NEOS Investment Management LLC Purchases 9,553 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

NEOS Investment Management LLC raised its position in CoStar Group, Inc. (NASDAQ:CSGP) by 24.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 49,379 shares of the technology company’s stock after buying an additional 9,553 shares during the period. NEOS Investment Management LLC’s holdings in CoStar Group were worth $3,535,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in CoStar Group by 73.8% in the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock valued at $177,913,000 after purchasing an additional 1,001,177 shares during the period. Kovitz Investment Group Partners LLC bought a new stake in shares of CoStar Group in the 3rd quarter valued at about $621,000. Steward Partners Investment Advisory LLC increased its stake in shares of CoStar Group by 497.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,133 shares of the technology company’s stock valued at $511,000 after buying an additional 5,940 shares during the period. Cerity Partners LLC raised its position in shares of CoStar Group by 101.1% during the third quarter. Cerity Partners LLC now owns 14,553 shares of the technology company’s stock worth $1,098,000 after acquiring an additional 7,317 shares during the last quarter. Finally, National Bank of Canada FI lifted its stake in shares of CoStar Group by 79.7% in the third quarter. National Bank of Canada FI now owns 293,148 shares of the technology company’s stock worth $22,115,000 after acquiring an additional 130,045 shares during the period. 96.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on CSGP shares. Citigroup lowered their price target on shares of CoStar Group from $88.00 to $86.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Needham & Company LLC lowered their target price on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. William Blair began coverage on shares of CoStar Group in a research report on Friday, February 28th. They set a “market perform” rating on the stock. JMP Securities reissued a “market outperform” rating and issued a $90.00 price objective on shares of CoStar Group in a research report on Monday, December 16th. Finally, Deutsche Bank Aktiengesellschaft started coverage on CoStar Group in a research report on Friday, February 28th. They set a “buy” rating and a $89.00 target price on the stock. Two analysts have rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, CoStar Group currently has a consensus rating of “Moderate Buy” and an average price target of $88.07.

CoStar Group Stock Performance

Shares of CSGP stock opened at $79.31 on Friday. CoStar Group, Inc. has a 12 month low of $68.26 and a 12 month high of $96.98. The firm has a market capitalization of $32.53 billion, a PE ratio of 226.60 and a beta of 0.93. The firm has a fifty day simple moving average of $76.96 and a two-hundred day simple moving average of $75.83. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13.

CoStar Group (NASDAQ:CSGP) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.22. The company had revenue of $709.40 million for 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%. Analysts forecast that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

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

Insider Activity

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the 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 represents a 5.60 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.57% of the company’s stock.

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.