In a recent 13F filing with the Securities and Exchange Commission (SEC), Atlantic Union Bankshares Corp revealed that it has substantially increased its position in CoStar Group, Inc. (NASDAQ: CSGP) during the second quarter of this year. The firm now owns 19,259 shares of the technology company’s stock, representing a remarkable increase of 306.3% from its previous holdings. These additional shares were acquired over the course of the quarter, amounting to an investment worth $1,714,000.
CoStar Group announced its quarterly earnings results on July 25th of this year. The technology company reported adjusted earnings per share of $0.27 for the quarter, surpassing analysts’ consensus estimate by $0.01. Its revenue for the period totaled $605.91 million, slightly lower than the projected figure of $607.49 million set by analysts.
This latest acquisition by Atlantic Union Bankshares Corp demonstrates its growing confidence in CoStar Group’s financial performance and potential for future growth. With a notable return on equity of 6.61% and a decent net margin of 16.56%, CoStar Group shows promise within its industry.
Market analysts remain optimistic about CoStar Group’s prospects for the current fiscal year and anticipate the company will achieve earnings per share (EPS) of 1.09 based on their collective forecasts.
Overall, Atlantic Union Bankshares Corp’s significant increase in ownership suggests a positive outlook for CoStar Group and reaffirms investor confidence in the company’s endeavors within the technology sector.
Please note that this article is based on information dated September 19, 2023, and any developments or changes after this date are not included in this analysis.
Southern Copper Corporation
SCCO
Strong Buy
Updated on: 19/09/2023
Financial Health
Very Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Buy
Institutional Investors and Hedge Funds Show Growing Interest in CoStar Group
CoStar Group (NASDAQ: CSGP) has recently attracted the attention of hedge funds and institutional investors, prompting significant modifications in their holdings. Norges Bank, for instance, acquired a new stake in CoStar Group during the fourth quarter valued at approximately $320,866,000. This strategic move by Norges Bank indicates its confidence in the potential growth and value of CoStar Group.
Similarly, Brown Advisory Inc. raised its holdings in CoStar Group by an astonishing 766.3% during the first quarter. With an additional 2,430,849 shares purchased, Brown Advisory now owns a total of 2,748,083 shares of the technology company’s stock worth $189,206,000. Such substantial investment not only reflects Brown Advisory’s bullish outlook on CoStar Group but also highlights the growing popularity of technology stocks among investors.
Another notable investor is Mackenzie Financial Corp., which raised its holdings in CoStar Group by 343.8% during the first quarter. Mackenzie Financial Corp now holds 2,913,586 shares of CoStar Group’s stock valued at $194,074,000 after buying an additional 2,257,140 shares during that period. This significant increase signifies Mackenzie Financial Corp’s optimistic view of CoStar Group’s prospects for future growth and profitability.
Bank of New York Mellon Corp also recognized CoStar Group’s potential and raised its holdings by 43.4% during the first quarter. The bank now owns 5,212,851 shares worth $358,905,000 after purchasing an additional 1,578,782 shares—an impressive feat demonstrating their confidence in the company’s performance.
In addition to these institutional investors and hedge funds acquiring stakes in CoStar Group early this year comes Capital International Investors with a new acquisition worth approximately $101,d893k , coinciding with other investments made within that same quarter simply signifies a bullish sentiment pervading the investment community.
It is worth noting that 96.53% of CoStar Group’s stock is currently owned by institutional investors and hedge funds, further solidifying the company’s appeal and potential as a lucrative investment option in the technology sector.
Notably, several research reports have also recently focused on CoStar Group. StockNews.com initiated coverage on the company’s shares with a “hold” rating, indicating a degree of uncertainty surrounding its performance. Conversely, other analysts and institutions view CoStar Group more favorably. For instance, Royal Bank of Canada raised its price target from $85.00 to $95.00, emphasizing its positive outlook on the company’s value proposition.
Despite varying opinions, it is important to consider that Bloomberg.com reported an average rating of “Moderate Buy” for CoStar Group along with a consensus price target of $90.64 derived from nine analysts’ predictions.
In recent news related to insider trading activity, CTO Frank Simuro sold 92,300 shares of CoStar Group stock in June at an average price of $89.65 per share, amounting to a total sale value of $8,274,695. Simuro now holds 264,483 shares in the company valued at $23,710,900.95 after this transaction.
Additionally, Director John W. Hill sold 1,500 shares in June at an average price of $86.57 per share—representing a total value of $129,855—reducing his stake in CoStar Group to 16,934 shares valued at $1,465,976.38.
These insider sales contribute to a cumulative sum of 145,804 shares sold by insiders over the last ninety days—an overall worth of $13 million. Insiders currently hold around 1.58% ownership stake in the company.
CoStar Group opened on Tuesday at $79.72 per share. With a market capitalization of $32.55 billion, the company carries a price-to-earnings ratio of 83.92 and a beta of 0.89. As of now, CoStar Group’s stock has a 50-day moving average price of $83.39 and a two-hundred day moving average price of $78.37.
The future prospects for CoStar Group remain uncertain but promising given the bullish sentiment among institutional investors and hedge funds, as well as favorable ratings from analysts in the market research community. Investors should closely monitor CoStar Group’s performance to identify potential opportunities arising from any significant developments affecting its stock value.
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