Federated Hermes Inc. Sells 285,558 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Federated Hermes Inc. lessened its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 16.3% in the first quarter, HoldingsChannel reports. The firm owned 1,465,334 shares of the technology company’s stock after selling 285,558 shares during the period. Federated Hermes Inc.’s holdings in CoStar Group were worth $116,098,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CSGP. Capital International Investors increased its holdings in CoStar Group by 44.9% in the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company’s stock valued at $1,004,578,000 after purchasing an additional 4,345,267 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of CoStar Group by 24.6% in 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 acquiring an additional 1,267,263 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of CoStar Group by 2,181.8% in 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 acquiring an additional 1,079,815 shares in the last quarter. ShawSpring Partners LLC bought a new stake in shares of CoStar Group in the fourth quarter worth about $65,133,000. Finally, Kensico Capital Management Corp bought a new stake in shares of CoStar Group in the fourth quarter worth about $51,244,000. Institutional investors own 96.60% of the company’s stock.

CoStar Group Stock Performance

Shares of NASDAQ CSGP opened at $93.36 on Tuesday. The stock has a 50 day moving average price of $81.09 and a 200 day moving average price of $78.42. CoStar Group, Inc. has a 52 week low of $68.26 and a 52 week high of $93.75. The company has a debt-to-equity ratio of 0.12, a quick ratio of 5.83 and a current ratio of 5.83. The stock has a market capitalization of $39.55 billion, a PE ratio of 373.44, a price-to-earnings-growth ratio of 4.53 and a beta of 0.89.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Tuesday, July 22nd. The technology company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.14 by $0.03. CoStar Group had a return on equity of 2.88% and a net margin of 3.57%. The firm had revenue of $781.30 million during the quarter, compared to analysts’ expectations of $772.06 million. During the same period in the prior year, the firm posted $0.15 earnings per share. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. Analysts predict that CoStar Group, Inc. will post 0.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on CSGP. JPMorgan Chase & Co. increased their price target on CoStar Group from $87.00 to $101.00 and gave the stock an “overweight” rating in a report on Wednesday, July 23rd. Royal Bank Of Canada increased their price target on CoStar Group from $83.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 23rd. Stephens upgraded CoStar Group to a “strong-buy” rating and set a $105.00 price target for the company in a report on Monday, June 16th. Bank of America initiated coverage on CoStar Group in a report on Friday, May 30th. They issued a “neutral” rating and a $79.00 price target for the company. Finally, Citigroup upped their price objective on CoStar Group from $91.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $93.25.

CoStar Group Company 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.