JPMorgan Chase & Co. Cuts CoStar Group (NASDAQ:CSGP) Price Target to $87.00

CoStar Group (NASDAQ:CSGP) had its price target decreased by JPMorgan Chase & Co. from $99.00 to $87.00 in a research note published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology company’s stock.

CSGP has been the subject of a number of other research reports. Citigroup reduced their price target on CoStar Group from $90.00 to $88.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. BMO Capital Markets reduced their price target on CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a report on Thursday, October 24th. Stephens reiterated an “overweight” rating and set a $103.00 price target on shares of CoStar Group in a report on Tuesday. Wells Fargo & Company reduced their price target on CoStar Group from $65.00 to $63.00 and set an “underweight” rating for the company in a report on Wednesday. Finally, Keefe, Bruyette & Woods reduced their price target on CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a report on Tuesday, January 28th. 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $88.00.

CoStar Group Price Performance

Shares of NASDAQ CSGP opened at $76.79 on Wednesday. The stock has a market capitalization of $31.48 billion, a price-to-earnings ratio of 219.40 and a beta of 0.87. The business has a 50-day moving average of $73.83 and a 200-day moving average of $75.39. The company has a debt-to-equity ratio of 0.13, a current ratio of 8.96 and a quick ratio of 9.63. CoStar Group has a fifty-two week low of $68.26 and a fifty-two week high of $100.38.

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 the consensus estimate of $0.22. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. The company had revenue of $709.40 million during the quarter, compared to analysts’ expectations of $703.00 million. As a group, sell-side analysts predict that CoStar Group will post 0.94 earnings per share for the current fiscal year.

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

Insider Activity

In other news, insider Michael J. Desmarais sold 5,500 shares of CoStar Group stock in a transaction that occurred 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 sale, the insider now directly owns 58,798 shares in the company, valued at approximately $4,696,784.24. The trade was a 8.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.57% of the stock is owned by company insiders.

Institutional Investors Weigh In On CoStar Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Ashton Thomas Securities LLC acquired a new position in CoStar Group during the third quarter valued at approximately $40,000. JPMorgan Chase & Co. raised its position in CoStar Group by 73.8% during the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock valued at $177,913,000 after purchasing an additional 1,001,177 shares in the last quarter. Telemark Asset Management LLC raised its position in CoStar Group by 42.9% during 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 in the last quarter. PNC Financial Services Group Inc. raised its position in 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 acquired a new position in CoStar Group during the third quarter valued at approximately $621,000. 96.60% of the stock is currently owned by institutional investors and hedge funds.

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.