PNC Financial Services Group Inc. Lowers Stake in CoStar Group, Inc. (CSGP)
PNC Financial Services Group Inc. lowered its stake in CoStar Group, Inc. (NASDAQ:CSGP) by 22.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,641 shares of the technology company’s stock after selling 4,520 shares during the period. PNC Financial Services Group Inc.’s holdings in CoStar Group were worth $3,241,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of CSGP. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in CoStar Group during the first quarter valued at approximately $124,000. Penserra Capital Management LLC increased its stake in CoStar Group by 9.5% in the first quarter. Penserra Capital Management LLC now owns 736 shares of the technology company’s stock valued at $152,000 after buying an additional 64 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in CoStar Group by 500.0% in the first quarter. Daiwa Securities Group Inc. now owns 900 shares of the technology company’s stock valued at $186,000 after buying an additional 750 shares during the last quarter. Tredje AP fonden bought a new stake in CoStar Group during the first quarter valued at approximately $222,000. Finally, Sciencast Management LP bought a new stake in CoStar Group during the fourth quarter valued at approximately $231,000.
Shares of CoStar Group, Inc. (CSGP) traded up 1.98% on Friday, hitting $256.31. 254,875 shares of the company traded hands. CoStar Group, Inc. has a 12 month low of $179.22 and a 12 month high of $267.46. The stock’s 50-day moving average price is $254.16 and its 200-day moving average price is $214.97. The company has a market capitalization of $8.39 billion, a PE ratio of 92.20 and a beta of 1.53.
CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Wednesday, April 26th. The technology company reported $1.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.11. The firm had revenue of $227 million during the quarter, compared to analysts’ expectations of $224.69 million. CoStar Group had a net margin of 10.47% and a return on equity of 7.23%. CoStar Group’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 EPS. On average, equities analysts predict that CoStar Group, Inc. will post $4.37 earnings per share for the current year.
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Several research firms have recently commented on CSGP. B. Riley reiterated a “buy” rating and set a $275.00 price objective on shares of CoStar Group in a research note on Wednesday, May 3rd. Zacks Investment Research upgraded shares of CoStar Group from a “hold” rating to a “buy” rating and set a $282.00 price objective for the company in a research note on Friday. Finally, TheStreet upgraded shares of CoStar Group from a “c+” rating to a “b” rating in a research note on Thursday, February 23rd. Six analysts have rated the stock with a buy rating, CoStar Group has an average rating of “Buy” and an average price target of $262.40.
In related news, insider Andrew C. Florance sold 43,536 shares of the stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $244.46, for a total transaction of $10,642,810.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Francis Carchedi sold 5,500 shares of the stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $245.04, for a total transaction of $1,347,720.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 94,806 shares of company stock valued at $23,171,490. 2.98% of the stock is owned by company insiders.
About CoStar Group
CoStar Group, Inc (CoStar) is a provider of information, analytics and online marketplaces to the commercial real estate and related business community through its database of commercial real estate information covering the United States, the United Kingdom, and parts of Canada, Spain, Germany and France.
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