CIBC Asset Management Inc Increases Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

CIBC Asset Management Inc increased its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 3.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 131,674 shares of the technology company’s stock after purchasing an additional 4,583 shares during the period. CIBC Asset Management Inc’s holdings in CoStar Group were worth $9,427,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in 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 worth $1,286,987,000 after purchasing an additional 722,153 shares during the period. Geode Capital Management LLC boosted its position in CoStar Group by 2.1% during the 3rd quarter. Geode Capital Management LLC now owns 11,308,986 shares of the technology company’s stock worth $850,656,000 after purchasing an additional 236,407 shares during the period. Charles Schwab Investment Management Inc. boosted its position in CoStar Group by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,684,373 shares of the technology company’s stock worth $202,509,000 after purchasing an additional 76,916 shares during the period. JPMorgan Chase & Co. boosted its position in CoStar Group by 73.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock worth $177,913,000 after purchasing an additional 1,001,177 shares during the period. Finally, Barclays PLC boosted its position in CoStar Group by 91.4% during the 3rd quarter. Barclays PLC now owns 2,249,188 shares of the technology company’s stock worth $169,678,000 after purchasing an additional 1,073,793 shares during the period. 96.60% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Michael J. Desmarais sold 5,500 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total transaction of $439,340.00. Following the sale, the insider now owns 58,798 shares in the company, valued at $4,696,784.24. This represents a 8.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.57% of the stock is owned by company insiders.

CoStar Group Stock Performance

Shares of CoStar Group stock opened at $75.48 on Wednesday. The firm has a market cap of $30.94 billion, a PE ratio of 171.54 and a beta of 0.87. CoStar Group, Inc. has a 1 year low of $68.26 and a 1 year high of $100.38. The firm’s 50-day simple moving average is $73.81 and its 200-day simple moving average is $75.34. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current 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, hitting the consensus estimate of $0.22. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. Equities analysts forecast that CoStar Group, Inc. will post 0.52 earnings per share for the current fiscal year.

CoStar Group declared that its board has approved a stock 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 reacquire up to 1.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wells Fargo & Company assumed coverage on shares of CoStar Group in a research report on Wednesday, February 5th. They issued an “underweight” rating and a $65.00 price objective for the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $83.00 price objective on shares of CoStar Group in a research report on Friday, January 10th. Citigroup decreased their price objective on shares of CoStar Group from $90.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Keefe, Bruyette & Woods decreased their price objective on shares of CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. Finally, William Blair reissued an “outperform” rating on shares of CoStar Group in a research report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, CoStar Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.23.

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.