Skandinaviska Enskilda Banken AB publ Acquires 4,300 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 5.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 84,811 shares of the technology company’s stock after purchasing an additional 4,300 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in CoStar Group were worth $6,092,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CSGP. Barclays PLC lifted its stake in CoStar Group by 91.4% during the third quarter. Barclays PLC now owns 2,249,188 shares of the technology company’s stock worth $169,678,000 after purchasing an additional 1,073,793 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in CoStar Group by 73.8% during the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock worth $177,913,000 after purchasing an additional 1,001,177 shares during the last quarter. State Street Corp lifted its stake in CoStar Group by 4.4% during the third quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock worth $1,286,987,000 after purchasing an additional 722,153 shares during the last quarter. Amundi lifted its stake in shares of CoStar Group by 30.1% in the 4th quarter. Amundi now owns 2,810,540 shares of the technology company’s stock valued at $200,504,000 after acquiring an additional 650,454 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of CoStar Group during the 3rd quarter valued at $48,768,000. 96.60% of the stock is currently owned by institutional investors.

CoStar Group Price Performance

Shares of NASDAQ:CSGP opened at $78.73 on Friday. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. The stock’s fifty day simple moving average is $75.32 and its two-hundred day simple moving average is $75.66. CoStar Group, Inc. has a 1-year low of $68.26 and a 1-year high of $100.38. The stock has a market cap of $32.29 billion, a PE ratio of 224.94 and a beta of 0.93.

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

CoStar Group announced that its board has approved a stock buyback 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 repurchase up to 1.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Wells Fargo & Company cut their price target on CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 19th. Piper Sandler assumed coverage on shares of CoStar Group in a research report on Friday, February 28th. They set an “overweight” rating on the stock. JMP Securities reiterated a “market outperform” rating and set a $90.00 target price on shares of CoStar Group in a research report on Monday, December 16th. StockNews.com downgraded shares of CoStar Group from a “hold” rating to a “sell” rating in a research report on Wednesday, January 15th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $83.00 target price on shares of CoStar Group in a research report on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $88.07.

Insider Activity

In other news, CAO Cynthia Cammett Cann sold 1,749 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $79.90, for a total transaction of $139,745.10. Following the completion of the sale, the chief accounting officer now directly owns 29,456 shares of the company’s stock, valued at $2,353,534.40. This trade represents a 5.60 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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.