CoStar Group’s (CSGP) Sector Perform Rating Reaffirmed at Royal Bank of Canada

CoStar Group (NASDAQ:CSGP)‘s stock had its “sector perform” rating reaffirmed by investment analysts at Royal Bank of Canada in a research note issued on Wednesday,Benzinga reports. They presently have a $83.00 price objective on the technology company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 5.94% from the stock’s current price.

A number of other analysts have also weighed in on CSGP. StockNews.com lowered shares of CoStar Group from a “hold” rating to a “sell” rating in a research note on Wednesday, January 15th. 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. Citigroup cut their target price on CoStar Group from $90.00 to $88.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Keefe, Bruyette & Woods decreased their price target on CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a research note on Tuesday, January 28th. Finally, BMO Capital Markets dropped their price objective on CoStar Group from $78.00 to $75.00 and set a “market perform” rating on the stock in a research report on Thursday, October 24th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

CoStar Group Stock Performance

CoStar Group stock opened at $78.35 on Wednesday. CoStar Group has a twelve month low of $68.26 and a twelve month high of $100.38. 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 company has a market capitalization of $32.12 billion, a P/E ratio of 223.84 and a beta of 0.87. The stock’s 50 day moving average is $73.82 and its 200 day moving average is $75.37.

CoStar Group (NASDAQ:CSGP) last released its earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, hitting the consensus estimate of $0.22. CoStar Group had a return on equity of 3.13% and a net margin of 5.07%. The business had revenue of $709.40 million for the quarter, compared to the consensus estimate of $703.00 million. On average, equities research analysts predict that CoStar Group will post 0.94 earnings per share for the current fiscal year.

CoStar Group announced that its Board of Directors has initiated a stock 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 purchase up to 1.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at CoStar Group

In other news, insider Michael J. Desmarais sold 5,500 shares of the business’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 sale, the insider now owns 58,798 shares of the company’s stock, valued at $4,696,784.24. The trade was a 8.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.57% of the stock is owned by corporate insiders.

Institutional Trading of CoStar Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Creative Planning raised its stake in CoStar Group by 27.9% during the 3rd quarter. Creative Planning now owns 31,828 shares of the technology company’s stock worth $2,401,000 after acquiring an additional 6,939 shares during the period. Blue Trust Inc. increased its stake in CoStar Group by 175.8% in the 3rd quarter. Blue Trust Inc. now owns 2,979 shares of the technology company’s stock worth $221,000 after buying an additional 1,899 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in CoStar Group by 25.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 451,560 shares of the technology company’s stock valued at $34,066,000 after acquiring an additional 92,119 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of CoStar Group by 55.1% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,374 shares of the technology company’s stock worth $104,000 after acquiring an additional 488 shares during the period. Finally, Sequoia Financial Advisors LLC lifted its holdings in CoStar Group by 25.4% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 7,435 shares of the technology company’s stock worth $561,000 after purchasing an additional 1,507 shares in the last quarter. Hedge funds and other 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.