Summit Securities Group LLC Acquires Shares of 4,065 CoStar Group, Inc. (NASDAQ:CSGP)

Summit Securities Group LLC purchased a new stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) in the 4th quarter, Holdings Channel reports. The fund purchased 4,065 shares of the technology company’s stock, valued at approximately $291,000.

A number of other large investors have also recently modified their holdings of CSGP. Arrowstreet Capital Limited Partnership lifted its holdings in shares of CoStar Group by 117.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 24,577 shares of the technology company’s stock worth $1,759,000 after buying an additional 13,299 shares during the period. Allianz SE bought a new stake in shares of CoStar Group in the fourth quarter valued at about $1,832,000. Allstate Corp purchased a new stake in CoStar Group in the fourth quarter worth about $869,000. DnB Asset Management AS grew its holdings in CoStar Group by 57.8% during the 4th quarter. DnB Asset Management AS now owns 165,959 shares of the technology company’s stock worth $11,881,000 after acquiring an additional 60,782 shares in the last quarter. Finally, Orion Portfolio Solutions LLC increased its position in CoStar Group by 76.9% during the 4th quarter. Orion Portfolio Solutions LLC now owns 33,851 shares of the technology company’s stock valued at $2,423,000 after purchasing an additional 14,714 shares during the period. Hedge funds and other institutional investors own 96.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CSGP. StockNews.com downgraded shares of CoStar Group from a “hold” rating to a “sell” rating in a research note on Wednesday, January 15th. The Goldman Sachs Group started coverage on CoStar Group in a research report on Friday, February 28th. They set a “buy” rating on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $83.00 price target on shares of CoStar Group in a research report on Wednesday, February 19th. Wells Fargo & Company dropped their price objective on CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 19th. Finally, Piper Sandler began coverage on shares of CoStar Group in a report on Friday, February 28th. They issued an “overweight” rating for the company. Two research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $88.07.

Insider Transactions at CoStar Group

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the 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 sale, the chief accounting officer now directly owns 29,456 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.57% of the company’s stock.

CoStar Group Stock Down 1.0 %

NASDAQ:CSGP opened at $79.31 on Friday. The company’s 50 day moving average is $76.96 and its two-hundred day moving average is $75.81. The company has a market cap of $32.53 billion, a PE ratio of 226.60 and a beta of 0.93. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $96.98. 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 (NASDAQ:CSGP) last released 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. The firm had revenue of $709.40 million for 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%. Analysts anticipate that CoStar Group, Inc. will post 0.94 EPS for the current year.

CoStar Group declared that its Board of Directors has initiated a share buyback plan on Tuesday, February 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

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.