CoStar Group (NASDAQ:CSGP) Given New $87.00 Price Target at Needham & Company LLC

CoStar Group (NASDAQ:CSGP) had its target price trimmed by Needham & Company LLC from $100.00 to $87.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

A number of other research analysts have also recently commented on the company. Citigroup dropped their price target on CoStar Group from $90.00 to $88.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $83.00 price objective on shares of CoStar Group in a report on Friday, January 10th. JMP Securities reiterated a “market outperform” rating and issued a $90.00 target price on shares of CoStar Group in a research note on Monday, December 16th. BMO Capital Markets dropped their price target on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating on the stock in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. cut their price objective 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 research 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, CoStar Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.15.

CoStar Group Price Performance

Shares of NASDAQ:CSGP opened at $79.21 on Wednesday. The company has a market capitalization of $32.47 billion, a P/E ratio of 180.03 and a beta of 0.87. The company’s 50-day moving average is $73.79 and its 200 day moving average is $75.34. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 9.63. CoStar Group has a fifty-two week low of $68.26 and a fifty-two week high of $100.38.

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, meeting analysts’ consensus estimates of $0.22. The firm had revenue of $709.40 million during the quarter, compared to the consensus estimate of $703.00 million. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. On average, equities research analysts forecast that CoStar Group will post 0.52 earnings per share for the current year.

CoStar Group declared that its board has approved a stock buyback program 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 programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Michael J. Desmarais sold 5,500 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On CoStar Group

Hedge funds have recently bought and sold shares of the stock. Colonial Trust Co SC raised its position in shares of CoStar Group by 27.4% during the 4th quarter. Colonial Trust Co SC now owns 674 shares of the technology company’s stock valued at $48,000 after buying an additional 145 shares in the last quarter. DoubleLine ETF Adviser LP raised its position in CoStar Group by 0.5% during the fourth quarter. DoubleLine ETF Adviser LP now owns 29,398 shares of the technology company’s stock valued at $2,105,000 after purchasing an additional 146 shares in the last quarter. Moran Wealth Management LLC lifted its stake in CoStar Group by 2.0% during the third quarter. Moran Wealth Management LLC now owns 8,027 shares of the technology company’s stock worth $606,000 after purchasing an additional 161 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of CoStar Group by 9.7% in the 4th quarter. Allworth Financial LP now owns 1,950 shares of the technology company’s stock worth $144,000 after purchasing an additional 173 shares in the last quarter. Finally, Atria Wealth Solutions Inc. increased its position in shares of CoStar Group by 2.3% during the 4th quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company’s stock valued at $557,000 after purchasing an additional 176 shares during the last quarter. 96.60% of the stock is currently owned by institutional investors.

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.