Bank of America Cuts CoStar Group (NASDAQ:CSGP) Price Target to $89.00

CoStar Group (NASDAQ:CSGP) had its target price trimmed by Bank of America from $111.00 to $89.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other equities research analysts have also recently issued reports on CSGP. Jefferies Financial Group upped their price objective on CoStar Group from $85.00 to $95.00 and gave the stock a hold rating in a research note on Friday, April 12th. JMP Securities reiterated a market outperform rating and set a $110.00 price objective on shares of CoStar Group in a research note on Tuesday, June 18th. Royal Bank of Canada reiterated an outperform rating and set a $109.00 price objective on shares of CoStar Group in a research note on Friday, June 7th. Stephens reiterated an overweight rating and set a $105.00 price objective on shares of CoStar Group in a research note on Wednesday, April 24th. Finally, William Blair reiterated an outperform rating on shares of CoStar Group in a research note on Wednesday, April 24th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $96.08.

CoStar Group Trading Up 2.0 %

NASDAQ:CSGP opened at $76.35 on Monday. CoStar Group has a twelve month low of $67.35 and a twelve month high of $100.38. The company has a quick ratio of 9.09, a current ratio of 9.09 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $77.19 and a two-hundred day moving average price of $84.06. The company has a market cap of $31.18 billion, a P/E ratio of 104.59, a price-to-earnings-growth ratio of 11.24 and a beta of 0.81.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.06. CoStar Group had a return on equity of 4.95% and a net margin of 11.64%. The company had revenue of $677.80 million for the quarter, compared to analysts’ expectations of $677.18 million. During the same quarter in the prior year, the business posted $0.27 EPS. The business’s revenue was up 11.9% compared to the same quarter last year. As a group, analysts expect that CoStar Group will post 0.45 EPS for the current fiscal year.

Insider Buying and Selling at CoStar Group

In other CoStar Group news, CFO Scott T. Wheeler sold 122,736 shares of the company’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $92.61, for a total value of $11,366,580.96. Following the transaction, the chief financial officer now directly owns 303,417 shares of the company’s stock, valued at approximately $28,099,448.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other CoStar Group news, insider Michael J. Desmarais sold 3,800 shares of the company’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $92.67, for a total value of $352,146.00. Following the transaction, the insider now directly owns 64,087 shares of the company’s stock, valued at approximately $5,938,942.29. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Scott T. Wheeler sold 122,736 shares of the stock in a transaction on Friday, April 26th. The stock was sold at an average price of $92.61, for a total value of $11,366,580.96. Following the sale, the chief financial officer now directly owns 303,417 shares in the company, valued at $28,099,448.37. The disclosure for this sale can be found here. Insiders own 1.57% of the company’s stock.

Institutional Trading of CoStar Group

Large investors have recently modified their holdings of the stock. Benjamin F. Edwards & Company Inc. grew its holdings in shares of CoStar Group by 1,393.8% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 12,189 shares of the technology company’s stock worth $1,065,000 after purchasing an additional 11,373 shares in the last quarter. Harvest Fund Management Co. Ltd grew its holdings in shares of CoStar Group by 11.7% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 3,589 shares of the technology company’s stock worth $312,000 after purchasing an additional 376 shares in the last quarter. Simplicity Solutions LLC grew its holdings in shares of CoStar Group by 5.7% during the 4th quarter. Simplicity Solutions LLC now owns 7,971 shares of the technology company’s stock worth $697,000 after purchasing an additional 431 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of CoStar Group by 1.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,035,675 shares of the technology company’s stock worth $100,046,000 after purchasing an additional 17,658 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of CoStar Group by 390.8% during the 1st quarter. SG Americas Securities LLC now owns 99,800 shares of the technology company’s stock worth $9,641,000 after purchasing an additional 79,467 shares in 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.