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

CoStar Group (NASDAQ:CSGP) had its price objective lowered 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.

Other analysts also recently issued research reports about the company. William Blair reiterated an “outperform” rating on shares of CoStar Group in a research note on Wednesday. BMO Capital Markets decreased 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. Needham & Company LLC decreased their price target on CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a research note on Wednesday. JMP Securities reiterated a “market outperform” rating and set a $90.00 price target on shares of CoStar Group in a research note on Monday, December 16th. Finally, Stephens restated an “overweight” rating and set a $103.00 target price on shares of CoStar Group in a research note on Tuesday. 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $88.15.

CoStar Group Stock Performance

Shares of CSGP stock opened at $79.21 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.63 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. The stock’s 50-day moving average is $73.79 and its two-hundred day moving average is $75.34. The firm has a market cap of $32.47 billion, a P/E ratio of 180.03 and a beta of 0.87.

CoStar Group (NASDAQ:CSGP) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, hitting the consensus estimate of $0.22. CoStar Group had a return on equity of 3.53% and a net margin of 6.57%. The company had revenue of $709.40 million for the quarter, compared to analyst estimates of $703.00 million. Analysts predict that CoStar Group will post 0.52 earnings per share for the current fiscal year.

CoStar Group announced that its board has approved a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, insider Michael J. Desmarais sold 5,500 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was 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 in the company, valued at $4,696,784.24. This trade represents a 8.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Polen Capital Management LLC bought a new position in CoStar Group during the fourth quarter worth about $465,134,000. Norges Bank bought a new position in CoStar Group during the fourth quarter worth about $390,755,000. Capital International Investors lifted its holdings in CoStar Group by 44.9% during the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company’s stock worth $1,004,578,000 after acquiring an additional 4,345,267 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in CoStar Group by 24.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,415,895 shares of the technology company’s stock worth $459,314,000 after acquiring an additional 1,267,263 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in CoStar Group by 2,181.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,129,307 shares of the technology company’s stock worth $80,847,000 after acquiring an additional 1,079,815 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.