Korea Investment CORP Acquires 58,106 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Korea Investment CORP boosted its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 26.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 279,810 shares of the technology company’s stock after acquiring an additional 58,106 shares during the period. Korea Investment CORP owned 0.07% of CoStar Group worth $20,032,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Hopwood Financial Services Inc. bought a new stake in shares of CoStar Group during the 4th quarter valued at about $25,000. ORG Partners LLC boosted 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 acquiring an additional 353 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of CoStar Group during the 4th quarter worth approximately $30,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of CoStar Group in the 4th quarter worth approximately $32,000. Finally, E Fund Management Hong Kong Co. Ltd. lifted its stake in shares of 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 valued at $37,000 after purchasing an additional 513 shares during the period. 96.60% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the company’s 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 completion of the sale, the chief accounting officer now directly owns 29,456 shares of the company’s stock, valued at approximately $2,353,534.40. This represents a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.57% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group initiated coverage on CoStar Group in a research note on Friday, February 28th. They issued a “buy” rating on the stock. Citigroup decreased their price target on shares of CoStar Group from $88.00 to $86.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Royal Bank of Canada reissued a “sector perform” rating and set a $83.00 price objective on shares of CoStar Group in a research note on Wednesday, February 19th. Piper Sandler started coverage on shares of CoStar Group in a research note on Friday, February 28th. They set an “overweight” rating for the company. Finally, William Blair initiated coverage on CoStar Group in a research report on Friday, February 28th. They issued a “market perform” rating on the stock. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $88.07.

CoStar Group Stock Down 1.0 %

Shares of CoStar Group stock opened at $79.31 on Friday. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $96.98. 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 company’s 50 day moving average is $76.96 and its 200 day moving average is $75.81. The company has a market cap of $32.53 billion, a price-to-earnings ratio of 226.60 and a beta of 0.93.

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

CoStar Group announced that its board has approved a stock repurchase 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 stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is 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.