PNC Financial Services Group Inc. Increases Stake in CoStar Group, Inc. (NASDAQ:CSGP)

PNC Financial Services Group Inc. raised its holdings in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 16.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,547 shares of the technology company’s stock after acquiring an additional 14,468 shares during the quarter. PNC Financial Services Group Inc.’s holdings in CoStar Group were worth $7,812,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of CSGP. Ashton Thomas Securities LLC purchased a new stake in CoStar Group in the 3rd quarter worth approximately $40,000. Industrial Alliance Investment Management Inc. bought a new stake in shares of CoStar Group during the 2nd quarter valued at $49,000. Quarry LP purchased a new position in shares of CoStar Group during the 2nd quarter valued at $54,000. Rothschild Investment LLC bought a new position in CoStar Group in the 2nd quarter worth $73,000. Finally, Blue Trust Inc. increased its stake in CoStar Group by 493.4% in the 2nd quarter. Blue Trust Inc. now owns 1,080 shares of the technology company’s stock worth $80,000 after buying an additional 898 shares in the last quarter. Institutional investors own 96.60% of the company’s stock.

Analyst Upgrades and Downgrades

CSGP has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price objective on shares of CoStar Group in a research note on Tuesday, November 19th. Citigroup cut their price objective on shares of CoStar Group from $97.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, October 24th. StockNews.com downgraded shares of CoStar Group from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Royal Bank of Canada cut shares of CoStar Group from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $96.00 to $83.00 in a research note on Wednesday, October 23rd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $90.00 price target on shares of CoStar Group in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.25.

Insider Activity

In related news, Director Michael R. Klein sold 71,633 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $74.69, for a total transaction of $5,350,268.77. Following the completion of the transaction, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew C. Florance bought 14,731 shares of CoStar Group stock in a transaction on Friday, October 25th. The stock was acquired at an average price of $74.67 per share, for a total transaction of $1,099,963.77. Following the purchase, the chief executive officer now owns 1,263,098 shares of the company’s stock, valued at approximately $94,315,527.66. This trade represents a 1.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.57% of the company’s stock.

CoStar Group Stock Up 3.6 %

Shares of CSGP opened at $79.81 on Friday. 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 has a fifty day moving average of $75.49 and a 200 day moving average of $76.88. The company has a market cap of $32.72 billion, a PE ratio of 181.39 and a beta of 0.82. CoStar Group, Inc. has a 52-week low of $68.26 and a 52-week high of $100.38.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, October 22nd. The technology company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. The firm had revenue of $692.60 million during the quarter, compared to analysts’ expectations of $695.91 million. During the same period in the previous year, the company earned $0.25 EPS. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, sell-side analysts expect that CoStar Group, Inc. will post 0.52 EPS for the current year.

CoStar Group 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.