Akre Capital Management LLC Acquires 379,787 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Akre Capital Management LLC grew its holdings in CoStar Group, Inc. (NASDAQ:CSGP) by 4.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,313,880 shares of the technology company’s stock after buying an additional 379,787 shares during the period. CoStar Group accounts for about 5.8% of Akre Capital Management LLC’s portfolio, making the stock its 9th biggest holding. Akre Capital Management LLC owned approximately 2.27% of CoStar Group worth $666,781,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hopwood Financial Services Inc. bought a new stake in shares of CoStar Group during the fourth quarter worth approximately $25,000. ORG Partners LLC boosted its stake in CoStar Group by 534.8% in 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 period. SBI Securities Co. Ltd. acquired a new position in CoStar Group in the 4th quarter valued at $30,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in CoStar Group during the 4th quarter worth $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of CoStar Group by 414.4% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 499 shares of the technology company’s stock worth $36,000 after buying an additional 402 shares in the last quarter. 96.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Stephens reaffirmed an “overweight” rating and set a $103.00 price target on shares of CoStar Group in a research report on Tuesday, February 18th. Keefe, Bruyette & Woods dropped their price target on shares of CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. Piper Sandler started coverage on CoStar Group in a research report on Friday, February 28th. They set an “overweight” rating on the stock. Citigroup dropped their price objective on CoStar Group from $88.00 to $86.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Finally, 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 target on the stock. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $87.54.

CoStar Group Stock Up 0.9 %

NASDAQ:CSGP opened at $79.70 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63. CoStar Group, Inc. has a one year low of $68.26 and a one year high of $93.94. The firm’s 50 day simple moving average is $77.41 and its 200 day simple moving average is $75.88. The company has a market cap of $32.69 billion, a PE ratio of 227.71 and a beta of 0.88.

CoStar Group (NASDAQ:CSGP) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, hitting 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 during the quarter, compared to analyst estimates of $703.00 million. On average, research analysts anticipate that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

CoStar Group announced that its board has approved a stock repurchase program on Tuesday, February 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at CoStar Group

In other CoStar Group news, CAO Cynthia Cammett Cann sold 1,749 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $79.90, for a total transaction of $139,745.10. Following the sale, the chief accounting officer now owns 29,456 shares of the company’s stock, valued at approximately $2,353,534.40. This represents a 5.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.57% of the company’s stock.

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.