Royal Bank of Canada Reiterates Sector Perform Rating for CoStar Group (NASDAQ:CSGP)

CoStar Group (NASDAQ:CSGP)‘s stock had its “sector perform” rating reiterated by investment analysts at Royal Bank of Canada in a report released on Wednesday,Benzinga reports. They currently have a $83.00 price objective on the technology company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 5.94% from the company’s previous close.

A number of other analysts also recently weighed in on the company. Needham & Company LLC dropped their target price on CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday. Citigroup lowered their price objective on shares of CoStar Group from $90.00 to $88.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. JMP Securities reaffirmed a “market outperform” rating and set a $90.00 target price on shares of CoStar Group in a report on Monday, December 16th. BMO Capital Markets lowered their price target on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. reduced their price objective on CoStar Group from $108.00 to $99.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $88.00.

CoStar Group Price Performance

Shares of NASDAQ:CSGP opened at $78.35 on Wednesday. The company’s fifty day moving average price is $73.82 and its 200-day moving average price is $75.37. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.63 and a quick ratio of 9.63. The firm has a market capitalization of $32.12 billion, a price-to-earnings ratio of 223.84 and a beta of 0.87. CoStar Group has a one year low of $68.26 and a one year high of $100.38.

CoStar Group (NASDAQ:CSGP) last released its earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, meeting analysts’ consensus estimates of $0.22. CoStar Group had a return on equity of 3.13% and a net margin of 5.07%. The business had revenue of $709.40 million for the quarter, compared to analysts’ expectations of $703.00 million. On average, equities research analysts anticipate that CoStar Group will post 0.94 earnings per share for the current fiscal year.

CoStar Group announced that its Board of Directors has authorized a share buyback program on Tuesday, February 18th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Transactions at CoStar Group

In related news, insider Michael J. Desmarais sold 5,500 shares of the firm’s 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 owns 58,798 shares of the company’s stock, valued at $4,696,784.24. This trade represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Colonial Trust Co SC increased its position in shares of CoStar Group by 27.4% during the fourth quarter. Colonial Trust Co SC now owns 674 shares of the technology company’s stock valued at $48,000 after buying an additional 145 shares during the period. DoubleLine ETF Adviser LP grew its holdings in shares of CoStar Group by 0.5% during the 4th quarter. DoubleLine ETF Adviser LP now owns 29,398 shares of the technology company’s stock worth $2,105,000 after acquiring an additional 146 shares during the period. Moran Wealth Management LLC grew its holdings in shares of CoStar Group by 2.0% during the 3rd quarter. Moran Wealth Management LLC now owns 8,027 shares of the technology company’s stock worth $606,000 after acquiring an additional 161 shares during the period. Allworth Financial LP lifted its stake in shares of CoStar Group by 9.7% in the 4th quarter. Allworth Financial LP now owns 1,950 shares of the technology company’s stock valued at $144,000 after purchasing an additional 173 shares during the period. Finally, Atria Wealth Solutions Inc. boosted its position in shares of CoStar Group by 2.3% during the fourth quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company’s stock valued at $557,000 after purchasing an additional 176 shares in the last quarter. 96.60% of the stock is currently owned by 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.