CoStar Group (NASDAQ:CSGP) Given New $87.00 Price Target at JPMorgan Chase & Co.

CoStar Group (NASDAQ:CSGP) had its price objective cut by research analysts at JPMorgan Chase & Co. from $99.00 to $87.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 11.24% from the stock’s current price.

Several other analysts have also recently weighed in on CSGP. Stephens reaffirmed an “overweight” rating and set a $103.00 price objective on shares of CoStar Group in a research report on Tuesday. BMO Capital Markets dropped their price target on CoStar Group from $78.00 to $75.00 and set a “market perform” rating on the stock in a research report on Thursday, October 24th. William Blair reiterated an “outperform” rating on shares of CoStar Group in a report on Wednesday. Citigroup dropped their target price on shares of CoStar Group from $90.00 to $88.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, StockNews.com lowered shares of CoStar Group from a “hold” rating to a “sell” rating in a research note on Wednesday, January 15th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.15.

CoStar Group Trading Up 3.6 %

Shares of CSGP traded up $2.75 during mid-day trading on Wednesday, hitting $78.21. 3,957,682 shares of the company’s stock traded hands, compared to its average volume of 2,583,796. The company has a quick ratio of 9.63, a current ratio of 9.63 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $32.06 billion, a P/E ratio of 177.97 and a beta of 0.87. The business’s 50-day moving average price is $73.79 and its 200-day moving average price is $75.34. CoStar Group has a 1 year low of $68.26 and a 1 year high of $100.38.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.22. The business had revenue of $709.40 million for the quarter, compared to the consensus estimate of $703.00 million. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. As a group, sell-side analysts forecast that CoStar Group will post 0.52 EPS for the current fiscal year.

CoStar Group announced that its board has approved a stock repurchase program on Tuesday, February 18th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to purchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, insider Michael J. Desmarais sold 5,500 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $79.88, for a total transaction of $439,340.00. Following the transaction, the insider now directly owns 58,798 shares of the company’s stock, valued at $4,696,784.24. This represents a 8.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.57% of the company’s stock.

Institutional Trading of CoStar Group

A number of hedge funds have recently bought and sold shares of CSGP. Bamco Inc. NY boosted its holdings in shares of CoStar Group by 2.2% in the fourth quarter. Bamco Inc. NY now owns 19,203,564 shares of the technology company’s stock worth $1,374,783,000 after buying an additional 418,128 shares during the last quarter. State Street Corp boosted its position in shares of CoStar Group by 4.4% in the third quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock worth $1,286,987,000 after purchasing an additional 722,153 shares during the period. Capital International Investors increased its stake in shares of CoStar Group by 44.9% in the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company’s stock worth $1,004,578,000 after purchasing an additional 4,345,267 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of CoStar Group by 1.5% during the 4th 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 in the last quarter. Finally, Akre Capital Management LLC increased its stake in CoStar Group by 4.3% in the 4th quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company’s stock worth $666,781,000 after buying an additional 379,787 shares in 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.