CoStar Group (NASDAQ:CSGP) Price Target Cut to $86.00 by Analysts at Citigroup

CoStar Group (NASDAQ:CSGP) had its price target cut by Citigroup from $88.00 to $86.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other analysts have also issued reports on the stock. William Blair restated an “outperform” rating on shares of CoStar Group in a research report on Wednesday. BMO Capital Markets lowered their price objective on CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a research report on Thursday, October 24th. Keefe, Bruyette & Woods reduced their target price on CoStar Group from $96.00 to $93.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 28th. JMP Securities reissued a “market outperform” rating and issued a $90.00 price target on shares of CoStar Group in a research note on Monday, December 16th. Finally, Stephens reaffirmed an “overweight” rating and set a $103.00 price objective on shares of CoStar Group in a research note on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

CoStar Group Stock Performance

CSGP opened at $78.35 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63. The stock has a market cap of $32.12 billion, a P/E ratio of 223.84 and a beta of 0.87. CoStar Group has a 1-year low of $68.26 and a 1-year high of $100.38. The stock’s 50 day simple moving average is $73.82 and its 200 day simple moving average is $75.37.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. The business had revenue of $709.40 million for the quarter, compared to analyst estimates of $703.00 million. CoStar Group had a net margin of 5.07% and a return on equity of 3.11%. As a group, equities analysts anticipate that CoStar Group will post 0.94 EPS for the current fiscal year.

CoStar Group declared that its Board of Directors has approved a share buyback plan on Tuesday, February 18th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at CoStar Group

In related news, insider Michael J. Desmarais sold 5,500 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $79.88, for a total value of $439,340.00. Following the completion of the sale, the insider now directly owns 58,798 shares in the company, valued at approximately $4,696,784.24. This represents a 8.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On CoStar Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Hopwood Financial Services Inc. purchased a new stake in shares of CoStar Group during the 4th quarter valued at about $25,000. ORG Partners LLC raised its stake in shares of CoStar Group by 534.8% during the fourth quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock valued at $30,000 after purchasing an additional 353 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of CoStar Group during the fourth quarter worth $30,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of CoStar Group in the fourth quarter valued at $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC grew its holdings in CoStar Group by 414.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 499 shares of the technology company’s stock valued at $36,000 after purchasing an additional 402 shares in the last quarter. Hedge funds and other institutional investors own 96.60% of the company’s stock.

CoStar Group Company 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.