Norges Bank Makes New $390.76 Million Investment in CoStar Group, Inc. (NASDAQ:CSGP)

Norges Bank bought a new stake in CoStar Group, Inc. (NASDAQ:CSGP) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,458,231 shares of the technology company’s stock, valued at approximately $390,755,000. Norges Bank owned approximately 1.33% of CoStar Group at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CSGP shares. Piper Sandler assumed coverage on shares of CoStar Group in a research report on Friday, February 28th. They issued an “overweight” rating for the company. Craig Hallum began coverage on CoStar Group in a research report on Friday, February 28th. They set a “buy” rating for the company. JMP Securities restated a “market outperform” rating and issued a $90.00 target price on shares of CoStar Group in a report on Monday, December 16th. William Blair started coverage on CoStar Group in a report on Friday, February 28th. They set a “market perform” rating for the company. Finally, The Goldman Sachs Group assumed coverage on CoStar Group in a research report on Friday, February 28th. They set a “buy” rating on the stock. Two research 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 MarketBeat, CoStar Group has an average rating of “Moderate Buy” and a consensus price target of $88.07.

CoStar Group Stock Down 1.0 %

Shares of NASDAQ:CSGP opened at $79.31 on Friday. The business’s 50 day moving average is $76.96 and its 200 day moving average is $75.81. CoStar Group, Inc. has a 12-month low of $68.26 and a 12-month high of $96.98. The stock has a market cap of $32.53 billion, a price-to-earnings ratio of 226.60 and a beta of 0.93. 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 posted its quarterly earnings data 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 firm had revenue of $709.40 million for the quarter, compared to the consensus estimate of $703.00 million. CoStar Group had a net margin of 5.07% and a return on equity of 3.11%. On average, sell-side analysts forecast that CoStar Group, Inc. will post 0.94 earnings per share 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 outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $79.90, for a total value of $139,745.10. Following the transaction, the chief accounting officer now owns 29,456 shares of the company’s stock, valued at approximately $2,353,534.40. The trade was 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 accessible through this link. 1.57% of the stock is currently 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.