Bessemer Group Inc. Sells 670 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Bessemer Group Inc. lessened its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 2.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 29,311 shares of the technology company’s stock after selling 670 shares during the quarter. Bessemer Group Inc.’s holdings in CoStar Group were worth $2,098,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Barclays PLC grew its position in shares of CoStar Group by 91.4% in the 3rd quarter. Barclays PLC now owns 2,249,188 shares of the technology company’s stock valued at $169,678,000 after purchasing an additional 1,073,793 shares during the period. M&T Bank Corp lifted its stake in CoStar Group by 3.4% in the third quarter. M&T Bank Corp now owns 24,330 shares of the technology company’s stock valued at $1,835,000 after buying an additional 790 shares in the last quarter. Coldstream Capital Management Inc. boosted its holdings in shares of CoStar Group by 6.5% in the third quarter. Coldstream Capital Management Inc. now owns 6,370 shares of the technology company’s stock valued at $481,000 after buying an additional 391 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of CoStar Group during the third quarter worth $256,000. Finally, Tidal Investments LLC raised its holdings in shares of CoStar Group by 292.0% during the third quarter. Tidal Investments LLC now owns 73,184 shares of the technology company’s stock worth $5,521,000 after acquiring an additional 54,515 shares during the period. 96.60% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $79.90, for a total transaction of $139,745.10. Following the completion of the sale, the chief accounting officer now owns 29,456 shares of the company’s stock, valued at approximately $2,353,534.40. The trade was a 5.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.57% of the stock is owned by insiders.

CoStar Group Stock Performance

Shares of CSGP opened at $77.39 on Monday. The company has a market cap of $31.74 billion, a PE ratio of 221.11 and a beta of 0.88. The firm has a 50-day moving average of $77.23 and a 200-day moving average of $75.77. CoStar Group, Inc. has a one year low of $68.26 and a one year high of $93.94. 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 posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. The business had revenue of $709.40 million during 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, equities analysts forecast that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

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

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Craig Hallum started coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued a “buy” rating for the company. JPMorgan Chase & Co. reduced their price objective on CoStar Group from $99.00 to $87.00 and set an “overweight” rating for the company in a research report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft initiated coverage on CoStar Group in a report on Friday, February 28th. They set a “buy” rating and a $89.00 price objective for the company. William Blair started coverage on CoStar Group in a research note on Friday, February 28th. They issued a “market perform” rating on the stock. Finally, Piper Sandler assumed coverage on shares of CoStar Group in a research note on Friday, February 28th. They set an “overweight” rating for the company. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CoStar Group presently has a consensus rating of “Moderate Buy” and an average target price of $87.54.

CoStar Group 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.