Corebridge Financial Inc. Sells 22,446 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Corebridge Financial Inc. cut its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 15.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 124,179 shares of the technology company’s stock after selling 22,446 shares during the period. Corebridge Financial Inc.’s holdings in CoStar Group were worth $8,890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hopwood Financial Services Inc. acquired a new position in shares of CoStar Group during the fourth quarter valued at about $25,000. ORG Partners LLC increased its stake 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 acquiring an additional 353 shares during the period. SBI Securities Co. Ltd. acquired a new position in CoStar Group in the 4th quarter valued at approximately $30,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in CoStar Group in the 4th quarter valued at approximately $32,000. Finally, E Fund Management Hong Kong Co. Ltd. lifted its position in shares of 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 worth $37,000 after acquiring an additional 513 shares during the period. 96.60% of the stock is currently owned by institutional investors and hedge funds.

CoStar Group Stock Performance

Shares of NASDAQ:CSGP opened at $80.13 on Friday. The business has a fifty day moving average of $76.85 and a 200-day moving average of $75.83. The firm has a market cap of $32.86 billion, a PE ratio of 228.94 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $97.64.

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

CoStar Group declared that its board has initiated a stock repurchase plan on Tuesday, February 18th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

CSGP has been the topic of a number of research reports. Royal Bank of Canada restated a “sector perform” rating and set a $83.00 price objective on shares of CoStar Group in a research report on Wednesday, February 19th. William Blair started coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a “market perform” rating on the stock. Piper Sandler initiated coverage on shares of CoStar Group in a report on Friday, February 28th. They set an “overweight” rating for the company. Craig Hallum assumed coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued a “buy” rating on the stock. Finally, JMP Securities restated a “market outperform” rating and set a $90.00 price target on shares of CoStar Group in a research note on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, CoStar Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.07.

Insider Buying and Selling

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction 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 of the company’s stock, valued at approximately $2,353,534.40. This trade represents a 5.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.57% of the stock is currently owned by corporate insiders.

About CoStar Group

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.