Stock Buyback Program Declared by CoStar Group (NASDAQ:CSGP) Board

CoStar Group (NASDAQ:CSGP) announced that its board has authorized a share repurchase plan on Tuesday, February 18th, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 1.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have recently commented on CSGP. Wells Fargo & Company began coverage on CoStar Group in a report on Wednesday, February 5th. They issued an “underweight” rating and a $65.00 target price on the stock. BMO Capital Markets dropped their target price on shares of 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. Royal Bank of Canada reiterated a “sector perform” rating and set a $83.00 target price on shares of CoStar Group in a research report on Friday, January 10th. Stephens reissued an “overweight” rating and issued a $103.00 price target on shares of CoStar Group in a report on Tuesday. Finally, JPMorgan Chase & Co. decreased their price target 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. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $90.23.

CoStar Group Trading Up 1.9 %

CoStar Group stock opened at $75.48 on Wednesday. The firm has a 50-day moving average of $73.81 and a 200-day moving average of $75.34. 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 current ratio of 9.63 and a quick ratio of 9.63. The company has a market cap of $30.94 billion, a price-to-earnings ratio of 171.54 and a beta of 0.87.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data 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 net margin of 6.57% and a return on equity of 3.53%. On average, equities analysts expect that CoStar Group will post 0.52 earnings per share for the current fiscal year.

Insider Activity

In other CoStar Group news, insider Michael J. Desmarais sold 5,500 shares of the 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 transaction, the insider now directly owns 58,798 shares of the company’s stock, valued at $4,696,784.24. This represents a 8.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.57% of the stock is owned by insiders.

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.