Davis Capital Management Increases Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Davis Capital Management grew its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 6.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,456 shares of the technology company’s stock after acquiring an additional 792 shares during the quarter. Davis Capital Management’s holdings in CoStar Group were worth $963,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CSGP. Ashton Thomas Securities LLC bought a new stake in CoStar Group in the 3rd quarter worth about $40,000. JPMorgan Chase & Co. increased its holdings in CoStar Group by 73.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock worth $177,913,000 after buying an additional 1,001,177 shares in the last quarter. Telemark Asset Management LLC increased its holdings in CoStar Group by 42.9% in the 3rd quarter. Telemark Asset Management LLC now owns 500,000 shares of the technology company’s stock worth $37,720,000 after buying an additional 150,000 shares in the last quarter. Swedbank AB increased its holdings in CoStar Group by 469.3% in the 3rd quarter. Swedbank AB now owns 248,043 shares of the technology company’s stock worth $18,712,000 after buying an additional 204,474 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of CoStar Group by 16.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 103,547 shares of the technology company’s stock valued at $7,812,000 after purchasing an additional 14,468 shares during the period. 96.60% of the stock is currently owned by institutional investors.

CoStar Group Stock Performance

NASDAQ CSGP opened at $74.16 on Wednesday. The company has a market cap of $30.40 billion, a P/E ratio of 168.55 and a beta of 0.85. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 9.63. The business’s 50 day moving average price is $74.63 and its 200-day moving average price is $75.35. CoStar Group, Inc. has a fifty-two week low of $68.26 and a fifty-two week high of $100.38.

CoStar Group (NASDAQ:CSGP) last released its earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.06. The firm had revenue of $692.60 million for the quarter, compared to the consensus estimate of $695.91 million. CoStar Group had a return on equity of 3.53% and a net margin of 6.57%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 EPS. Sell-side analysts predict that CoStar Group, Inc. will post 0.52 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. William Blair restated an “outperform” rating on shares of CoStar Group in a research note on Monday, January 6th. JPMorgan Chase & Co. lowered their price objective on CoStar Group from $108.00 to $99.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. JMP Securities reaffirmed a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a research report on Monday, December 16th. StockNews.com cut CoStar Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $100.00 price target on shares of CoStar Group in a report on Monday, December 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $92.92.

Insider Activity

In other news, CEO Andrew C. Florance bought 14,731 shares of the stock in a transaction on Friday, October 25th. The stock was acquired at an average cost of $74.67 per share, for a total transaction of $1,099,963.77. Following the acquisition, the chief executive officer now owns 1,263,098 shares of the company’s stock, valued at $94,315,527.66. This represents a 1.18 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael J. Desmarais sold 5,500 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $79.88, for a total value of $439,340.00. Following the completion of the sale, the insider now owns 58,798 shares of the company’s stock, valued at $4,696,784.24. This represents a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.57% of the company’s stock.

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.