Fred Alger Management LLC Trims Stake in CoStar Group, Inc. (NASDAQ:CSGP)

Fred Alger Management LLC trimmed its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) by 67.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 92,787 shares of the technology company's stock after selling 196,269 shares during the quarter. Fred Alger Management LLC's holdings in CoStar Group were worth $6,643,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Hopwood Financial Services Inc. bought a new stake in CoStar Group during the fourth quarter valued at approximately $25,000. ORG Partners LLC grew its position in CoStar Group by 534.8% during the fourth quarter. ORG Partners LLC now owns 419 shares of the technology company's stock valued at $30,000 after buying an additional 353 shares during the period. SBI Securities Co. Ltd. bought a new stake in CoStar Group during the fourth quarter valued at approximately $30,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in CoStar Group during the fourth quarter valued at approximately $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC grew its position in CoStar Group by 414.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 499 shares of the technology company's stock valued at $36,000 after buying an additional 402 shares during the period. 96.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. JMP Securities restated a "market outperform" rating and set a $85.00 target price on shares of CoStar Group in a research report on Wednesday, April 30th. Wells Fargo & Company upped their price target on shares of CoStar Group from $63.00 to $65.00 and gave the stock an "underweight" rating in a research report on Wednesday, April 30th. Keefe, Bruyette & Woods upped their price target on shares of CoStar Group from $93.00 to $95.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 30th. Piper Sandler assumed coverage on shares of CoStar Group in a research report on Friday, February 28th. They issued an "overweight" rating for the company. Finally, Craig Hallum assumed coverage on shares of CoStar Group in a research report on Friday, February 28th. They issued a "buy" rating for the company. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $88.31.

CoStar Group Price Performance

Shares of CSGP stock traded down $1.29 during mid-day trading on Friday, hitting $74.56. The company had a trading volume of 2,300,106 shares, compared to its average volume of 2,851,950. CoStar Group, Inc. has a 52-week low of $68.26 and a 52-week high of $90.93. The stock's 50 day moving average price is $78.26 and its 200-day moving average price is $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. The company has a market capitalization of $31.46 billion, a P/E ratio of 213.03 and a beta of 0.89.

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

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

Insider Activity at CoStar Group

In related 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 $2,353,534.40. This represents a 5.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.57% of the stock is 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.