Pitcairn Co. Sells 752 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Pitcairn Co. cut its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 1.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 44,964 shares of the technology company’s stock after selling 752 shares during the period. Pitcairn Co.’s holdings in CoStar Group were worth $3,219,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. State Street Corp boosted its position in CoStar Group by 4.4% during the 3rd quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock valued at $1,286,987,000 after acquiring an additional 722,153 shares in the last quarter. Geode Capital Management LLC boosted its position in CoStar Group by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 11,475,755 shares of the technology company’s stock valued at $819,678,000 after purchasing an additional 166,769 shares in the last quarter. Polen Capital Management LLC purchased a new position in CoStar Group in the fourth quarter valued at about $465,134,000. Norges Bank purchased a new position in CoStar Group in the fourth quarter valued at about $390,755,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in CoStar Group by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,818,249 shares of the technology company’s stock worth $201,758,000 after purchasing an additional 133,876 shares in the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Trading Up 0.9 %

Shares of CoStar Group stock opened at $79.92 on Thursday. The stock has a market cap of $32.78 billion, a PE ratio of 228.34 and a beta of 0.93. The firm has a fifty day moving average price of $77.29 and a 200 day moving average price of $75.82. CoStar Group, Inc. has a 1 year low of $68.26 and a 1 year high of $95.71. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63.

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

CoStar Group declared that its Board of Directors has authorized a share repurchase 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 typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the business’s stock in a transaction on 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 transaction, the chief accounting officer now directly owns 29,456 shares in the company, valued at $2,353,534.40. The trade was a 5.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.57% of the company’s stock.

Wall Street Analyst Weigh In

CSGP has been the topic of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a “buy” rating on the stock. Piper Sandler started coverage on shares of CoStar Group in a report on Friday, February 28th. They issued an “overweight” rating on the stock. JPMorgan Chase & Co. decreased their price objective on CoStar Group from $99.00 to $87.00 and set an “overweight” rating for the company in a report on Wednesday, February 19th. Needham & Company LLC dropped their target price on CoStar Group from $100.00 to $87.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Finally, Stephens reiterated an “overweight” rating and issued a $103.00 price target on shares of CoStar Group in a research note on Tuesday, February 18th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $88.07.

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.