Fred Alger Management LLC Buys 3,811 Shares of CoStar Group, Inc. (NASDAQ:CSGP)

Fred Alger Management LLC lifted its position in CoStar Group, Inc. (NASDAQ:CSGP) by 1.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 289,056 shares of the technology company’s stock after purchasing an additional 3,811 shares during the quarter. Fred Alger Management LLC’s holdings in CoStar Group were worth $21,806,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new stake in CoStar Group in the 3rd quarter worth approximately $40,000. Industrial Alliance Investment Management Inc. purchased a new position in shares of CoStar Group in the second quarter valued at $49,000. Quarry LP bought a new stake in CoStar Group in the second quarter worth $54,000. Rothschild Investment LLC purchased a new stake in CoStar Group during the second quarter valued at $73,000. Finally, Blue Trust Inc. lifted its position in CoStar Group by 493.4% during the second quarter. Blue Trust Inc. now owns 1,080 shares of the technology company’s stock valued at $80,000 after purchasing an additional 898 shares during the last quarter. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at CoStar Group

In other news, CEO Andrew C. Florance bought 14,731 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was acquired at an average cost of $74.67 per share, with a total value of $1,099,963.77. Following the transaction, the chief executive officer now directly owns 1,263,098 shares in the company, valued at approximately $94,315,527.66. This trade represents a 1.18 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael R. Klein sold 71,633 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $74.69, for a total value of $5,350,268.77. Following the transaction, the director now directly owns 1,913,501 shares in the company, valued at $142,919,389.69. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. 1.57% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CSGP has been the topic of a number of research reports. BMO Capital Markets reduced their target price on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating on the stock in a report on Thursday, October 24th. JMP Securities reissued a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a research note on Friday, September 6th. JPMorgan Chase & Co. lowered their price objective on CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Citigroup dropped their target price on CoStar Group from $97.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Finally, StockNews.com lowered CoStar Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $93.25.

CoStar Group Stock Performance

CSGP stock opened at $81.34 on Friday. The firm has a market cap of $33.35 billion, a price-to-earnings ratio of 184.86 and a beta of 0.82. CoStar Group, Inc. has a twelve month low of $68.26 and a twelve month high of $100.38. The company has a quick ratio of 9.63, a current ratio of 9.63 and a debt-to-equity ratio of 0.13. The business’s fifty day simple moving average is $75.86 and its two-hundred day simple moving average is $76.66.

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

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.