Pitcairn Co. Trims Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Pitcairn Co. decreased its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 1.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,964 shares of the technology company’s stock after selling 752 shares during the quarter. Pitcairn Co.’s holdings in CoStar Group were worth $3,219,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Hopwood Financial Services Inc. purchased a new position in shares of CoStar Group during the 4th quarter worth $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. bought a new stake in CoStar Group during the fourth quarter valued at about $30,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in CoStar Group in the fourth quarter worth about $32,000. Finally, E Fund Management Hong Kong Co. Ltd. raised its stake 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 worth $37,000 after buying an additional 513 shares during the period. 96.60% of the stock is currently owned by institutional investors.

CoStar Group Stock Up 0.9 %

Shares of NASDAQ CSGP opened at $79.92 on Thursday. 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 12-month low of $68.26 and a 12-month high of $95.71. The firm’s 50-day moving average price is $77.29 and its 200-day moving average price is $75.82. The stock has a market capitalization of $32.78 billion, a price-to-earnings ratio of 228.34 and a beta of 0.93.

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

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

Insider Activity

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the company’s stock in a transaction that occurred 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 transaction, the chief accounting officer now 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.57% of the company’s stock.

Wall Street Analyst Weigh In

CSGP has been the subject of several analyst reports. Citigroup reduced their target price on shares of CoStar Group from $88.00 to $86.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Keefe, Bruyette & Woods decreased their price objective on shares of CoStar Group from $96.00 to $93.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a “buy” rating and a $89.00 target price for the company. Craig Hallum initiated coverage on CoStar Group in a report on Friday, February 28th. They set a “buy” rating on the stock. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $83.00 target price on shares of CoStar Group in a research report on Wednesday, February 19th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average 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.