Integrated Wealth Concepts LLC Makes New Investment in CoStar Group, Inc. (NASDAQ:CSGP)

Integrated Wealth Concepts LLC bought a new position in shares of CoStar Group, Inc. (NASDAQ:CSGP - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,363 shares of the technology company's stock, valued at approximately $312,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CSGP. Capital International Investors lifted its stake in shares of 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 last quarter. Geode Capital Management LLC boosted its stake 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 buying an additional 166,769 shares in the last quarter. Akre Capital Management LLC grew its stake in CoStar Group by 4.3% during the fourth quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company's stock worth $666,781,000 after buying an additional 379,787 shares during the last quarter. Polen Capital Management LLC acquired a new position in CoStar Group during the 4th quarter worth about $465,134,000. Finally, T. Rowe Price Investment Management Inc. raised its position in shares of CoStar Group by 24.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,415,895 shares of the technology company's stock worth $459,314,000 after acquiring an additional 1,267,263 shares during the last quarter. 96.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on CSGP shares. StockNews.com lowered shares of CoStar Group from a "hold" rating to a "sell" rating in a report on Wednesday, January 15th. Craig Hallum assumed coverage on shares of CoStar Group in a research report on Friday, February 28th. They set a "buy" rating on the stock. Stephens reiterated an "overweight" rating and set a $103.00 target price on shares of CoStar Group in a report on Tuesday, February 18th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $83.00 price target on shares of CoStar Group in a research report on Thursday, April 17th. Finally, 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 research report on Wednesday, February 19th. Two 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 company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.31.

CoStar Group Stock Performance

CoStar Group stock traded up $0.75 during trading hours on Wednesday, hitting $75.34. The company had a trading volume of 3,083,926 shares, compared to its average volume of 2,837,289. CoStar Group, Inc. has a one year low of $68.26 and a one year high of $92.18. The firm has a market cap of $31.77 billion, a PE ratio of 215.25 and a beta of 0.89. The firm has a 50-day moving average of $78.27 and a 200 day moving average of $76.18. 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 released its quarterly 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. The business had revenue of $709.40 million during the quarter, compared to the consensus estimate of $703.00 million. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. On average, sell-side analysts expect that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

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

Insider Buying and Selling 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 stock was sold at an average price of $79.90, for a total value of $139,745.10. Following the transaction, the chief accounting officer now owns 29,456 shares in the company, valued at approximately $2,353,534.40. This trade represents a 5.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.57% of the company's stock.

CoStar Group 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.