CoStar Group (NASDAQ:CSGP) Price Target Cut to $88.00 by Analysts at Citigroup

CoStar Group (NASDAQ:CSGP) had its price objective lowered by Citigroup from $90.00 to $88.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other analysts also recently issued reports on the company. JPMorgan Chase & Co. cut their target price on CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price target on shares of CoStar Group in a report on Monday, December 9th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $83.00 target price on shares of CoStar Group in a research report on Friday, January 10th. JMP Securities reiterated a “market outperform” rating and set a $90.00 price target on shares of CoStar Group in a research report on Monday, December 16th. Finally, StockNews.com upgraded shares of CoStar Group from a “sell” rating to a “hold” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $92.92.

CoStar Group Stock Up 0.5 %

Shares of CSGP opened at $69.61 on Tuesday. CoStar Group has a one year low of $68.26 and a one year high of $100.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 9.63. The stock has a 50 day moving average price of $74.83 and a 200 day moving average price of $75.36. The stock has a market capitalization of $28.54 billion, a price-to-earnings ratio of 158.21 and a beta of 0.85.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. The firm had revenue of $692.60 million for the quarter, compared to analyst estimates of $695.91 million. During the same period in the previous year, the business posted $0.25 earnings per share. CoStar Group’s quarterly revenue was up 10.9% on a year-over-year basis. Equities research analysts forecast that CoStar Group will post 0.52 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Andrew C. Florance acquired 14,731 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was acquired at an average cost of $74.67 per share, with a total value of $1,099,963.77. Following the transaction, the chief executive officer now owns 1,263,098 shares in the company, valued at approximately $94,315,527.66. This trade represents a 1.18 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael J. Desmarais sold 5,500 shares of the stock in a transaction 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 transaction, the insider now directly owns 58,798 shares in the company, valued at $4,696,784.24. This trade represents a 8.55 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.57% of the company’s stock.

Institutional Trading of CoStar Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ashton Thomas Securities LLC purchased a new position in shares of CoStar Group in the 3rd quarter valued at $40,000. JPMorgan Chase & Co. grew its holdings in shares of CoStar Group by 73.8% during the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock worth $177,913,000 after purchasing an additional 1,001,177 shares during the last quarter. Telemark Asset Management LLC increased its position in shares of CoStar Group by 42.9% during the third quarter. Telemark Asset Management LLC now owns 500,000 shares of the technology company’s stock worth $37,720,000 after purchasing an additional 150,000 shares in the last quarter. Swedbank AB boosted its position in shares of CoStar Group by 469.3% in the 3rd quarter. Swedbank AB now owns 248,043 shares of the technology company’s stock valued at $18,712,000 after purchasing an additional 204,474 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of CoStar Group by 16.2% in the 3rd 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 during the period. Institutional investors and hedge funds own 96.60% of the company’s stock.

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.