CoStar Group’s (CSGP) “Overweight” Rating Reaffirmed at Stephens

Stephens reissued their overweight rating on shares of CoStar Group (NASDAQ:CSGP) in a research note published on Tuesday,Benzinga reports. The firm currently has a $103.00 price target on the technology company’s stock.

Other equities analysts have also issued reports about the company. Needham & Company LLC reissued a “buy” rating and set a $100.00 price target on shares of CoStar Group in a research note on Monday, December 9th. BMO Capital Markets dropped their price target on 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. JPMorgan Chase & Co. decreased their price objective on CoStar Group from $108.00 to $99.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. William Blair restated an “outperform” rating on shares of CoStar Group in a research report on Monday, January 6th. Finally, Wells Fargo & Company began coverage on CoStar Group in a research report on Wednesday, February 5th. They set an “underweight” rating and a $65.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, CoStar Group presently has a consensus rating of “Moderate Buy” and an average price target of $90.23.

CoStar Group Stock Performance

Shares of CSGP opened at $75.48 on Tuesday. The company has a quick ratio of 9.63, a current ratio of 9.63 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $73.81 and a two-hundred day simple moving average of $75.34. The stock has a market cap of $30.94 billion, a price-to-earnings ratio of 171.54 and a beta of 0.87. CoStar Group has a 52 week low of $68.26 and a 52 week high of $100.38.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. CoStar Group had a return on equity of 3.53% and a net margin of 6.57%. On average, analysts expect that CoStar Group will post 0.52 EPS for the current year.

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

Insiders Place Their Bets

In other news, insider Michael J. Desmarais sold 5,500 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $79.88, for a total transaction of $439,340.00. Following the transaction, the insider now owns 58,798 shares of the company’s stock, valued at approximately $4,696,784.24. This represents a 8.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.57% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CoStar Group

Institutional investors have recently added to or reduced their stakes in the stock. Polen Capital Management LLC purchased a new stake in CoStar Group in the fourth quarter valued at about $465,134,000. Norges Bank purchased a new position in CoStar Group during the fourth quarter worth approximately $390,755,000. Capital International Investors raised 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 purchasing an additional 4,345,267 shares during the period. T. Rowe Price Investment Management Inc. raised 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 purchasing an additional 1,267,263 shares during the period. Finally, Canada Pension Plan Investment Board raised 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 purchasing an additional 1,079,815 shares during the period. 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.