State of Michigan Retirement System Raises Stake in CoStar Group, Inc. (NASDAQ:CSGP)

State of Michigan Retirement System raised its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGPFree Report) by 6.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 119,400 shares of the technology company’s stock after purchasing an additional 7,500 shares during the quarter. State of Michigan Retirement System’s holdings in CoStar Group were worth $10,434,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of CoStar Group in the fourth quarter worth approximately $320,866,000. Mackenzie Financial Corp increased its position in shares of CoStar Group by 343.8% in the first quarter. Mackenzie Financial Corp now owns 2,913,586 shares of the technology company’s stock worth $194,074,000 after purchasing an additional 2,257,140 shares during the last quarter. Capital International Investors bought a new position in shares of CoStar Group in the first quarter worth approximately $101,893,000. Renaissance Technologies LLC bought a new position in shares of CoStar Group in the first quarter worth approximately $94,633,000. Finally, Wellington Management Group LLP increased its position in shares of CoStar Group by 51.3% in the first quarter. Wellington Management Group LLP now owns 3,477,341 shares of the technology company’s stock worth $231,626,000 after purchasing an additional 1,178,764 shares during the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Needham & Company LLC decreased their price objective on shares of CoStar Group from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. Bank of America increased their price target on shares of CoStar Group from $97.00 to $111.00 and gave the company a “buy” rating in a research report on Monday, March 18th. BMO Capital Markets reduced their price target on shares of CoStar Group from $84.00 to $79.00 and set a “market perform” rating on the stock in a research report on Thursday, February 22nd. Citigroup increased their price target on shares of CoStar Group from $90.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Finally, Royal Bank of Canada increased their price objective on CoStar Group from $95.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, March 25th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $99.70.

Read Our Latest Analysis on CoStar Group

CoStar Group Stock Performance

NASDAQ:CSGP opened at $93.17 on Wednesday. The stock has a market cap of $38.05 billion, a P/E ratio of 101.27, a price-to-earnings-growth ratio of 10.82 and a beta of 0.84. The firm’s fifty day simple moving average is $87.34 and its 200 day simple moving average is $83.28. CoStar Group, Inc. has a twelve month low of $67.22 and a twelve month high of $100.38. The company has a quick ratio of 12.01, a current ratio of 12.01 and a debt-to-equity ratio of 0.13.

CoStar Group (NASDAQ:CSGPGet Free Report) last released its quarterly earnings results on Tuesday, February 20th. The technology company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01. The business had revenue of $640.00 million for the quarter, compared to analysts’ expectations of $634.27 million. CoStar Group had a net margin of 15.26% and a return on equity of 6.08%. The firm’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.35 earnings per share. As a group, research analysts predict that CoStar Group, Inc. will post 0.44 EPS for the current year.

CoStar Group Profile

(Free Report)

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.

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Institutional Ownership by Quarter for CoStar Group (NASDAQ:CSGP)

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