Centricity Wealth Management LLC Acquires New Holdings in CoStar Group, Inc. (NASDAQ:CSGP)

Centricity Wealth Management LLC bought a new position in shares of CoStar Group, Inc. (NASDAQ:CSGP) in the fourth quarter, HoldingsChannel.com reports. The firm bought 560 shares of the technology company’s stock, valued at approximately $40,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Creative Planning lifted its stake in shares of CoStar Group by 27.9% during the 3rd quarter. Creative Planning now owns 31,828 shares of the technology company’s stock worth $2,401,000 after purchasing an additional 6,939 shares during the last quarter. Blue Trust Inc. lifted its position in shares of CoStar Group by 175.8% during the third quarter. Blue Trust Inc. now owns 2,979 shares of the technology company’s stock valued at $221,000 after buying an additional 1,899 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of CoStar Group by 25.4% during the third quarter. Sequoia Financial Advisors LLC now owns 7,435 shares of the technology company’s stock valued at $561,000 after buying an additional 1,507 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of CoStar Group by 17.0% in the 3rd quarter. Signaturefd LLC now owns 4,533 shares of the technology company’s stock valued at $342,000 after buying an additional 658 shares in the last quarter. Finally, Greenleaf Trust purchased a new position in shares of CoStar Group in the 3rd quarter worth approximately $283,000. Institutional investors own 96.60% of the company’s stock.

Insider Activity

In other news, insider Michael J. Desmarais sold 5,500 shares of CoStar Group stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total value of $439,340.00. Following the sale, the insider now owns 58,798 shares in the company, valued at $4,696,784.24. This trade represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.57% of the company’s stock.

CoStar Group Stock Performance

Shares of CSGP stock opened at $76.79 on Friday. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. CoStar Group, Inc. has a 52-week low of $68.26 and a 52-week high of $100.38. The business has a 50-day simple moving average of $73.83 and a 200-day simple moving average of $75.39. The stock has a market cap of $31.48 billion, a PE ratio of 219.40 and a beta of 0.87.

CoStar Group (NASDAQ:CSGP) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.22. The business had revenue of $709.40 million for 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%. On average, equities analysts expect that CoStar Group, Inc. will post 0.94 EPS for the current year.

CoStar Group announced that its board has initiated a stock buyback program on Tuesday, February 18th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms recently commented on CSGP. Needham & Company LLC decreased their target price on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday. StockNews.com lowered CoStar Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $83.00 target price on shares of CoStar Group in a research report on Wednesday. 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. Finally, Stephens restated an “overweight” rating and set a $103.00 price target on shares of CoStar Group in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $88.00.

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.