CoStar Group (NASDAQ:CSGP) Hits New 1-Year Low – Here’s Why

CoStar Group, Inc. (NASDAQ:CSGP) hit a new 52-week low during trading on Tuesday . The company traded as low as $43.80 and last traded at $44.2890, with a volume of 1206757 shares. The stock had previously closed at $44.99.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. BTIG Research raised shares of CoStar Group from a “neutral” rating to a “buy” rating and set a $80.00 price objective on the stock in a research note on Tuesday, January 27th. BMO Capital Markets reduced their price target on CoStar Group from $77.00 to $72.00 and set a “market perform” rating on the stock in a research note on Thursday, January 8th. The Goldman Sachs Group restated a “buy” rating and set a $84.00 price objective on shares of CoStar Group in a report on Wednesday, January 14th. Needham & Company LLC dropped their target price on CoStar Group from $105.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Finally, Zacks Research downgraded CoStar Group from a “hold” rating to a “strong sell” rating in a research report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $83.13.

CoStar Group Trading Up 0.3%

The stock has a market capitalization of $20.80 billion, a price-to-earnings ratio of 981.40, a PEG ratio of 1.28 and a beta of 0.84. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 3.12. The business’s 50-day simple moving average is $60.98 and its two-hundred day simple moving average is $73.11.

CoStar Group declared that its board has approved a stock repurchase plan on Wednesday, January 7th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On CoStar Group

A number of institutional investors and hedge funds have recently bought and sold shares of CSGP. ING Groep NV increased its position in CoStar Group by 1,950.5% in the 3rd quarter. ING Groep NV now owns 128,052 shares of the technology company’s stock valued at $10,804,000 after acquiring an additional 121,807 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of CoStar Group by 14.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 171,380 shares of the technology company’s stock worth $14,459,000 after purchasing an additional 21,225 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of CoStar Group by 51.6% during the third quarter. UMB Bank n.a. now owns 225,305 shares of the technology company’s stock valued at $19,009,000 after purchasing an additional 76,720 shares during the period. Swedbank AB raised its stake in shares of CoStar Group by 21.0% during the third quarter. Swedbank AB now owns 302,360 shares of the technology company’s stock valued at $25,510,000 after purchasing an additional 52,433 shares in the last quarter. Finally, Generali Asset Management SPA SGR raised its stake in shares of CoStar Group by 641.8% during the third quarter. Generali Asset Management SPA SGR now owns 23,880 shares of the technology company’s stock valued at $2,015,000 after purchasing an additional 20,661 shares in the last quarter. Hedge funds and other institutional investors own 96.60% of the company’s stock.

About CoStar Group

CoStar Group, Inc is a provider of information, analytics and online marketplaces for the commercial real estate industry. The company gathers property-level data, builds market analytics and supplies research tools used by brokers, owners, lenders, investors and other real estate professionals to evaluate markets, track inventory and manage listings. CoStar’s offerings are delivered primarily through subscription-based platforms that combine proprietary databases, mapping and workflow applications to support decision-making across the property life cycle.

In addition to its core CoStar research service, the company operates prominent online listing and marketing platforms that connect buyers, sellers, tenants and brokers.