Westpac Banking Corp Has $2.20 Million Stock Position in CoStar Group Inc (NASDAQ:CSGP)

Westpac Banking Corp increased its holdings in shares of CoStar Group Inc (NASDAQ:CSGP) by 38.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,973 shares of the technology company’s stock after purchasing an additional 1,096 shares during the period. Westpac Banking Corp’s holdings in CoStar Group were worth $2,201,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Emerald Advisers LLC grew its stake in CoStar Group by 0.6% during the first quarter. Emerald Advisers LLC now owns 4,187 shares of the technology company’s stock worth $1,953,000 after purchasing an additional 23 shares during the period. ETF Managers Group LLC grew its stake in CoStar Group by 7.9% in the first quarter. ETF Managers Group LLC now owns 394 shares of the technology company’s stock valued at $184,000 after acquiring an additional 29 shares during the period. Nisa Investment Advisors LLC grew its stake in CoStar Group by 0.7% in the second quarter. Nisa Investment Advisors LLC now owns 5,035 shares of the technology company’s stock valued at $2,790,000 after acquiring an additional 35 shares during the period. NEXT Financial Group Inc grew its stake in CoStar Group by 9.9% in the second quarter. NEXT Financial Group Inc now owns 409 shares of the technology company’s stock valued at $227,000 after acquiring an additional 37 shares during the period. Finally, Huntington National Bank grew its stake in CoStar Group by 32.5% in the second quarter. Huntington National Bank now owns 159 shares of the technology company’s stock valued at $88,000 after acquiring an additional 39 shares during the period. 95.81% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts have commented on CSGP shares. SunTrust Banks raised their price objective on CoStar Group to $650.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Needham & Company LLC raised their price objective on CoStar Group to $675.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. raised their price objective on CoStar Group from $425.00 to $597.00 and gave the company an “underweight” rating in a research note on Wednesday, July 24th. JMP Securities raised their price objective on CoStar Group from $525.00 to $630.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 24th. Finally, Bank of America raised their price objective on CoStar Group from $460.00 to $550.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the company. CoStar Group currently has a consensus rating of “Buy” and an average price target of $621.60.

Shares of NASDAQ:CSGP traded up $7.21 during mid-day trading on Friday, hitting $618.85. 150,300 shares of the company traded hands, compared to its average volume of 275,953. The stock has a market cap of $22.35 billion, a P/E ratio of 83.63, a P/E/G ratio of 4.52 and a beta of 1.32. CoStar Group Inc has a 12-month low of $315.85 and a 12-month high of $639.41. The stock has a 50-day moving average price of $594.86 and a two-hundred day moving average price of $509.55.

CoStar Group (NASDAQ:CSGP) last announced its earnings results on Tuesday, July 23rd. The technology company reported $1.95 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.73 by $0.22. The company had revenue of $343.76 million for the quarter, compared to analysts’ expectations of $336.71 million. CoStar Group had a return on equity of 10.42% and a net margin of 22.48%. CoStar Group’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.05 earnings per share. As a group, research analysts forecast that CoStar Group Inc will post 9.01 earnings per share for the current year.

In related news, Director John W. Hill sold 315 shares of CoStar Group stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $553.23, for a total transaction of $174,267.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Andrew C. Florance sold 24,210 shares of CoStar Group stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $628.64, for a total value of $15,219,374.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,109 shares of company stock worth $28,803,346. 2.14% of the stock is owned by insiders.

CoStar Group Profile

CoStar Group, Inc provides information, analytics, and online marketplaces to the commercial real estate industry in the United States and the United Kingdom. The company offers CoStar Property Professional service that offers inventory of office, industrial, retail, and multifamily properties and land.

Further Reading: Oversold

Institutional Ownership by Quarter for CoStar Group (NASDAQ:CSGP)

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