Center Lake Capital Management LLC Acquires New Shares in CoStar Group, Inc. (NASDAQ:CSGP)

Center Lake Capital Management LLC acquired a new stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 10,000 shares of the technology company’s stock, valued at approximately $966,000. CoStar Group comprises about 1.6% of Center Lake Capital Management LLC’s holdings, making the stock its 10th largest holding.

Several other institutional investors also recently modified their holdings of the business. Concurrent Investment Advisors LLC boosted its position in shares of CoStar Group by 4.7% during the first quarter. Concurrent Investment Advisors LLC now owns 2,505 shares of the technology company’s stock valued at $242,000 after buying an additional 112 shares during the last quarter. Lindbrook Capital LLC boosted its position in shares of CoStar Group by 9.2% during the first quarter. Lindbrook Capital LLC now owns 1,337 shares of the technology company’s stock valued at $129,000 after buying an additional 113 shares during the last quarter. Checchi Capital Advisers LLC boosted its position in shares of CoStar Group by 3.4% during the fourth quarter. Checchi Capital Advisers LLC now owns 3,658 shares of the technology company’s stock valued at $320,000 after buying an additional 121 shares during the last quarter. Axxcess Wealth Management LLC lifted its holdings in CoStar Group by 4.6% in the fourth quarter. Axxcess Wealth Management LLC now owns 2,775 shares of the technology company’s stock valued at $243,000 after acquiring an additional 123 shares during the period. Finally, Wealth Alliance lifted its holdings in CoStar Group by 3.0% in the fourth quarter. Wealth Alliance now owns 4,539 shares of the technology company’s stock valued at $397,000 after acquiring an additional 132 shares during the period. 96.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on CSGP. Bank of America lowered their target price on CoStar Group from $111.00 to $89.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Needham & Company LLC reissued a “buy” rating and issued a $107.00 target price on shares of CoStar Group in a report on Wednesday, July 24th. Keefe, Bruyette & Woods lowered their target price on CoStar Group from $109.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. JMP Securities lowered their target price on CoStar Group from $110.00 to $90.00 and set a “market outperform” rating on the stock in a report on Wednesday, July 24th. Finally, Jefferies Financial Group increased their target price on CoStar Group from $85.00 to $95.00 and gave the company a “hold” rating in a report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CoStar Group currently has an average rating of “Moderate Buy” and a consensus target price of $96.08.

CoStar Group Price Performance

Shares of NASDAQ:CSGP traded down $0.31 during trading on Tuesday, hitting $78.48. 1,759,623 shares of the company’s stock were exchanged, compared to its average volume of 2,317,282. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.27 and a quick ratio of 9.27. CoStar Group, Inc. has a 52-week low of $67.35 and a 52-week high of $100.38. The business’s 50-day simple moving average is $76.47 and its 200 day simple moving average is $83.94. The company has a market cap of $32.16 billion, a price-to-earnings ratio of 107.51, a PEG ratio of 11.66 and a beta of 0.81.

CoStar Group (NASDAQ:CSGP) last released its earnings results on Tuesday, July 23rd. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.06. CoStar Group had a return on equity of 3.99% and a net margin of 8.19%. The firm had revenue of $677.80 million during the quarter, compared to analysts’ expectations of $677.18 million. During the same quarter last year, the business posted $0.27 earnings per share. The firm’s revenue was up 11.9% on a year-over-year basis. As a group, equities analysts predict that CoStar Group, Inc. will post 0.49 EPS for the current year.

Insider Buying and Selling

In other news, Director John W. Hill 1,325 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.57% of the stock is currently owned by company 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.