Needham & Company LLC Has Lowered Expectations for CoStar Group (NASDAQ:CSGP) Stock Price

CoStar Group (NASDAQ:CSGP) had its target price decreased by research analysts at Needham & Company LLC from $100.00 to $87.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s target price suggests a potential upside of 11.05% from the stock’s current price.

Several other research analysts also recently commented on CSGP. William Blair reissued an “outperform” rating on shares of CoStar Group in a report on Monday, January 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $83.00 price objective on shares of CoStar Group in a research note on Friday, January 10th. Wells Fargo & Company assumed coverage on CoStar Group in a research note on Wednesday, February 5th. They issued an “underweight” rating and a $65.00 target price for the company. BMO Capital Markets reduced their price target on shares of 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. Finally, Citigroup lowered their price objective on shares of CoStar Group from $90.00 to $88.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, CoStar Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

CoStar Group Stock Performance

CoStar Group stock opened at $78.35 on Wednesday. CoStar Group has a 52-week low of $68.26 and a 52-week high of $100.38. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.63 and a quick ratio of 9.63. The stock has a fifty day moving average price of $73.82 and a two-hundred day moving average price of $75.37. The firm has a market capitalization of $32.12 billion, a P/E ratio of 223.84 and a beta of 0.87.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.22. The firm had revenue of $709.40 million during the quarter, compared to the consensus estimate of $703.00 million. CoStar Group had a net margin of 5.07% and a return on equity of 3.13%. As a group, analysts anticipate that CoStar Group will post 0.94 EPS for the current fiscal year.

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

Insider Buying and Selling at CoStar Group

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CSGP. Hopwood Financial Services Inc. bought a new stake in CoStar Group in the fourth quarter valued at approximately $25,000. ORG Partners LLC grew its holdings in shares of CoStar Group by 534.8% in the 4th quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock valued at $30,000 after buying an additional 353 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of CoStar Group in the 4th quarter valued at $30,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in CoStar Group during the 4th quarter worth $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC raised its stake in CoStar Group by 414.4% during the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 499 shares of the technology company’s stock worth $36,000 after buying an additional 402 shares during the period. 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.