Man Group plc Cuts Stock Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

Man Group plc lessened its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 68.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,835 shares of the technology company’s stock after selling 61,805 shares during the period. Man Group plc’s holdings in CoStar Group were worth $2,064,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Colonial Trust Co SC raised its stake in shares of CoStar Group by 27.4% in the 4th quarter. Colonial Trust Co SC now owns 674 shares of the technology company’s stock valued at $48,000 after acquiring an additional 145 shares during the period. DoubleLine ETF Adviser LP raised its stake in shares of CoStar Group by 0.5% in the 4th quarter. DoubleLine ETF Adviser LP now owns 29,398 shares of the technology company’s stock valued at $2,105,000 after acquiring an additional 146 shares during the period. Allworth Financial LP raised its stake in shares of CoStar Group by 9.7% in the 4th quarter. Allworth Financial LP now owns 1,950 shares of the technology company’s stock valued at $144,000 after acquiring an additional 173 shares during the period. Atria Wealth Solutions Inc. raised its stake in shares of CoStar Group by 2.3% in the 4th quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company’s stock valued at $557,000 after acquiring an additional 176 shares during the period. Finally, Moran Wealth Management LLC raised its stake in shares of CoStar Group by 2.2% in the 4th quarter. Moran Wealth Management LLC now owns 8,207 shares of the technology company’s stock valued at $588,000 after acquiring an additional 180 shares during the period. Hedge funds and other institutional investors own 96.60% of the company’s stock.

Insider Activity

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $79.90, for a total value of $139,745.10. Following the completion of the transaction, the chief accounting officer now directly owns 29,456 shares of the company’s stock, valued at approximately $2,353,534.40. The trade was a 5.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.09% of the company’s stock.

CoStar Group Price Performance

Shares of CSGP stock opened at $74.14 on Friday. The firm has a market cap of $31.28 billion, a P/E ratio of 211.83 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63. CoStar Group, Inc. has a 1-year low of $68.26 and a 1-year high of $87.27. The firm has a fifty day moving average of $77.83 and a two-hundred day moving average of $76.29.

CoStar Group (NASDAQ:CSGP) last announced 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. The company had revenue of $709.40 million during the quarter, compared to analyst estimates of $703.00 million. CoStar Group had a net margin of 5.07% and a return on equity of 3.11%. As a group, research analysts anticipate 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 buyback plan on Tuesday, February 18th that allows the company to repurchase $500.00 million in 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 board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Citigroup cut their target price on shares of CoStar Group from $88.00 to $86.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. The Goldman Sachs Group began coverage on shares of CoStar Group in a research note on Friday, February 28th. They issued a “buy” rating on the stock. Piper Sandler began coverage on shares of CoStar Group in a research note on Friday, February 28th. They set an “overweight” rating on the stock. Keefe, Bruyette & Woods lifted their price target on shares of CoStar Group from $93.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 30th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $83.00 price target on shares of CoStar Group in a research note on Thursday, April 17th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target 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.