Wells Fargo & Company Has Lowered Expectations for CoStar Group (NASDAQ:CSGP) Stock Price

CoStar Group (NASDAQ:CSGP) had its price target trimmed by Wells Fargo & Company from $65.00 to $63.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has an underweight rating on the technology company’s stock.

Other equities analysts also recently issued reports about the company. Stephens reiterated an “overweight” rating and set a $103.00 price objective on shares of CoStar Group in a research report on Tuesday. Citigroup reduced their price objective on CoStar Group from $90.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Keefe, Bruyette & Woods reduced their price objective on CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. JMP Securities reiterated a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a research report on Monday, December 16th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $83.00 price objective on shares of CoStar Group in a research report on Friday, January 10th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, CoStar Group currently has an average rating of “Moderate Buy” and an average price target of $88.00.

CoStar Group Stock Down 2.0 %

NASDAQ:CSGP opened at $76.79 on Wednesday. The firm has a market capitalization of $31.48 billion, a PE ratio of 219.40 and a beta of 0.87. The stock has a 50 day moving average of $73.83 and a 200-day moving average of $75.39. CoStar Group has a 52 week low of $68.26 and a 52 week high of $100.38. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13.

CoStar Group (NASDAQ:CSGP) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. The company had revenue of $709.40 million during the quarter, compared to analyst estimates of $703.00 million. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. Analysts predict that CoStar Group will post 0.94 EPS for the current year.

CoStar Group declared that its board has initiated a stock buyback plan on Tuesday, February 18th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at CoStar Group

In other CoStar Group 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 sale, the insider now directly 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.57% of the company’s stock.

Institutional Trading of CoStar Group

Several large investors have recently added to or reduced their stakes in the company. Ascent Group LLC raised its stake in CoStar Group by 17.2% during the 4th quarter. Ascent Group LLC now owns 8,500 shares of the technology company’s stock valued at $609,000 after purchasing an additional 1,249 shares during the period. Mackenzie Financial Corp increased its stake in shares of CoStar Group by 4.6% in the fourth quarter. Mackenzie Financial Corp now owns 2,935,559 shares of the technology company’s stock worth $210,157,000 after acquiring an additional 128,540 shares during the last quarter. Baer Investment Advisory LLC acquired a new position in shares of CoStar Group in the fourth quarter worth $3,756,000. Toronto Dominion Bank increased its stake in shares of CoStar Group by 64.0% in the fourth quarter. Toronto Dominion Bank now owns 235,397 shares of the technology company’s stock worth $16,852,000 after acquiring an additional 91,822 shares during the last quarter. Finally, North Star Asset Management Inc. increased its stake in shares of CoStar Group by 4.4% in the fourth quarter. North Star Asset Management Inc. now owns 44,462 shares of the technology company’s stock worth $3,183,000 after acquiring an additional 1,879 shares during the last quarter. 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.