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

CoStar Group (NASDAQ:CSGP) had its price target lowered by investment analysts at Wells Fargo & Company from $65.00 to $63.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the technology company’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 19.59% from the stock’s previous close.

Several other analysts also recently issued reports on CSGP. Stephens reissued an “overweight” rating and issued a $103.00 price target on shares of CoStar Group in a report on Tuesday. William Blair reiterated an “outperform” rating on shares of CoStar Group in a research note on Monday, January 6th. Needham & Company LLC lowered their price target on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. cut their price objective on shares of CoStar Group from $108.00 to $99.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Finally, StockNews.com cut shares of CoStar Group from a “hold” rating to a “sell” rating in a research report on Wednesday, January 15th. 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $88.00.

CoStar Group Stock Down 1.1 %

Shares of NASDAQ:CSGP opened at $78.35 on Wednesday. The company’s fifty day moving average is $73.82 and its two-hundred day moving average is $75.37. 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 1-year low of $68.26 and a 1-year high of $100.38. The stock has a market capitalization of $32.12 billion, a price-to-earnings ratio of 223.84 and a beta of 0.87.

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

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

Insider Activity

In related news, insider Michael J. Desmarais sold 5,500 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $79.88, for a total transaction of $439,340.00. Following the completion of the transaction, 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 filing with the SEC, which is available through the SEC website. 1.57% of the stock is owned by insiders.

Institutional Investors Weigh In On CoStar Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hopwood Financial Services Inc. acquired a new position in shares of CoStar Group in the 4th quarter worth approximately $25,000. ORG Partners LLC boosted its holdings in shares of CoStar Group by 534.8% in the fourth quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock worth $30,000 after buying an additional 353 shares during the period. SBI Securities Co. Ltd. purchased a new stake in shares of CoStar Group in the fourth quarter valued at $30,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of CoStar Group during the fourth quarter worth approximately $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its position in CoStar Group by 414.4% during the fourth 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 during 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.