Summit Securities Group LLC Takes Position in CoStar Group, Inc. (NASDAQ:CSGP)

Summit Securities Group LLC bought a new position in CoStar Group, Inc. (NASDAQ:CSGP) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 4,065 shares of the technology company’s stock, valued at approximately $291,000.

A number of other large investors have also added to or reduced their stakes in CSGP. Polen Capital Management LLC purchased a new stake in CoStar Group during the fourth quarter valued at $465,134,000. Norges Bank bought a new stake in shares of CoStar Group during the 4th quarter valued at about $390,755,000. Barclays PLC increased its position in shares of CoStar Group by 91.4% during the 3rd quarter. Barclays PLC now owns 2,249,188 shares of the technology company’s stock valued at $169,678,000 after purchasing an additional 1,073,793 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of CoStar Group by 73.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock worth $177,913,000 after purchasing an additional 1,001,177 shares during the period. Finally, State Street Corp boosted its holdings in shares of CoStar Group by 4.4% in 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 during the last quarter. Institutional investors own 96.60% of the company’s stock.

Analyst Ratings Changes

CSGP has been the topic of several analyst reports. Craig Hallum began coverage on shares of CoStar Group in a research note on Friday, February 28th. They set a “buy” rating on the stock. William Blair began coverage on CoStar Group in a report on Friday, February 28th. They set a “market perform” rating for the company. Needham & Company LLC lowered their price objective on CoStar Group from $100.00 to $87.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Royal Bank of Canada reissued a “sector perform” rating and issued a $83.00 target price on shares of CoStar Group in a report on Wednesday, February 19th. Finally, Wells Fargo & Company decreased their target price on shares of CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 19th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $88.07.

Insiders Place Their Bets

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the company’s stock in a transaction dated 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 directly owns 29,456 shares in the company, valued at approximately $2,353,534.40. This represents a 5.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.57% of the stock is currently owned by insiders.

CoStar Group Trading Down 1.0 %

CSGP stock opened at $79.31 on Friday. The firm has a fifty day moving average price of $76.96 and a 200 day moving average price of $75.81. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $96.98. The firm has a market cap of $32.53 billion, a PE ratio of 226.60 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. The business had revenue of $709.40 million during 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%. Sell-side analysts anticipate that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

CoStar Group declared that its Board of Directors has initiated a stock buyback plan on Tuesday, February 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

CoStar Group 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.