Red Spruce Capital LLC Acquires Shares of 15,867 CoStar Group, Inc. (NASDAQ:CSGP)

Red Spruce Capital LLC bought a new position in shares of CoStar Group, Inc. (NASDAQ:CSGP) during the first quarter, HoldingsChannel.com reports. The institutional investor bought 15,867 shares of the technology company’s stock, valued at approximately $1,257,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Bamco Inc. NY grew its stake in CoStar Group by 2.2% during the 4th quarter. Bamco Inc. NY now owns 19,203,564 shares of the technology company’s stock valued at $1,374,783,000 after purchasing an additional 418,128 shares in the last quarter. Capital International Investors boosted its stake in shares of 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 buying an additional 4,345,267 shares during the last quarter. Geode Capital Management LLC grew its position 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 worth $819,678,000 after buying an additional 166,769 shares in the last quarter. Akre Capital Management LLC increased its stake in shares of CoStar Group by 4.3% in the fourth quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company’s stock worth $666,781,000 after buying an additional 379,787 shares during the last quarter. Finally, Polen Capital Management LLC bought a new stake in shares of CoStar Group in the fourth quarter worth $465,134,000. 96.60% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Trading Down 0.2%

NASDAQ:CSGP opened at $74.07 on Friday. The firm has a market capitalization of $31.25 billion, a P/E ratio of 211.63 and a beta of 0.89. The business has a 50 day simple moving average of $77.34 and a 200 day simple moving average of $76.23. 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 12-month low of $68.26 and a 12-month high of $83.68.

CoStar Group announced that its board has authorized a share buyback plan on Tuesday, February 18th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

CSGP has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised their price objective on shares of CoStar Group from $93.00 to $95.00 and gave the stock an “outperform” rating in a report on Wednesday, April 30th. Citigroup decreased their price target on CoStar Group from $88.00 to $86.00 and set a “buy” rating for the company in a research note on Thursday, February 20th. Deutsche Bank Aktiengesellschaft initiated coverage on CoStar Group in a report on Friday, February 28th. They issued a “buy” rating and a $89.00 price objective for the company. Needham & Company LLC increased their target price on CoStar Group from $87.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, April 30th. Finally, The Goldman Sachs Group started coverage on CoStar Group in a report on Friday, February 28th. They issued a “buy” rating for the company. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.31.

Insider Buying and Selling at CoStar Group

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $79.90, for a total transaction 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 $2,353,534.40. The trade was a 5.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.09% of the stock is currently owned by company insiders.

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.