The Manufacturers Life Insurance Company Sells 28,124 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

The Manufacturers Life Insurance Company cut its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 9.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 261,346 shares of the technology company’s stock after selling 28,124 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of CoStar Group worth $18,710,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Steward Partners Investment Advisory LLC raised its stake in shares of CoStar Group by 497.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,133 shares of the technology company’s stock worth $511,000 after acquiring an additional 5,940 shares in the last quarter. Allworth Financial LP raised its position in CoStar Group by 9.7% in the 4th quarter. Allworth Financial LP now owns 1,950 shares of the technology company’s stock worth $144,000 after purchasing an additional 173 shares during the period. Douglas Lane & Associates LLC bought a new stake in CoStar Group in the fourth quarter worth $27,446,000. Barclays PLC boosted its position in CoStar Group by 91.4% during the third quarter. Barclays PLC now owns 2,249,188 shares of the technology company’s stock valued at $169,678,000 after buying an additional 1,073,793 shares during the period. Finally, Krilogy Financial LLC grew its stake in shares of CoStar Group by 54.9% during the fourth quarter. Krilogy Financial LLC now owns 23,662 shares of the technology company’s stock valued at $1,694,000 after buying an additional 8,387 shares during the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Price Performance

Shares of CSGP stock opened at $77.96 on Friday. The business’s fifty day moving average is $78.28 and its 200 day moving average is $76.23. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. The stock has a market cap of $31.97 billion, a price-to-earnings ratio of 222.74 and a beta of 0.88. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $92.74.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.22. The company had revenue of $709.40 million during the quarter, compared to analysts’ expectations of $703.00 million. CoStar Group had a net margin of 5.07% and a return on equity of 3.11%. Research analysts expect that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

CoStar Group declared that its board has initiated a stock repurchase plan on Tuesday, February 18th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at CoStar Group

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $79.90, for a total value of $139,745.10. Following the transaction, the chief accounting officer now owns 29,456 shares in the company, valued at approximately $2,353,534.40. This represents a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.57% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. StockNews.com cut CoStar Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. JMP Securities restated a “market outperform” rating and issued a $85.00 target price on shares of CoStar Group in a report on Wednesday. The Goldman Sachs Group began coverage on shares of CoStar Group in a report on Friday, February 28th. They set a “buy” rating for the company. Piper Sandler assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They issued an “overweight” rating on the stock. Finally, Stephens reaffirmed an “overweight” rating and set a $103.00 price objective on shares of CoStar Group in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $88.31.

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.