Truist Financial Corp Has $10.10 Million Stake in CoStar Group, Inc. (NASDAQ:CSGP)

Truist Financial Corp decreased its position in CoStar Group, Inc. (NASDAQ:CSGP) by 4.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 141,060 shares of the technology company’s stock after selling 7,035 shares during the quarter. Truist Financial Corp’s holdings in CoStar Group were worth $10,098,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Barclays PLC grew its position in CoStar Group by 91.4% during the third quarter. Barclays PLC now owns 2,249,188 shares of the technology company’s stock worth $169,678,000 after buying an additional 1,073,793 shares in the last quarter. JPMorgan Chase & Co. grew its position in CoStar Group by 73.8% during the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock worth $177,913,000 after buying an additional 1,001,177 shares in the last quarter. State Street Corp grew its position in CoStar Group by 4.4% during the third quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock worth $1,286,987,000 after buying an additional 722,153 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in CoStar Group during the third quarter worth approximately $48,768,000. Finally, Icon Wealth Advisors LLC grew its position in CoStar Group by 8,314.1% during the third quarter. Icon Wealth Advisors LLC now owns 409,934 shares of the technology company’s stock worth $30,925,000 after buying an additional 405,062 shares in the last quarter. Institutional investors and hedge funds own 96.60% of the company’s stock.

CoStar Group Stock Down 2.0 %

Shares of NASDAQ:CSGP opened at $76.79 on Friday. The firm has a market cap of $31.48 billion, a P/E ratio of 219.40 and a beta of 0.87. 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, Inc. has a 12-month low of $68.26 and a 12-month high of $100.38. The business has a fifty day simple moving average of $73.83 and a 200 day simple moving average of $75.39.

CoStar Group (NASDAQ:CSGP) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.22. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. The business had revenue of $709.40 million during the quarter, compared to analyst estimates of $703.00 million. Analysts predict that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

CoStar Group announced that its Board of Directors has authorized a share buyback program on Tuesday, February 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to purchase up to 1.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other CoStar Group news, insider Michael J. Desmarais sold 5,500 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $79.88, for a total transaction of $439,340.00. Following the completion of the sale, the insider now directly owns 58,798 shares in the company, valued at approximately $4,696,784.24. This trade represents a 8.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. William Blair restated an “outperform” rating on shares of CoStar Group in a research note on Wednesday. Stephens restated an “overweight” rating and set a $103.00 target price on shares of CoStar Group in a research note on Tuesday. JMP Securities restated a “market outperform” rating and set a $90.00 target price on shares of CoStar Group in a research note on Monday, December 16th. Citigroup cut their target price on CoStar Group from $88.00 to $86.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Needham & Company LLC cut their target price on CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $88.00.

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.