TFJ Management LLC Acquires New Position in CoStar Group, Inc. (NASDAQ:CSGP)

TFJ Management LLC acquired a new stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 13,488 shares of the technology company’s stock, valued at approximately $966,000. CoStar Group makes up 0.9% of TFJ Management LLC’s holdings, making the stock its 15th largest holding.

A number of other large investors have also added to or reduced their stakes in CSGP. Capital International Investors boosted its position in CoStar Group by 44.9% during the 4th quarter. Capital International Investors now owns 14,032,363 shares of the technology company’s stock valued at $1,004,578,000 after acquiring an additional 4,345,267 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of 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 buying an additional 166,769 shares during the last quarter. Akre Capital Management LLC increased its holdings in shares of CoStar Group by 4.3% in the 4th quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company’s stock worth $666,781,000 after purchasing an additional 379,787 shares in the last quarter. Polen Capital Management LLC purchased a new position in CoStar Group in the 4th quarter worth about $465,134,000. Finally, Norges Bank bought a new position in CoStar Group during the fourth quarter valued at approximately $390,755,000. Hedge funds and other institutional investors own 96.60% of the company’s stock.

Insider Buying and Selling

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the stock in a transaction 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 transaction, the chief accounting officer now directly 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.57% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CSGP. StockNews.com cut shares of CoStar Group from a “hold” rating to a “sell” rating in a research note on Wednesday, January 15th. Wells Fargo & Company dropped their price target on CoStar Group from $65.00 to $63.00 and set an “underweight” rating for the company in a research note on Wednesday, February 19th. Keefe, Bruyette & Woods reduced their price objective on CoStar Group from $96.00 to $93.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued a “buy” rating and a $89.00 price objective for the company. Finally, William Blair assumed coverage on shares of CoStar Group in a research report on Friday, February 28th. They issued a “market perform” rating for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, CoStar Group has an average rating of “Moderate Buy” and a consensus target price of $87.54.

CoStar Group Price Performance

Shares of NASDAQ CSGP opened at $79.70 on Friday. The stock’s 50-day simple moving average is $77.48 and its 200-day simple moving average is $75.92. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $93.94. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96. The firm has a market capitalization of $32.69 billion, a PE ratio of 227.71 and a beta of 0.88.

CoStar Group (NASDAQ:CSGP) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, meeting the consensus estimate of $0.22. The company had revenue of $709.40 million for the quarter, compared to the consensus estimate 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 research analysts forecast that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

CoStar Group announced that its board has initiated a stock buyback program on Tuesday, February 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 1.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

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.