Allstate Corp Invests $869,000 in CoStar Group, Inc. (NASDAQ:CSGP)

Allstate Corp acquired a new stake in CoStar Group, Inc. (NASDAQ:CSGP) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 12,142 shares of the technology company’s stock, valued at approximately $869,000.

Other institutional investors also recently bought and sold shares of the company. Hopwood Financial Services Inc. purchased a new stake in CoStar Group during the 4th quarter valued at about $25,000. ORG Partners LLC boosted its position in CoStar Group by 534.8% in the fourth quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock valued at $30,000 after buying an additional 353 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in CoStar Group in the 4th quarter worth approximately $30,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in CoStar Group during the 4th quarter worth approximately $32,000. Finally, E Fund Management Hong Kong Co. Ltd. lifted its stake in CoStar Group by 17,100.0% during the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 516 shares of the technology company’s stock valued at $37,000 after acquiring an additional 513 shares during the period. 96.60% of the stock is currently owned by institutional investors and hedge funds.

CoStar Group Price Performance

NASDAQ:CSGP opened at $79.23 on Tuesday. The firm has a market cap of $32.49 billion, a P/E ratio of 226.37 and a beta of 0.93. The stock has a 50 day moving average of $77.07 and a two-hundred day moving average of $75.79. CoStar Group, Inc. has a 12 month low of $68.26 and a 12 month high of $96.98. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, hitting the consensus estimate of $0.22. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. The firm had revenue of $709.40 million during the quarter, compared to analysts’ expectations of $703.00 million. On average, analysts expect that CoStar Group, Inc. will post 0.94 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 authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CSGP shares. JPMorgan Chase & Co. reduced their target price on shares of 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 decreased their price objective on CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Craig Hallum initiated coverage on CoStar Group in a research note on Friday, February 28th. They issued a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft began coverage on CoStar Group in a research report on Friday, February 28th. They set a “buy” rating and a $89.00 price target for the company. Finally, Piper Sandler started coverage on CoStar Group in a research report on Friday, February 28th. They issued an “overweight” rating on the stock. Two research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $88.07.

Insider Buying and Selling

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $79.90, for a total value 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. This trade represents a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.57% of the stock is currently owned by company insiders.

About CoStar Group

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.