Massachusetts Financial Services Co. MA Has $507.84 Million Stake in CoStar Group, Inc. (NASDAQ:CSGP)

Massachusetts Financial Services Co. MA lowered its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 37.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,093,743 shares of the technology company’s stock after selling 4,286,449 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.73% of CoStar Group worth $507,841,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Hopwood Financial Services Inc. acquired a new stake in CoStar Group in the 4th quarter worth approximately $25,000. ORG Partners LLC lifted its stake in shares of 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 buying an additional 353 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of CoStar Group during the 4th quarter worth $30,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in CoStar Group in the 4th quarter valued at $32,000. Finally, E Fund Management Hong Kong Co. Ltd. raised its holdings in CoStar Group by 17,100.0% in the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 516 shares of the technology company’s stock worth $37,000 after acquiring an additional 513 shares during the period. Institutional investors own 96.60% of the company’s stock.

Insider Buying and Selling

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction dated 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 transaction, the chief accounting officer now directly 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.57% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CSGP has been the topic of several research analyst reports. Piper Sandler began coverage on CoStar Group in a research report on Friday, February 28th. They issued an “overweight” rating on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $83.00 target price on shares of CoStar Group in a report on Wednesday, February 19th. StockNews.com lowered CoStar Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. The Goldman Sachs Group assumed coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued a “buy” rating on the stock. Finally, Stephens reiterated an “overweight” rating and set a $103.00 target price on shares of CoStar Group in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, CoStar Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.07.

CoStar Group Stock Performance

Shares of NASDAQ:CSGP opened at $79.92 on Thursday. The stock has a market capitalization of $32.78 billion, a price-to-earnings ratio of 228.34 and a beta of 0.93. The business’s fifty day moving average price is $77.29 and its two-hundred day moving average price is $75.82. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $95.71. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63.

CoStar Group (NASDAQ:CSGP) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (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%. As a group, analysts predict that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

CoStar Group declared that its Board of Directors has authorized a share buyback program on Tuesday, February 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are usually an indication 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.