Citigroup Has Lowered Expectations for CoStar Group (NASDAQ:CSGP) Stock Price

CoStar Group (NASDAQ:CSGP) had its price objective reduced by equities researchers at Citigroup from $90.00 to $88.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s price objective indicates a potential upside of 26.71% from the stock’s previous close.

A number of other research analysts have also recently weighed in on CSGP. JMP Securities reiterated a “market outperform” rating and issued a $90.00 target price on shares of CoStar Group in a report on Monday, December 16th. StockNews.com upgraded CoStar Group from a “sell” rating to a “hold” rating in a research note on Tuesday, January 7th. Needham & Company LLC restated a “buy” rating and issued a $100.00 target price on shares of CoStar Group in a research note on Monday, December 9th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $83.00 price objective on shares of CoStar Group in a report on Friday. Finally, William Blair reaffirmed an “outperform” rating on shares of CoStar Group in a research report on Monday, January 6th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $92.92.

CoStar Group Trading Up 0.2 %

Shares of CSGP stock traded up $0.16 during mid-day trading on Tuesday, hitting $69.45. 1,542,869 shares of the company’s stock were exchanged, compared to its average volume of 2,192,199. The stock has a market cap of $28.47 billion, a price-to-earnings ratio of 157.84 and a beta of 0.85. The company has a quick ratio of 9.63, a current ratio of 9.63 and a debt-to-equity ratio of 0.13. CoStar Group has a fifty-two week low of $68.26 and a fifty-two week high of $100.38. The stock has a 50-day simple moving average of $74.95 and a two-hundred day simple moving average of $75.39.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings data on Tuesday, October 22nd. The technology company reported $0.22 earnings per share for the quarter, topping the consensus estimate 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 in the prior year, the firm posted $0.25 EPS. The company’s revenue was up 10.9% on a year-over-year basis. Equities analysts expect that CoStar Group will post 0.52 EPS for the current fiscal year.

Insider Activity

In related news, Director Michael R. Klein sold 71,633 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $74.69, for a total value of $5,350,268.77. Following the sale, the director now directly owns 1,913,501 shares in the company, valued at $142,919,389.69. This trade represents a 3.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew C. Florance purchased 14,731 shares of the stock in a transaction dated Friday, October 25th. The shares were acquired at an average cost of $74.67 per share, for a total transaction of $1,099,963.77. Following the completion of the acquisition, the chief executive officer now directly owns 1,263,098 shares of the company’s stock, valued at approximately $94,315,527.66. This trade represents a 1.18 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.57% of the company’s stock.

Institutional Trading of CoStar Group

A number of institutional investors have recently made changes to their positions in the stock. Private Advisor Group LLC boosted its position in shares of CoStar Group by 58.1% during the 2nd quarter. Private Advisor Group LLC now owns 10,048 shares of the technology company’s stock valued at $745,000 after purchasing an additional 3,691 shares in the last quarter. Acadian Asset Management LLC bought a new stake in CoStar Group during the second quarter worth approximately $816,000. Thoroughbred Financial Services LLC acquired a new position in CoStar Group in the second quarter worth approximately $527,000. Dimensional Fund Advisors LP increased its holdings in shares of CoStar Group by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,697,933 shares of the technology company’s stock valued at $125,889,000 after buying an additional 219,758 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of CoStar Group during the 2nd quarter valued at $46,692,000. 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.