Peapack Gladstone Financial Corp Invests $404,000 in CoStar Group, Inc. (NASDAQ:CSGP)

Peapack Gladstone Financial Corp acquired a new stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,641 shares of the technology company’s stock, valued at approximately $404,000.

A number of other hedge funds also recently added to or reduced their stakes in CSGP. Geode Capital Management LLC grew its position in CoStar Group by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 11,475,755 shares of the technology company’s stock worth $819,678,000 after buying an additional 166,769 shares during the period. Polen Capital Management LLC purchased a new stake in CoStar Group during the fourth quarter worth $465,134,000. Norges Bank acquired a new stake in CoStar Group in the fourth quarter valued at $390,755,000. Charles Schwab Investment Management Inc. increased its position in shares of CoStar Group by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,818,249 shares of the technology company’s stock valued at $201,758,000 after buying an additional 133,876 shares in the last quarter. Finally, Amundi raised its stake in shares of CoStar Group by 30.1% during the 4th quarter. Amundi now owns 2,810,540 shares of the technology company’s stock worth $200,504,000 after buying an additional 650,454 shares during the last quarter. 96.60% of the stock is owned by institutional investors and hedge funds.

Insider Activity at CoStar Group

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of CoStar Group stock in a transaction on Monday, March 10th. The shares were sold at an average price of $79.90, for a total value of $139,745.10. Following the completion of the sale, the chief accounting officer now owns 29,456 shares of the company’s stock, valued at approximately $2,353,534.40. This trade represents a 5.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.57% of the stock is owned by corporate insiders.

CoStar Group Trading Up 7.5 %

Shares of CoStar Group stock opened at $78.70 on Thursday. CoStar Group, Inc. has a 52-week low of $68.26 and a 52-week high of $93.94. The firm has a market capitalization of $32.28 billion, a PE ratio of 224.86 and a beta of 0.88. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63. The company’s fifty day moving average price is $77.26 and its two-hundred day moving average price is $75.74.

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 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 analyst estimates of $703.00 million. On average, analysts expect that CoStar Group, Inc. will post 0.94 EPS for the current year.

CoStar Group announced that its Board of Directors has approved a stock buyback plan on Tuesday, February 18th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to buy up to 1.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CSGP has been the topic of several research reports. Needham & Company LLC lowered their price target on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft initiated coverage on CoStar Group in a research report on Friday, February 28th. They issued a “buy” rating and a $89.00 price objective on the stock. Keefe, Bruyette & Woods dropped their price objective on CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. The Goldman Sachs Group assumed coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a “buy” rating on the stock. Finally, Stephens reaffirmed an “overweight” rating and issued a $103.00 target price on shares of CoStar Group in a research note on Tuesday, February 18th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, CoStar Group has a consensus rating of “Moderate Buy” and an average target price of $88.07.

CoStar Group Company 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.