Verdence Capital Advisors LLC Acquires 15,161 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Verdence Capital Advisors LLC increased its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 206.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,488 shares of the technology company’s stock after purchasing an additional 15,161 shares during the period. Verdence Capital Advisors LLC’s holdings in CoStar Group were worth $1,610,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CSGP. ORG Partners LLC boosted its holdings in CoStar Group by 534.8% in the fourth quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock worth $30,000 after purchasing an additional 353 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in CoStar Group in the fourth quarter worth $30,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in CoStar Group in the fourth quarter worth $32,000. E Fund Management Hong Kong Co. Ltd. boosted its holdings in CoStar Group by 17,100.0% in the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 516 shares of the technology company’s stock worth $37,000 after purchasing an additional 513 shares in the last quarter. Finally, Ashton Thomas Securities LLC bought a new stake in CoStar Group in the third quarter worth $40,000. 96.60% of the stock is currently owned by institutional investors.

CoStar Group Stock Up 3.0 %

NASDAQ CSGP opened at $77.81 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96. The firm has a 50-day simple moving average of $74.51 and a 200 day simple moving average of $75.59. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $100.38. The stock has a market cap of $31.91 billion, a PE ratio of 222.31 and a beta of 0.87.

CoStar Group (NASDAQ:CSGP) last posted its quarterly 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 net margin of 5.07% and a return on equity of 3.11%. The firm had revenue of $709.40 million during the quarter, compared to analyst estimates of $703.00 million. On average, research analysts forecast that CoStar Group, Inc. will post 0.94 EPS for the current year.

CoStar Group declared that its board has initiated a stock buyback program on Tuesday, February 18th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to buy up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Stephens reiterated an “overweight” rating and issued a $103.00 price objective on shares of CoStar Group in a report on Tuesday, February 18th. Keefe, Bruyette & Woods decreased their price target on shares of CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a report on Tuesday, January 28th. Wells Fargo & Company decreased their price target 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. StockNews.com cut shares of CoStar Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. Finally, Piper Sandler started coverage on shares of CoStar Group in a report on Friday, February 28th. They set an “overweight” rating for the company. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, CoStar Group has a consensus rating of “Moderate Buy” and a consensus price target of $88.07.

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.