Platinum Investment Management Ltd. Buys 20,000 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Platinum Investment Management Ltd. boosted its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 40.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,000 shares of the technology company’s stock after acquiring an additional 20,000 shares during the quarter. Platinum Investment Management Ltd.’s holdings in CoStar Group were worth $5,011,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Hopwood Financial Services Inc. bought a new stake in shares of CoStar Group in the 4th quarter valued at about $25,000. ORG Partners LLC grew its stake in CoStar Group by 534.8% in the 4th quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock valued at $30,000 after buying an additional 353 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in CoStar Group in the 4th quarter valued at about $30,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in CoStar Group in the 4th quarter valued at about $32,000. Finally, E Fund Management Hong Kong Co. Ltd. grew its stake in CoStar Group by 17,100.0% in the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 516 shares of the technology company’s stock valued at $37,000 after buying an additional 513 shares during the last quarter. 96.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CSGP shares. Citigroup decreased their price target on shares of CoStar Group from $88.00 to $86.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Piper Sandler started coverage on shares of CoStar Group in a research report on Friday, February 28th. They set an “overweight” rating on the stock. JMP Securities restated a “market outperform” rating and set a $90.00 target price on shares of CoStar Group in a research report on Monday, December 16th. StockNews.com lowered shares of CoStar Group from a “hold” rating to a “sell” rating in a research report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. decreased their target price on shares of CoStar Group from $99.00 to $87.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 19th. 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.07.

Insider Activity

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $79.90, for a total transaction of $139,745.10. Following the completion of the transaction, the chief accounting officer now owns 29,456 shares of the company’s stock, valued at approximately $2,353,534.40. This trade represents a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.57% of the company’s stock.

CoStar Group Price Performance

Shares of NASDAQ:CSGP opened at $78.36 on Wednesday. The company has a market cap of $32.14 billion, a price-to-earnings ratio of 223.89 and a beta of 0.93. 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 firm has a 50 day simple moving average of $75.66 and a 200 day simple moving average of $75.69. CoStar Group, Inc. has a one year low of $68.26 and a one year high of $97.91.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. The business had revenue of $709.40 million during 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%. Research analysts predict that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

CoStar Group declared that its board has initiated a stock buyback plan on Tuesday, February 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows 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 board believes its shares are 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.