Norges Bank Makes New $390.76 Million Investment in CoStar Group, Inc. (NASDAQ:CSGP)

Norges Bank purchased a new stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) during the fourth quarter, Holdings Channel.com reports. The fund purchased 5,458,231 shares of the technology company’s stock, valued at approximately $390,755,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CSGP. NEOS Investment Management LLC lifted its holdings in CoStar Group by 24.0% during the fourth quarter. NEOS Investment Management LLC now owns 49,379 shares of the technology company’s stock valued at $3,535,000 after purchasing an additional 9,553 shares during the last quarter. Elo Mutual Pension Insurance Co increased its stake in shares of CoStar Group by 10.2% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 39,744 shares of the technology company’s stock worth $2,845,000 after purchasing an additional 3,684 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of CoStar Group by 7.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 763,325 shares of the technology company’s stock valued at $55,150,000 after purchasing an additional 54,669 shares during the period. Korea Investment CORP lifted its stake in shares of CoStar Group by 26.2% during the 4th quarter. Korea Investment CORP now owns 279,810 shares of the technology company’s stock valued at $20,032,000 after buying an additional 58,106 shares in the last quarter. Finally, Prestige Wealth Management Group LLC boosted its holdings in CoStar Group by 9.3% in the 4th quarter. Prestige Wealth Management Group LLC now owns 5,639 shares of the technology company’s stock worth $404,000 after buying an additional 481 shares during the period. Institutional investors own 96.60% of the company’s stock.

Insider Buying and Selling at CoStar Group

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $79.90, for a total transaction of $139,745.10. Following the transaction, the chief accounting officer now 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.57% of the company’s stock.

Analyst Ratings Changes

CSGP has been the topic of a number of analyst reports. Piper Sandler assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They set an “overweight” rating on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $83.00 price objective on shares of CoStar Group in a research note on Wednesday, February 19th. Wells Fargo & Company dropped their price objective on CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a report on Wednesday, February 19th. Craig Hallum began coverage on CoStar Group in a report on Friday, February 28th. They set a “buy” rating for the company. Finally, Stephens reissued an “overweight” rating and issued a $103.00 price target on shares of CoStar Group in a report on Tuesday, February 18th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, CoStar Group has a consensus rating of “Moderate Buy” and a consensus target price of $88.07.

CoStar Group Stock Down 1.0 %

Shares of NASDAQ:CSGP opened at $79.31 on Friday. The firm has a fifty day moving average of $76.96 and a 200 day moving average of $75.81. CoStar Group, Inc. has a 52-week low of $68.26 and a 52-week high of $96.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96. The firm has a market capitalization of $32.53 billion, a PE ratio of 226.60 and a beta of 0.93.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. The firm had revenue of $709.40 million for the quarter, compared to analyst estimates 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 anticipate that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

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

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.