Resona Asset Management Co. Ltd. Invests $8.38 Million in CoStar Group, Inc. (NASDAQ:CSGP)

Resona Asset Management Co. Ltd. purchased a new stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 116,837 shares of the technology company’s stock, valued at approximately $8,375,000.

Several other hedge funds have also bought and sold shares of the business. Hopwood Financial Services Inc. purchased a new position in shares of CoStar Group during the fourth quarter valued at approximately $25,000. ORG Partners LLC increased its position in CoStar Group by 534.8% during the 4th quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock valued at $30,000 after buying an additional 353 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in CoStar Group during the fourth quarter valued at $30,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in CoStar Group in the fourth quarter worth $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC grew its stake in shares of CoStar Group by 414.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 499 shares of the technology company’s stock worth $36,000 after acquiring an additional 402 shares during the last quarter. Institutional investors own 96.60% of the company’s stock.

CoStar Group Price Performance

Shares of NASDAQ:CSGP opened at $75.75 on Tuesday. The firm’s 50 day moving average price is $77.28 and its 200-day moving average price is $75.76. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $31.07 billion, a PE ratio of 216.43 and a beta of 0.88. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $95.71.

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

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

Insider Buying and Selling at CoStar Group

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.57% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CSGP has been the topic of a number of analyst reports. The Goldman Sachs Group began coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued a “buy” rating on the stock. StockNews.com cut shares of CoStar Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. Wells Fargo & Company decreased their price objective on shares of CoStar Group from $65.00 to $63.00 and set an “underweight” rating for the company in a report on Wednesday, February 19th. Piper Sandler started coverage on CoStar Group in a research note on Friday, February 28th. They set an “overweight” rating on the stock. Finally, JPMorgan Chase & Co. decreased their price target on CoStar Group from $99.00 to $87.00 and set an “overweight” rating for the company in a research note on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, CoStar Group currently has an average rating of “Moderate Buy” and a consensus target price of $88.07.

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.