Citigroup Lowers CoStar Group (NASDAQ:CSGP) Price Target to $88.00

CoStar Group (NASDAQ:CSGP) had its price objective dropped by Citigroup from $90.00 to $88.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s price target would indicate a potential upside of 20.19% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. JMP Securities reissued a “market outperform” rating and set a $90.00 price target on shares of CoStar Group in a research report on Monday, December 16th. JPMorgan Chase & Co. dropped their price target on shares of CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. William Blair restated an “outperform” rating on shares of CoStar Group in a research note on Monday, January 6th. Stephens restated an “overweight” rating and set a $103.00 target price on shares of CoStar Group in a report on Thursday, January 2nd. Finally, StockNews.com upgraded shares of CoStar Group from a “sell” rating to a “hold” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, CoStar Group currently has a consensus rating of “Moderate Buy” and an average price target of $92.92.

CoStar Group Stock Performance

Shares of NASDAQ:CSGP opened at $73.22 on Tuesday. The business’s 50 day moving average price is $74.83 and its 200-day moving average price is $75.36. CoStar Group has a 1 year low of $68.26 and a 1 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 firm has a market capitalization of $30.02 billion, a PE ratio of 166.41 and a beta of 0.85.

CoStar Group (NASDAQ:CSGP) last released its earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. The business had revenue of $692.60 million for the quarter, compared to analyst estimates of $695.91 million. During the same period last year, the company posted $0.25 EPS. The business’s revenue was up 10.9% on a year-over-year basis. As a group, equities research analysts expect that CoStar Group will post 0.52 earnings per share for the current fiscal year.

Insider Buying and Selling at CoStar Group

In other CoStar Group news, Director Michael R. Klein sold 71,633 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $74.69, for a total value of $5,350,268.77. Following the transaction, the director now directly owns 1,913,501 shares in the company, valued at $142,919,389.69. This represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael J. Desmarais sold 5,500 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total transaction of $439,340.00. Following the completion of the transaction, the insider now owns 58,798 shares of the company’s stock, valued at approximately $4,696,784.24. The trade was a 8.55 % decrease in their position. The disclosure for this sale can be found here. 1.57% of the stock is owned by insiders.

Institutional Trading of CoStar Group

A number of large investors have recently made changes to their positions in the company. State Street Corp raised its position in CoStar Group by 4.4% in the 3rd quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock valued at $1,286,987,000 after purchasing an additional 722,153 shares during the last quarter. Geode Capital Management LLC grew its position in CoStar Group by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 11,308,986 shares of the technology company’s stock valued at $850,656,000 after buying an additional 236,407 shares during the last quarter. Vulcan Value Partners LLC lifted its stake in shares of CoStar Group by 90.1% in the 2nd quarter. Vulcan Value Partners LLC now owns 4,138,987 shares of the technology company’s stock worth $306,831,000 after acquiring an additional 1,961,917 shares during the period. Charles Schwab Investment Management Inc. lifted its position in CoStar Group by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,684,373 shares of the technology company’s stock valued at $202,509,000 after purchasing an additional 76,916 shares during the period. Finally, Mackenzie Financial Corp increased its position in CoStar Group by 16.9% during the 2nd quarter. Mackenzie Financial Corp now owns 2,358,526 shares of the technology company’s stock worth $174,861,000 after purchasing an additional 341,046 shares during the period. 96.60% of the stock is owned by institutional investors and hedge funds.

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.