Royal London Asset Management Ltd. Grows Position in CoStar Group, Inc. (NASDAQ:CSGP)

Royal London Asset Management Ltd. boosted its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 2.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 402,286 shares of the technology company’s stock after buying an additional 9,899 shares during the quarter. Royal London Asset Management Ltd.’s holdings in CoStar Group were worth $28,800,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of CSGP. Hopwood Financial Services Inc. purchased a new position in CoStar Group during the fourth quarter valued at $25,000. ORG Partners LLC lifted its position in CoStar Group by 534.8% during the fourth quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock valued at $30,000 after purchasing an additional 353 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in CoStar Group during the fourth quarter valued at $30,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of CoStar Group in the fourth quarter valued at about $32,000. Finally, E Fund Management Hong Kong Co. Ltd. lifted its position in shares of 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 valued at $37,000 after acquiring an additional 513 shares in the last quarter. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

CoStar Group Stock Down 0.7 %

Shares of NASDAQ:CSGP opened at $78.46 on Friday. CoStar Group, Inc. has a 52-week low of $68.26 and a 52-week high of $97.73. The stock has a market cap of $32.18 billion, a P/E ratio of 224.17 and a beta of 0.93. The business’s 50 day moving average is $76.15 and its 200 day moving average is $75.74. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings data 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 return on equity of 3.11% and a net margin of 5.07%. The company had revenue of $709.40 million for the quarter, compared to analysts’ expectations of $703.00 million. Sell-side analysts predict that CoStar Group, Inc. will post 0.94 EPS for the current year.

CoStar Group announced that its board has authorized a share repurchase program on Tuesday, February 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CSGP. Keefe, Bruyette & Woods lowered their price objective on CoStar Group from $96.00 to $93.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 28th. JPMorgan Chase & Co. lowered their price objective on CoStar Group from $99.00 to $87.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 19th. Piper Sandler began coverage on CoStar Group in a research report on Friday, February 28th. They issued an “overweight” rating on the stock. The Goldman Sachs Group began coverage on CoStar Group in a research report on Friday, February 28th. They issued a “buy” rating on the stock. Finally, Stephens restated an “overweight” rating and issued a $103.00 price objective on shares of CoStar Group in a research report on Tuesday, February 18th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CoStar Group presently has a consensus rating of “Moderate Buy” and an average target price of $88.07.

Insider Buying and Selling

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the company’s stock in a transaction on Monday, March 10th. The stock was 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 owns 29,456 shares in the company, valued at $2,353,534.40. This represents a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.57% of the stock is owned by insiders.

About CoStar Group

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.