CoStar Group, Inc. (NASDAQ:CSGP) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of CoStar Group, Inc. (NASDAQ:CSGP) have earned an average recommendation of “Moderate Buy” from the seventeen analysts that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $88.07.

Several equities analysts recently weighed in on the company. Piper Sandler assumed coverage on CoStar Group in a research report on Friday. They set an “overweight” rating on the stock. Needham & Company LLC reduced their target price on CoStar Group from $100.00 to $87.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Stephens reiterated an “overweight” rating and set a $103.00 target price on shares of CoStar Group in a research report on Tuesday, February 18th. JPMorgan Chase & Co. cut their price objective on CoStar Group from $99.00 to $87.00 and set an “overweight” rating on the stock in a report on Wednesday, February 19th. Finally, JMP Securities restated a “market outperform” rating and issued a $90.00 price objective on shares of CoStar Group in a report on Monday, December 16th.

Institutional Investors Weigh In On CoStar Group

Hedge funds have recently bought and sold shares of the business. Ashton Thomas Securities LLC acquired a new stake in CoStar Group during the 3rd quarter valued at approximately $40,000. JPMorgan Chase & Co. grew its stake in CoStar Group by 73.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock valued at $177,913,000 after purchasing an additional 1,001,177 shares in the last quarter. Telemark Asset Management LLC grew its stake in CoStar Group by 42.9% during the 3rd quarter. Telemark Asset Management LLC now owns 500,000 shares of the technology company’s stock valued at $37,720,000 after purchasing an additional 150,000 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in CoStar Group by 16.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 103,547 shares of the technology company’s stock valued at $7,812,000 after purchasing an additional 14,468 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC acquired a new stake in CoStar Group during the 3rd quarter valued at approximately $621,000. Institutional investors and hedge funds own 96.60% of the company’s stock.

CoStar Group Stock Down 1.1 %

CSGP opened at $75.39 on Tuesday. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. The firm has a market cap of $30.92 billion, a P/E ratio of 215.40 and a beta of 0.87. CoStar Group has a 52 week low of $68.26 and a 52 week high of $100.38. The business’s fifty day simple moving average is $74.36 and its 200 day simple moving average is $75.56.

CoStar Group (NASDAQ:CSGP) last released 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 3.11% and a net margin of 5.07%. The firm had revenue of $709.40 million for the quarter, compared to the consensus estimate of $703.00 million. As a group, equities research analysts anticipate that CoStar Group will post 0.94 EPS for the current fiscal year.

CoStar Group announced that its Board of Directors has authorized a share repurchase plan on Tuesday, February 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to reacquire up to 1.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

About CoStar Group

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.