CoStar Group (NASDAQ:CSGP) Earns “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of CoStar Group (NASDAQ:CSGP) in a research report released on Wednesday,Benzinga reports. They currently have a $83.00 price target on the technology company’s stock.

CSGP has been the subject of several other reports. Needham & Company LLC dropped their price objective on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a research note on Wednesday. BMO Capital Markets decreased their target price on CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a research report on Thursday, October 24th. StockNews.com downgraded CoStar Group from a “hold” rating to a “sell” rating in a research report on Wednesday, January 15th. Keefe, Bruyette & Woods decreased their target price 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. Finally, William Blair reiterated an “outperform” rating on shares of CoStar Group in a research report on Wednesday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $88.00.

CoStar Group Stock Down 2.0 %

NASDAQ CSGP opened at $76.79 on Wednesday. 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 company has a fifty day moving average of $73.83 and a two-hundred day moving average of $75.39. The firm has a market capitalization of $31.48 billion, a price-to-earnings ratio of 219.40 and a beta of 0.87. CoStar Group has a 52 week low of $68.26 and a 52 week high of $100.38.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, hitting 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 net margin of 5.07% and a return on equity of 3.11%. On average, analysts predict that CoStar Group will post 0.94 earnings per share for the current year.

CoStar Group declared that its board has authorized a stock repurchase plan on Tuesday, February 18th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at CoStar Group

In other news, insider Michael J. Desmarais sold 5,500 shares of CoStar Group stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $79.88, for a total value of $439,340.00. Following the completion of the transaction, the insider now owns 58,798 shares in the company, valued at approximately $4,696,784.24. This trade represents a 8.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.57% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CoStar Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bamco Inc. NY lifted its stake in CoStar Group by 2.2% in the fourth quarter. Bamco Inc. NY now owns 19,203,564 shares of the technology company’s stock valued at $1,374,783,000 after buying an additional 418,128 shares during the last quarter. State Street Corp lifted its stake in CoStar Group by 4.4% in the third quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock valued at $1,286,987,000 after buying an additional 722,153 shares during the last quarter. Capital International Investors lifted its stake in CoStar Group by 44.9% in the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company’s stock valued at $1,004,578,000 after buying an additional 4,345,267 shares during the last quarter. Geode Capital Management LLC lifted its stake in CoStar Group by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 11,475,755 shares of the technology company’s stock valued at $819,678,000 after buying an additional 166,769 shares during the last quarter. Finally, Akre Capital Management LLC lifted its stake in CoStar Group by 4.3% in the fourth quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company’s stock valued at $666,781,000 after buying an additional 379,787 shares during 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.