CoStar Group, Inc. (NASDAQ:CSGP) Shares Sold by Bell Bank

Bell Bank reduced its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 25.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,396 shares of the technology company’s stock after selling 4,489 shares during the period. Bell Bank’s holdings in CoStar Group were worth $1,061,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CSGP. Polen Capital Management LLC acquired a new stake in CoStar Group during the fourth quarter worth about $465,134,000. Norges Bank acquired a new stake in CoStar Group during the fourth quarter worth about $390,755,000. Capital International Investors increased its position in CoStar Group by 44.9% during the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company’s stock worth $1,004,578,000 after purchasing an additional 4,345,267 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in CoStar Group by 24.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,415,895 shares of the technology company’s stock worth $459,314,000 after purchasing an additional 1,267,263 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in CoStar Group by 2,181.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,129,307 shares of the technology company’s stock worth $80,847,000 after purchasing an additional 1,079,815 shares during the last quarter. 96.60% of the stock is currently owned by institutional investors and hedge funds.

CoStar Group Trading Up 1.0%

NASDAQ CSGP opened at $81.94 on Tuesday. The firm has a 50 day simple moving average of $77.60 and a 200-day simple moving average of $76.32. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96. CoStar Group, Inc. has a one year low of $68.26 and a one year high of $83.68. The firm has a market cap of $34.57 billion, a price-to-earnings ratio of 234.11 and a beta of 0.87.

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 buy up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CSGP shares. JPMorgan Chase & Co. cut their price objective on shares of CoStar Group from $99.00 to $87.00 and set an “overweight” rating for the company in a research report on Wednesday, February 19th. Piper Sandler initiated coverage on shares of CoStar Group in a research note on Friday, February 28th. They set an “overweight” rating for the company. The Goldman Sachs Group initiated coverage on shares of CoStar Group in a research note on Friday, February 28th. They set a “buy” rating for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $83.00 target price on shares of CoStar Group in a research note on Thursday, April 17th. Finally, Keefe, Bruyette & Woods increased their target price 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. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, CoStar Group presently has an average rating of “Moderate Buy” and an average price target of $87.69.

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.