Performance

Shares of CoStar Group stock traded up $0.51 during trading hours on Wednesday, hitting $75.69. 2,698,792 shares of the company's stock traded hands, compared to its average volume of 2,864,564. CoStar Group, Inc. has a 12-month low of $68.26 and a 12-month high of $89.33. The stock has a market capitalization of $31.93 billion, a price-to-earnings ratio of 216.26 and a beta of 0.89. The company has a fifty day simple moving average of $78.17 and a 200-day simple moving average of $76.19. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63.

CoStar Group (NASDAQ:CSGP - Get Free Report) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) 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 analyst estimates of $703.00 million. Equities research analysts anticipate that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

CoStar Group declared that its board has authorized a share buyback plan on Tuesday, February 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to buy up to 1.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CSGP. Keefe, Bruyette & Woods upped their target price on CoStar Group from $93.00 to $95.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. The Goldman Sachs Group assumed coverage on CoStar Group in a report on Friday, February 28th. They set a "buy" rating on the stock. Needham & Company LLC increased their price target on CoStar Group from $87.00 to $98.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Piper Sandler assumed coverage on CoStar Group in a report on Friday, February 28th. They set an "overweight" rating on the stock. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $83.00 price target on shares of CoStar Group in a report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $88.31.

Insider Buying and Selling

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $79.90, for a total transaction of $139,745.10. Following the completion of the transaction, the chief accounting officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.57% of the stock is currently owned by insiders.

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.