Retirement Systems of Alabama Trims Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Retirement Systems of Alabama cut its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 2.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,000 shares of the technology company’s stock after selling 2,329 shares during the quarter. Retirement Systems of Alabama’s holdings in CoStar Group were worth $7,865,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Blue Trust Inc. increased its position in CoStar Group by 125.4% during the fourth quarter. Blue Trust Inc. now owns 311 shares of the technology company’s stock worth $27,000 after buying an additional 173 shares in the last quarter. Pinnacle Bancorp Inc. purchased a new stake in CoStar Group during the 4th quarter worth about $37,000. CVA Family Office LLC acquired a new position in CoStar Group in the 4th quarter valued at about $60,000. KB Financial Partners LLC lifted its holdings in CoStar Group by 17.9% in the 3rd quarter. KB Financial Partners LLC now owns 818 shares of the technology company’s stock valued at $63,000 after purchasing an additional 124 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its holdings in CoStar Group by 78.9% in the 4th quarter. Lindbrook Capital LLC now owns 1,224 shares of the technology company’s stock valued at $107,000 after purchasing an additional 540 shares in the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Stock Performance

Shares of CSGP stock opened at $91.23 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.09 and a quick ratio of 9.09. The company’s fifty day moving average price is $90.47 and its two-hundred day moving average price is $85.03. The firm has a market capitalization of $37.25 billion, a P/E ratio of 124.97, a P/E/G ratio of 10.05 and a beta of 0.84. CoStar Group, Inc. has a 12 month low of $67.35 and a 12 month high of $100.38.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Tuesday, February 20th. The technology company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. CoStar Group had a return on equity of 4.95% and a net margin of 11.64%. The firm had revenue of $640.00 million during the quarter, compared to the consensus estimate of $634.27 million. During the same quarter in the prior year, the business posted $0.35 earnings per share. CoStar Group’s revenue for the quarter was up 11.7% on a year-over-year basis. On average, research analysts anticipate that CoStar Group, Inc. will post 0.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on CSGP. William Blair reissued an “outperform” rating on shares of CoStar Group in a research report on Wednesday, April 24th. BTIG Research started coverage on CoStar Group in a report on Friday, January 19th. They issued a “neutral” rating for the company. The Goldman Sachs Group raised their price objective on CoStar Group from $96.00 to $107.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Robert W. Baird lifted their price objective on CoStar Group from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Monday, March 18th. Finally, JMP Securities reiterated a “market outperform” rating and set a $110.00 target price on shares of CoStar Group in a research report on Friday, April 12th. Four investment analysts have rated the stock with a hold rating and twelve have assigned 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 $102.46.

Insider Buying and Selling

In other news, insider Michael J. Desmarais sold 3,800 shares of the stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $92.67, for a total transaction of $352,146.00. Following the transaction, the insider now owns 64,087 shares of the company’s stock, valued at $5,938,942.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other CoStar Group news, insider Michael J. Desmarais sold 3,800 shares of the stock in a transaction on Friday, April 26th. The shares were sold at an average price of $92.67, for a total transaction of $352,146.00. Following the sale, the insider now directly owns 64,087 shares of the company’s stock, valued at $5,938,942.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Scott T. Wheeler sold 122,736 shares of CoStar Group stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $92.61, for a total transaction of $11,366,580.96. Following the completion of the transaction, the chief financial officer now directly owns 303,417 shares of the company’s stock, valued at $28,099,448.37. The disclosure for this sale can be found here. Insiders own 1.58% 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.