Maryland State Retirement & Pension System Lowers Stake in CoStar Group, Inc. (NASDAQ:CSGP)

Maryland State Retirement & Pension System lowered its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 6.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,671 shares of the technology company’s stock after selling 1,492 shares during the quarter. Maryland State Retirement & Pension System’s holdings in CoStar Group were worth $1,551,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CSGP. GSA Capital Partners LLP bought a new stake in shares of CoStar Group during the third quarter valued at approximately $230,000. Empowered Funds LLC raised its position in shares of CoStar Group by 7.8% during the third quarter. Empowered Funds LLC now owns 6,414 shares of the technology company’s stock valued at $484,000 after buying an additional 463 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of CoStar Group during the third quarter valued at approximately $1,500,000. PNC Financial Services Group Inc. increased its position in CoStar Group by 16.2% in the third quarter. PNC Financial Services Group Inc. now owns 103,547 shares of the technology company’s stock worth $7,812,000 after purchasing an additional 14,468 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its position in CoStar Group by 11.3% in the third quarter. First Horizon Advisors Inc. now owns 4,449 shares of the technology company’s stock worth $336,000 after purchasing an additional 453 shares during the last quarter. Institutional investors own 96.60% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CSGP. Piper Sandler began coverage on shares of CoStar Group in a research report on Friday, February 28th. They issued an “overweight” rating on the stock. Craig Hallum began coverage on shares of CoStar Group in a research report on Friday, February 28th. They issued a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of CoStar Group in a research report on Friday, February 28th. They issued a “buy” rating and a $89.00 price target on the stock. Stephens restated an “overweight” rating and issued a $103.00 price target on shares of CoStar Group in a research report on Tuesday, February 18th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of CoStar Group from $96.00 to $93.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 28th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $88.07.

CoStar Group Stock Down 0.7 %

Shares of CSGP opened at $78.46 on Friday. The firm has a market capitalization of $32.18 billion, a P/E ratio of 224.17 and a beta of 0.93. CoStar Group, Inc. has a 12-month low of $68.26 and a 12-month high of $97.73. 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 firm has a fifty day moving average price of $76.15 and a 200-day moving average price of $75.74.

CoStar Group (NASDAQ:CSGP) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.22. The firm had revenue of $709.40 million during the quarter, compared to analyst estimates of $703.00 million. CoStar Group had a net margin of 5.07% and a return on equity of 3.11%. Equities research analysts expect that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

CoStar Group announced that its board has authorized a share buyback program on Tuesday, February 18th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were 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 $2,353,534.40. This 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 available through the SEC website. 1.57% of the stock is owned by insiders.

CoStar Group Company 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.