Taikang Asset Management Hong Kong Co Ltd Sells 45,622 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Taikang Asset Management Hong Kong Co Ltd trimmed its position in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 40.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,766 shares of the technology company’s stock after selling 45,622 shares during the quarter. Taikang Asset Management Hong Kong Co Ltd’s holdings in CoStar Group were worth $4,780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of CSGP. Hopwood Financial Services Inc. bought a new position in CoStar Group in the fourth quarter valued at about $25,000. ORG Partners LLC increased its position in shares of CoStar Group by 534.8% during the 4th quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock valued at $30,000 after purchasing an additional 353 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of CoStar Group in the 4th quarter worth approximately $30,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of CoStar Group in the fourth quarter worth approximately $32,000. Finally, E Fund Management Hong Kong Co. Ltd. grew its position in CoStar Group by 17,100.0% during the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 516 shares of the technology company’s stock valued at $37,000 after buying an additional 513 shares during the period. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at CoStar Group

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $79.90, for a total value of $139,745.10. Following the completion of the transaction, the chief accounting officer now owns 29,456 shares in the company, valued at approximately $2,353,534.40. This trade represents a 5.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.57% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CSGP. Wells Fargo & Company decreased their price target on shares of CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 19th. Needham & Company LLC lowered their target price on CoStar Group from $100.00 to $87.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. The Goldman Sachs Group assumed coverage on CoStar Group in a research report on Friday, February 28th. They issued a “buy” rating for the company. StockNews.com cut CoStar Group from a “hold” rating to a “sell” rating in a research report on Wednesday, January 15th. Finally, JMP Securities reissued a “market outperform” rating and issued a $90.00 target price on shares of CoStar Group in a report on Monday, December 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $88.07.

CoStar Group Stock Up 2.1 %

CSGP opened at $80.14 on Tuesday. CoStar Group, Inc. has a 52 week low of $68.26 and a 52 week high of $97.64. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. The firm has a 50-day simple moving average of $76.36 and a two-hundred day simple moving average of $75.75. The company has a market capitalization of $32.87 billion, a PE ratio of 228.97 and a beta of 0.93.

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

CoStar Group declared that its Board of Directors has approved a share buyback program on Tuesday, February 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to reacquire up to 1.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

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.