Platinum Investment Management Ltd. Has $5.01 Million Position in CoStar Group, Inc. (NASDAQ:CSGP)

Platinum Investment Management Ltd. lifted its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 40.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 70,000 shares of the technology company’s stock after acquiring an additional 20,000 shares during the quarter. Platinum Investment Management Ltd.’s holdings in CoStar Group were worth $5,011,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of CSGP. Hopwood Financial Services Inc. acquired a new position in shares of CoStar Group in the fourth quarter worth $25,000. 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. Finally, 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. 96.60% of the stock is owned by institutional investors and hedge funds.

CoStar Group Stock Performance

NASDAQ CSGP opened at $78.36 on Wednesday. The firm has a market cap of $32.14 billion, a price-to-earnings ratio of 223.89 and a beta of 0.93. The company has a 50 day moving average of $75.66 and a 200-day moving average of $75.69. 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, Inc. has a 1-year low of $68.26 and a 1-year high of $97.91.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, hitting the consensus estimate of $0.22. The company had revenue of $709.40 million during the quarter, compared to analyst estimates of $703.00 million. CoStar Group had a net margin of 5.07% and a return on equity of 3.11%. On average, equities analysts forecast that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

CoStar Group announced that its board has approved a share repurchase program 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 shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the 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 sale, the chief accounting officer now directly owns 29,456 shares of the company’s stock, valued at $2,353,534.40. This represents a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.57% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CSGP has been the subject of a number of recent research reports. Stephens reiterated an “overweight” rating and issued a $103.00 price objective on shares of CoStar Group in a report on Tuesday, February 18th. William Blair initiated coverage on shares of CoStar Group in a report on Friday, February 28th. They set a “market perform” rating for the company. Deutsche Bank Aktiengesellschaft initiated coverage on shares of CoStar Group in a report on Friday, February 28th. They set a “buy” rating and a $89.00 price target for the company. Piper Sandler initiated coverage on shares of CoStar Group in a report on Friday, February 28th. They set an “overweight” rating for the company. Finally, StockNews.com cut shares of CoStar Group from a “hold” rating to a “sell” rating in a research note on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $88.07.

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.