Ameriprise Financial Inc. Acquires 665,483 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Ameriprise Financial Inc. raised its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 31.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,749,116 shares of the technology company’s stock after acquiring an additional 665,483 shares during the quarter. Ameriprise Financial Inc.’s holdings in CoStar Group were worth $196,832,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CSGP. DoubleLine ETF Adviser LP lifted its holdings in CoStar Group by 0.5% during the fourth quarter. DoubleLine ETF Adviser LP now owns 29,398 shares of the technology company’s stock worth $2,105,000 after buying an additional 146 shares during the period. Allworth Financial LP lifted its stake in shares of CoStar Group by 9.7% during the 4th quarter. Allworth Financial LP now owns 1,950 shares of the technology company’s stock worth $144,000 after purchasing an additional 173 shares during the last quarter. Atria Wealth Solutions Inc. boosted its position in CoStar Group by 2.3% during the fourth quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company’s stock valued at $557,000 after purchasing an additional 176 shares in the last quarter. Moran Wealth Management LLC grew its stake in CoStar Group by 2.2% in the fourth quarter. Moran Wealth Management LLC now owns 8,207 shares of the technology company’s stock valued at $588,000 after purchasing an additional 180 shares during the last quarter. Finally, FWG Holdings LLC raised its holdings in CoStar Group by 3.5% in the fourth quarter. FWG Holdings LLC now owns 6,431 shares of the technology company’s stock worth $494,000 after purchasing an additional 219 shares in the last quarter. Hedge funds and other institutional investors own 96.60% of the company’s stock.

CoStar Group Price Performance

Shares of NASDAQ:CSGP opened at $74.62 on Wednesday. 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 twelve month low of $68.26 and a twelve month high of $92.74. The company’s 50 day moving average is $78.29 and its 200 day moving average is $76.19. The company has a market cap of $31.47 billion, a PE ratio of 213.20 and a beta of 0.89.

CoStar Group (NASDAQ:CSGP) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (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 during the quarter, compared to analysts’ expectations of $703.00 million. On average, sell-side analysts forecast that CoStar Group, Inc. will post 0.94 EPS for the current year.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Piper Sandler initiated coverage on shares of CoStar Group in a report on Friday, February 28th. They issued an “overweight” rating on the stock. William Blair assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a “market perform” rating on the stock. Stephens reiterated an “overweight” rating and set a $103.00 price objective on shares of CoStar Group in a report on Tuesday, February 18th. Keefe, Bruyette & Woods boosted their target price on CoStar Group from $93.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 30th. Finally, Citigroup decreased their price target on CoStar Group from $88.00 to $86.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $88.31.

Insider Activity at CoStar Group

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the 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 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.57% of the stock is owned by company insiders.

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.