CoStar Group Target of Unusually Large Options Trading (NASDAQ:CSGP)

CoStar Group, Inc. (NASDAQ:CSGP) was the target of unusually large options trading on Tuesday. Investors purchased 16,452 put options on the company. This is an increase of 417% compared to the typical daily volume of 3,183 put options.

Hedge Funds Weigh In On CoStar Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of CoStar Group by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 70,056,441 shares of the technology company’s stock worth $5,910,662,000 after purchasing an additional 1,208,958 shares during the last quarter. Bamco Inc. NY lifted its stake in CoStar Group by 3.4% in the second quarter. Bamco Inc. NY now owns 19,679,935 shares of the technology company’s stock valued at $1,582,267,000 after buying an additional 647,413 shares during the last quarter. State Street Corp boosted its holdings in shares of CoStar Group by 3.1% during the third quarter. State Street Corp now owns 18,284,128 shares of the technology company’s stock valued at $1,542,632,000 after acquiring an additional 551,160 shares during the period. Baillie Gifford & Co. grew its position in shares of CoStar Group by 56.9% during the fourth quarter. Baillie Gifford & Co. now owns 12,933,185 shares of the technology company’s stock worth $869,627,000 after acquiring an additional 4,691,543 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of CoStar Group by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 12,357,840 shares of the technology company’s stock worth $989,905,000 after acquiring an additional 290,404 shares during the period. 96.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CSGP has been the subject of a number of analyst reports. Citigroup reissued a “market outperform” rating on shares of CoStar Group in a report on Thursday, January 8th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $84.00 target price on shares of CoStar Group in a research report on Wednesday, January 14th. Weiss Ratings reissued a “sell (d)” rating on shares of CoStar Group in a research report on Monday, December 29th. BNP Paribas Exane initiated coverage on shares of CoStar Group in a research note on Wednesday, January 14th. They issued a “neutral” rating and a $64.00 price target for the company. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $91.00 price objective on shares of CoStar Group in a research note on Thursday, October 9th. One equities research 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.39.

CoStar Group Stock Performance

CSGP stock traded down $9.45 during trading on Tuesday, hitting $51.73. 12,742,282 shares of the company’s stock traded hands, compared to its average volume of 7,288,388. The stock has a market capitalization of $21.92 billion, a price-to-earnings ratio of 1,034.60, a price-to-earnings-growth ratio of 1.61 and a beta of 0.84. CoStar Group has a 52 week low of $51.57 and a 52 week high of $97.43. The stock has a fifty day moving average price of $65.63 and a two-hundred day moving average price of $76.60. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12.

CoStar Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 7th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to buy up to 5.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

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.