Federated Hermes Inc. Trims Stock Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

Federated Hermes Inc. trimmed its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 9.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,750,892 shares of the technology company’s stock after selling 192,855 shares during the period. Federated Hermes Inc.’s holdings in CoStar Group were worth $125,346,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in CoStar Group by 73.8% in the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock valued at $177,913,000 after acquiring an additional 1,001,177 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in shares of CoStar Group by 497.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,133 shares of the technology company’s stock valued at $511,000 after purchasing an additional 5,940 shares in the last quarter. Kovitz Investment Group Partners LLC bought a new position in shares of CoStar Group during the third quarter worth about $621,000. National Bank of Canada FI grew its stake in CoStar Group by 79.7% in the third quarter. National Bank of Canada FI now owns 293,148 shares of the technology company’s stock worth $22,115,000 after purchasing an additional 130,045 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its holdings in CoStar Group by 6.6% in the third quarter. Nomura Asset Management Co. Ltd. now owns 135,039 shares of the technology company’s stock valued at $10,187,000 after buying an additional 8,326 shares during the last quarter. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on CSGP. Wells Fargo & Company decreased their target price on CoStar Group from $65.00 to $63.00 and set an “underweight” rating for the company in a research report on Wednesday, February 19th. Needham & Company LLC decreased their price objective on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Craig Hallum assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They set a “buy” rating on the stock. StockNews.com lowered shares of CoStar Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. Finally, Piper Sandler began coverage on shares of CoStar Group in a research report on Friday, February 28th. They set an “overweight” rating for the company. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, CoStar Group has an average rating of “Moderate Buy” and an average price target of $88.07.

Insider Transactions at CoStar Group

In other CoStar Group 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 value of $139,745.10. Following the completion of the sale, the chief accounting officer now directly 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 document filed with the SEC, which is available at this hyperlink. Company insiders own 1.57% of the company’s stock.

CoStar Group Stock Down 4.9 %

CSGP opened at $72.62 on Friday. The stock’s 50 day moving average price is $77.30 and its 200 day moving average price is $75.79. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63. The stock has a market cap of $29.78 billion, a P/E ratio of 207.49 and a beta of 0.88. CoStar Group, Inc. has a 12 month low of $68.26 and a 12 month high of $95.71.

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

CoStar Group declared that its Board of Directors has authorized a stock buyback plan on Tuesday, February 18th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.