Retirement Systems of Alabama Sells 2,329 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Retirement Systems of Alabama trimmed its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 2.5% in the fourth quarter, Holdings Channel reports. The fund owned 90,000 shares of the technology company’s stock after selling 2,329 shares during the quarter. Retirement Systems of Alabama’s holdings in CoStar Group were worth $7,865,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in CSGP. Deutsche Bank AG boosted its stake in CoStar Group by 37.1% during the 3rd quarter. Deutsche Bank AG now owns 739,725 shares of the technology company’s stock valued at $56,877,000 after purchasing an additional 200,183 shares during the period. Harvest Fund Management Co. Ltd grew its stake in shares of CoStar Group by 11.7% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 3,589 shares of the technology company’s stock worth $312,000 after acquiring an additional 376 shares during the last quarter. Simplicity Solutions LLC grew its stake in shares of CoStar Group by 5.7% in the fourth quarter. Simplicity Solutions LLC now owns 7,971 shares of the technology company’s stock worth $697,000 after acquiring an additional 431 shares during the last quarter. abrdn plc increased its position in CoStar Group by 69.8% during the fourth quarter. abrdn plc now owns 169,683 shares of the technology company’s stock worth $14,829,000 after acquiring an additional 69,744 shares during the period. Finally, Harbor Advisors LLC raised its stake in CoStar Group by 69.6% during the 4th quarter. Harbor Advisors LLC now owns 17,060 shares of the technology company’s stock valued at $1,491,000 after purchasing an additional 7,000 shares during the last quarter. 96.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on CSGP. Needham & Company LLC raised their price target on shares of CoStar Group from $90.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Citigroup lifted their target price on CoStar Group from $90.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. The Goldman Sachs Group upped their price target on CoStar Group from $96.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Royal Bank of Canada raised their price objective on CoStar Group from $95.00 to $109.00 and gave the stock an “outperform” rating in a research report on Monday, March 25th. Finally, Bank of America boosted their price objective on CoStar Group from $97.00 to $111.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, CoStar Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.46.

CoStar Group Stock Up 1.6 %

Shares of NASDAQ CSGP opened at $91.23 on Friday. The business has a fifty day moving average of $90.47 and a two-hundred day moving average of $85.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.09 and a current ratio of 9.09. CoStar Group, Inc. has a 52-week low of $67.35 and a 52-week high of $100.38. The stock has a market cap of $37.25 billion, a PE ratio of 124.97, a PEG ratio of 10.05 and a beta of 0.84.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, February 20th. The technology company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. The firm had revenue of $640.00 million for the quarter, compared to analyst estimates of $634.27 million. CoStar Group had a net margin of 11.64% and a return on equity of 4.95%. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.35 earnings per share. As a group, equities research analysts expect that CoStar Group, Inc. will post 0.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CoStar Group news, CFO Scott T. Wheeler sold 122,736 shares of CoStar Group stock in a transaction on Friday, April 26th. The stock was sold at an average price of $92.61, for a total value of $11,366,580.96. Following the completion of the transaction, the chief financial officer now owns 303,417 shares in the company, valued at approximately $28,099,448.37. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Michael J. Desmarais sold 3,800 shares of the company’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $92.67, for a total transaction of $352,146.00. Following the transaction, the insider now directly owns 64,087 shares in the company, valued at $5,938,942.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Scott T. Wheeler sold 122,736 shares of the stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $92.61, for a total transaction of $11,366,580.96. Following the sale, the chief financial officer now directly owns 303,417 shares in the company, valued at $28,099,448.37. The disclosure for this sale can be found here. 1.58% of the stock is owned by corporate insiders.

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.