Oppenheimer Asset Management Inc. Acquires 114,003 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Oppenheimer Asset Management Inc. boosted its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 72.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 272,133 shares of the technology company’s stock after acquiring an additional 114,003 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in CoStar Group were worth $19,482,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. ORG Partners LLC boosted its stake in shares of 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 purchasing an additional 353 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in CoStar Group during the fourth quarter worth $32,000. E Fund Management Hong Kong Co. Ltd. raised its holdings in CoStar Group by 17,100.0% during the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 516 shares of the technology company’s stock worth $37,000 after buying an additional 513 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of CoStar Group in the third quarter valued at about $40,000. Finally, Centricity Wealth Management LLC purchased a new stake in shares of CoStar Group in the fourth quarter valued at about $40,000. 96.60% of the stock is owned by institutional investors.

CoStar Group Stock Performance

CSGP stock opened at $76.92 on Thursday. The stock has a market capitalization of $31.55 billion, a PE ratio of 219.77 and a beta of 0.87. CoStar Group, Inc. has a 12-month low of $68.26 and a 12-month high of $100.38. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. The stock’s 50 day simple moving average is $74.12 and its 200 day simple moving average is $75.50.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, meeting the consensus estimate of $0.22. The firm had revenue of $709.40 million for the quarter, compared to analysts’ expectations 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 forecast that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

CoStar Group announced that its board has approved a stock repurchase program on Tuesday, February 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CSGP shares. Wells Fargo & Company reduced their price target on shares of CoStar Group from $65.00 to $63.00 and set an “underweight” rating for the company in a research report on Wednesday, February 19th. Royal Bank of Canada reiterated a “sector perform” rating and set a $83.00 target price on shares of CoStar Group in a research report on Wednesday, February 19th. JMP Securities reiterated a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a research note 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 price target on shares of CoStar Group from $99.00 to $87.00 and set an “overweight” rating on the stock in a report on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $88.00.

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.