Mirae Asset Global Investments Co. Ltd. Acquires 21,225 Shares of CoStar Group, Inc. $CSGP

Mirae Asset Global Investments Co. Ltd. lifted its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 14.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 171,380 shares of the technology company’s stock after purchasing an additional 21,225 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in CoStar Group were worth $14,459,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Quent Capital LLC purchased a new stake in shares of CoStar Group in the third quarter worth $26,000. Rossby Financial LCC raised its position in shares of CoStar Group by 315.9% in the 2nd quarter. Rossby Financial LCC now owns 341 shares of the technology company’s stock worth $27,000 after purchasing an additional 259 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in CoStar Group in the 3rd quarter worth about $28,000. Root Financial Partners LLC purchased a new stake in CoStar Group during the 3rd quarter valued at about $31,000. Finally, NewSquare Capital LLC grew its position in CoStar Group by 35.6% during the 2nd quarter. NewSquare Capital LLC now owns 411 shares of the technology company’s stock valued at $33,000 after purchasing an additional 108 shares during the last quarter. Institutional investors own 96.60% of the company’s stock.

CoStar Group Trading Down 0.7%

CoStar Group stock opened at $61.50 on Friday. CoStar Group, Inc. has a 52-week low of $57.01 and a 52-week high of $97.43. The company has a market cap of $26.06 billion, a P/E ratio of 1,230.00, a P/E/G ratio of 1.62 and a beta of 0.84. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The business has a 50-day simple moving average of $65.75 and a two-hundred day simple moving average of $76.88.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings data on Tuesday, October 28th. The technology company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.04. The firm had revenue of $833.60 million for the quarter, compared to analysts’ expectations of $823.62 million. CoStar Group had a net margin of 0.66% and a return on equity of 2.45%. The business’s quarterly revenue was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.22 EPS. Analysts predict that CoStar Group, Inc. will post 0.94 EPS for the current year.

CoStar Group announced that its Board of Directors has approved a share repurchase program on Wednesday, January 7th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CSGP. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $91.00 target price on shares of CoStar Group in a research note on Thursday, October 9th. Weiss Ratings restated a “sell (d)” rating on shares of CoStar Group in a report on Monday, December 29th. Wells Fargo & Company reiterated an “underweight” rating and set a $55.00 target price (down from $60.00) on shares of CoStar Group in a research note on Thursday, January 8th. Citizens Jmp reduced their target price on CoStar Group from $100.00 to $78.00 and set a “market outperform” rating for the company in a report on Thursday, January 8th. Finally, Needham & Company LLC lowered their price target on CoStar Group from $105.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, CoStar Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.39.

About CoStar Group

CoStar Group, Inc is a provider of information, analytics and online marketplaces for the commercial real estate industry. The company gathers property-level data, builds market analytics and supplies research tools used by brokers, owners, lenders, investors and other real estate professionals to evaluate markets, track inventory and manage listings. CoStar’s offerings are delivered primarily through subscription-based platforms that combine proprietary databases, mapping and workflow applications to support decision-making across the property life cycle.

In addition to its core CoStar research service, the company operates prominent online listing and marketing platforms that connect buyers, sellers, tenants and brokers.