CoStar Group (NASDAQ:CSGP) Price Target Lowered to $87.00 at Needham & Company LLC

CoStar Group (NASDAQ:CSGP) had its price objective decreased by Needham & Company LLC from $100.00 to $87.00 in a research note published on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

CSGP has been the subject of a number of other research reports. Stephens reissued an “overweight” rating and set a $103.00 target price on shares of CoStar Group in a research report on Tuesday. Citigroup decreased their price objective on shares of CoStar Group from $90.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. BMO Capital Markets dropped their target price on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating on the stock in a report on Thursday, October 24th. JPMorgan Chase & Co. decreased their price target on CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Finally, StockNews.com downgraded CoStar Group from a “hold” rating to a “sell” rating in a research note on Wednesday, January 15th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, CoStar Group has an average rating of “Moderate Buy” and a consensus price target of $88.15.

CoStar Group Price Performance

CSGP stock opened at $79.21 on Wednesday. The company has a market capitalization of $32.47 billion, a P/E ratio of 180.03 and a beta of 0.87. The company has a fifty day moving average price of $73.79 and a 200-day moving average price of $75.34. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 9.63. CoStar Group has a 52-week low of $68.26 and a 52-week high of $100.38.

CoStar Group (NASDAQ:CSGP) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, hitting the consensus estimate of $0.22. The firm had revenue of $709.40 million for the quarter, compared to the consensus estimate of $703.00 million. CoStar Group had a return on equity of 3.53% and a net margin of 6.57%. As a group, equities analysts expect that CoStar Group will post 0.52 EPS for the current year.

CoStar Group declared that its Board of Directors has authorized a share repurchase program on Tuesday, February 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 1.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Michael J. Desmarais sold 5,500 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total value of $439,340.00. Following the transaction, the insider now owns 58,798 shares of the company’s stock, valued at approximately $4,696,784.24. This trade represents a 8.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.57% of the stock is owned by company insiders.

Institutional Trading of CoStar Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Ashton Thomas Securities LLC bought a new stake in CoStar Group during the third quarter worth $40,000. JPMorgan Chase & Co. grew its stake in shares of CoStar Group by 73.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock worth $177,913,000 after acquiring an additional 1,001,177 shares in the last quarter. Telemark Asset Management LLC raised its holdings in shares of CoStar Group by 42.9% in the third quarter. Telemark Asset Management LLC now owns 500,000 shares of the technology company’s stock valued at $37,720,000 after purchasing an additional 150,000 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of CoStar Group by 16.2% during the third quarter. PNC Financial Services Group Inc. now owns 103,547 shares of the technology company’s stock valued at $7,812,000 after purchasing an additional 14,468 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC purchased a new position in CoStar Group during the third quarter worth about $621,000. 96.60% of the stock is owned by hedge funds and other institutional investors.

About CoStar Group

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.