CoStar Group (NASDAQ:CSGP) Price Target Lowered to $63.00 at Wells Fargo & Company

CoStar Group (NASDAQ:CSGP) had its price target trimmed by Wells Fargo & Company from $65.00 to $63.00 in a research note released on Wednesday,Benzinga reports. They currently have an underweight rating on the technology company’s stock.

Several other equities analysts have also recently issued reports on the stock. Needham & Company LLC lowered their target price on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating on the stock in a research note on Wednesday. Keefe, Bruyette & Woods lowered their target price on shares of CoStar Group from $96.00 to $93.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 28th. Royal Bank of Canada restated a “sector perform” rating and set a $83.00 target price on shares of CoStar Group in a research note on Friday, January 10th. StockNews.com cut shares of CoStar Group from a “hold” rating to a “sell” rating in a research note on Wednesday, January 15th. Finally, JMP Securities restated a “market outperform” rating and set a $90.00 target price on shares of CoStar Group in a research note on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $88.15.

CoStar Group Stock Performance

Shares of CoStar Group stock opened at $79.21 on Wednesday. The stock has a market cap of $32.47 billion, a price-to-earnings ratio of 180.03 and a beta of 0.87. The firm’s 50-day moving average is $73.79 and its 200 day moving average is $75.34. CoStar Group has a 1 year low of $68.26 and a 1 year high of $100.38. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.63 and a quick ratio of 9.63.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.22. The company had revenue of $709.40 million for the quarter, compared to analysts’ expectations of $703.00 million. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. Sell-side analysts anticipate that CoStar Group will post 0.52 EPS for the current fiscal year.

CoStar Group announced that its board has initiated a stock buyback program on Tuesday, February 18th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to purchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Michael J. Desmarais sold 5,500 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were 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 of the company’s stock, valued at approximately $4,696,784.24. This represents a 8.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CoStar Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CSGP. Hopwood Financial Services Inc. purchased a new stake in CoStar Group during the 4th quarter valued at approximately $25,000. ORG Partners LLC grew its holdings in CoStar Group by 534.8% during the 4th quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock valued at $30,000 after buying an additional 353 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in CoStar Group during the 4th quarter valued at approximately $30,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in CoStar Group during the 4th quarter valued at approximately $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 buying an additional 402 shares in the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.

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.