CoStar Group, Inc. (NASDAQ:CSGP) Stake Boosted by Tsai Capital Corp

Tsai Capital Corp increased its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 0.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 61,058 shares of the technology company’s stock after buying an additional 136 shares during the quarter. CoStar Group makes up about 3.2% of Tsai Capital Corp’s portfolio, making the stock its 8th largest position. Tsai Capital Corp’s holdings in CoStar Group were worth $4,371,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in shares of CoStar Group by 73.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock worth $177,913,000 after acquiring an additional 1,001,177 shares during the period. Kovitz Investment Group Partners LLC bought a new position in CoStar Group during the third quarter worth about $621,000. Steward Partners Investment Advisory LLC boosted its position in CoStar Group by 497.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,133 shares of the technology company’s stock worth $511,000 after purchasing an additional 5,940 shares during the period. Cerity Partners LLC increased its stake in shares of CoStar Group by 101.1% in the third quarter. Cerity Partners LLC now owns 14,553 shares of the technology company’s stock worth $1,098,000 after purchasing an additional 7,317 shares in the last quarter. Finally, National Bank of Canada FI raised its position in shares of CoStar Group by 79.7% in the third quarter. National Bank of Canada FI now owns 293,148 shares of the technology company’s stock valued at $22,115,000 after purchasing an additional 130,045 shares during the period. Institutional investors own 96.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Needham & Company LLC reduced their price objective on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Wells Fargo & Company decreased their price objective on CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft initiated coverage on CoStar Group in a research note on Friday, February 28th. They issued a “buy” rating and a $89.00 target price for the company. StockNews.com downgraded shares of CoStar Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. Finally, William Blair assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They set a “market perform” rating on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $88.07.

CoStar Group Stock Performance

Shares of NASDAQ CSGP opened at $79.31 on Friday. The stock’s 50-day moving average is $76.96 and its 200 day moving average is $75.83. The stock has a market cap of $32.53 billion, a price-to-earnings ratio of 226.60 and a beta of 0.93. CoStar Group, Inc. has a 1-year low of $68.26 and a 1-year 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 posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 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 for the quarter, compared to the consensus estimate of $703.00 million. On average, sell-side analysts anticipate that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 29,456 shares in the company, valued at approximately $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 SEC, which can be accessed through this hyperlink. 1.57% of the stock is currently owned by insiders.

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.