Public Sector Pension Investment Board Buys 14,686 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Public Sector Pension Investment Board boosted its position in CoStar Group, Inc. (NASDAQ:CSGP) by 25.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 71,485 shares of the technology company’s stock after purchasing an additional 14,686 shares during the quarter. Public Sector Pension Investment Board’s holdings in CoStar Group were worth $5,393,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CSGP. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in CoStar Group by 8.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 177,562 shares of the technology company’s stock valued at $13,395,000 after buying an additional 13,873 shares during the last quarter. FORA Capital LLC purchased a new stake in CoStar Group in the third quarter valued at $1,239,000. BNP Paribas purchased a new stake in shares of CoStar Group in the third quarter worth about $2,475,000. Healthcare of Ontario Pension Plan Trust Fund boosted its position in CoStar Group by 107.7% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 77,906 shares of the technology company’s stock worth $5,877,000 after purchasing an additional 40,404 shares in the last quarter. Finally, Bridgewater Associates LP grew its position in CoStar Group by 23.7% during the third quarter. Bridgewater Associates LP now owns 423,073 shares of the technology company’s stock valued at $31,917,000 after buying an additional 81,054 shares during the period. 96.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on CSGP shares. Royal Bank of Canada lowered CoStar Group from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $96.00 to $83.00 in a report on Wednesday, October 23rd. Citigroup dropped their price objective on shares of CoStar Group from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. BMO Capital Markets dropped their target price on CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a report on Thursday, October 24th. JMP Securities restated a “market outperform” rating and set a $90.00 price target on shares of CoStar Group in a report on Friday, September 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $100.00 price objective on shares of CoStar Group in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $93.25.

Insider Activity

In related news, insider Michael J. Desmarais sold 5,500 shares of CoStar Group stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $79.88, for a total transaction of $439,340.00. Following the completion of the transaction, the insider now directly owns 58,798 shares of the company’s stock, valued at approximately $4,696,784.24. The trade was a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Michael R. Klein sold 71,633 shares of CoStar Group stock in a transaction on Friday, October 25th. The stock was sold at an average price of $74.69, for a total value of $5,350,268.77. Following the transaction, the director now directly owns 1,913,501 shares of the company’s stock, valued at $142,919,389.69. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.57% of the company’s stock.

CoStar Group Stock Down 0.8 %

CoStar Group stock opened at $81.34 on Monday. The company has a market capitalization of $33.35 billion, a P/E ratio of 184.87 and a beta of 0.82. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $100.38. The stock has a 50-day simple moving average of $75.86 and a 200-day simple moving average of $76.50. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 9.63.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.06. CoStar Group had a return on equity of 3.53% and a net margin of 6.57%. The firm had revenue of $692.60 million for the quarter, compared to analysts’ expectations of $695.91 million. During the same quarter in the previous year, the firm posted $0.25 EPS. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. Equities research analysts expect that CoStar Group, Inc. will post 0.52 earnings per share for the current year.

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.