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

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

CSGP has been the subject of a number of other reports. JPMorgan Chase & Co. cut their target price on shares of CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. BMO Capital Markets dropped their price objective 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. Keefe, Bruyette & Woods dropped their price objective on shares of CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a research note on Tuesday, January 28th. Needham & Company LLC dropped their price objective on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Citigroup dropped 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 note on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.15.

CoStar Group Trading Up 5.0 %

CSGP stock opened at $79.21 on Wednesday. The firm has a fifty day moving average price of $73.79 and a 200 day moving average price of $75.34. CoStar Group has a fifty-two week low of $68.26 and a fifty-two week 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 firm has a market cap of $32.47 billion, a PE ratio of 180.03 and a beta of 0.87.

CoStar Group (NASDAQ:CSGP) last posted its earnings results 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 6.57% and a return on equity of 3.53%. The firm had revenue of $709.40 million during the quarter, compared to analyst estimates of $703.00 million. Sell-side analysts anticipate that CoStar Group will post 0.52 earnings per share for the current fiscal year.

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

Insider Transactions at CoStar Group

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

Institutional Trading of CoStar Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bamco Inc. NY raised its holdings in shares of CoStar Group by 2.2% in the fourth quarter. Bamco Inc. NY now owns 19,203,564 shares of the technology company’s stock valued at $1,374,783,000 after acquiring an additional 418,128 shares in the last quarter. State Street Corp raised its holdings in shares of CoStar Group by 4.4% in the third quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock valued at $1,286,987,000 after acquiring an additional 722,153 shares in the last quarter. Capital International Investors raised its holdings in shares of CoStar Group by 44.9% in the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company’s stock valued at $1,004,578,000 after acquiring an additional 4,345,267 shares in the last quarter. Geode Capital Management LLC raised its holdings in CoStar Group by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 11,475,755 shares of the technology company’s stock worth $819,678,000 after purchasing an additional 166,769 shares in the last quarter. Finally, Akre Capital Management LLC raised its holdings in CoStar Group by 4.3% in the fourth quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company’s stock worth $666,781,000 after purchasing an additional 379,787 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.