Citigroup Cuts CoStar Group (NASDAQ:CSGP) Price Target to $86.00

CoStar Group (NASDAQ:CSGP) had its target price decreased by Citigroup from $88.00 to $86.00 in a research report report published on Thursday,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

A number of other research analysts have also weighed in on CSGP. JMP Securities reissued a “market outperform” rating and issued a $90.00 target price on shares of CoStar Group in a report on Monday, December 16th. Needham & Company LLC decreased 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. BMO Capital Markets decreased their target price on CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a research report on Thursday, October 24th. JPMorgan Chase & Co. decreased their target price on CoStar Group from $99.00 to $87.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Keefe, Bruyette & Woods decreased their target price on CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. Two analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $88.00.

CoStar Group Trading Down 2.0 %

CSGP stock opened at $76.79 on Thursday. The firm has a fifty day moving average price of $73.86 and a 200 day moving average price of $75.42. 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 8.96. The firm has a market cap of $31.48 billion, a PE ratio of 219.40 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 5.07% and a return on equity of 3.11%. 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 0.94 earnings per share for the current fiscal year.

CoStar Group declared that its Board of Directors has approved a share buyback program on Tuesday, February 18th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to purchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other CoStar Group news, insider Michael J. Desmarais sold 5,500 shares of the business’s stock in a transaction dated 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 approximately $4,696,784.24. The trade was a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CoStar Group

A number of large investors have recently modified their holdings of CSGP. Polen Capital Management LLC purchased a new stake in shares of CoStar Group during the fourth quarter worth about $465,134,000. Norges Bank purchased a new stake in CoStar Group in the fourth quarter valued at approximately $390,755,000. Capital International Investors boosted its position in 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 buying an additional 4,345,267 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in CoStar Group by 24.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,415,895 shares of the technology company’s stock valued at $459,314,000 after buying an additional 1,267,263 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in CoStar Group by 2,181.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 1,129,307 shares of the technology company’s stock valued at $80,847,000 after buying an additional 1,079,815 shares during the last quarter. Hedge funds and other institutional investors own 96.60% of the company’s stock.

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.