Night Owl Capital Management LLC Raises Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Night Owl Capital Management LLC boosted its position in CoStar Group, Inc. (NASDAQ:CSGP) by 2.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,649 shares of the technology company’s stock after purchasing an additional 2,747 shares during the quarter. CoStar Group comprises 0.9% of Night Owl Capital Management LLC’s investment portfolio, making the stock its 23rd biggest position. Night Owl Capital Management LLC’s holdings in CoStar Group were worth $7,277,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Hopwood Financial Services Inc. bought a new position in shares of CoStar Group in the fourth quarter worth $25,000. SBI Securities Co. Ltd. purchased a new position in CoStar Group during the fourth quarter worth about $30,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in CoStar Group in the 4th quarter worth about $32,000. Annis Gardner Whiting Capital Advisors LLC raised its holdings in shares of CoStar Group by 414.4% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 499 shares of the technology company’s stock valued at $36,000 after acquiring an additional 402 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. raised its holdings in shares of CoStar Group by 17,100.0% in the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 516 shares of the technology company’s stock valued at $37,000 after acquiring an additional 513 shares in the last quarter. 96.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CSGP has been the subject of several recent analyst reports. Royal Bank of Canada reissued a “sector perform” rating and set a $83.00 price objective on shares of CoStar Group in a report on Thursday, April 17th. William Blair initiated coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a “market perform” rating on the stock. Needham & Company LLC raised their price objective on shares of CoStar Group from $87.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. cut their target price 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. Finally, Stephens reissued an “overweight” rating and issued a $103.00 target price on shares of CoStar Group in a research note on Tuesday, February 18th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $88.31.

CoStar Group Stock Performance

NASDAQ CSGP opened at $75.18 on Wednesday. The firm has a market cap of $31.72 billion, a price-to-earnings ratio of 214.80 and a beta of 0.89. The company has a 50-day simple moving average of $78.17 and a two-hundred day simple moving average of $76.19. 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 12-month low of $68.26 and a 12-month high of $89.84.

CoStar Group (NASDAQ:CSGP) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, meeting the consensus estimate of $0.22. The company had revenue of $709.40 million during the quarter, compared to analysts’ expectations of $703.00 million. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. On average, equities analysts forecast that CoStar Group, Inc. will post 0.94 EPS for the current year.

CoStar Group declared that its Board of Directors has initiated a share repurchase 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 stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the company’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 approximately $2,353,534.40. This represents a 5.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.57% of the company’s stock.

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.