CoStar Group (NASDAQ:CSGP) Lowered to “Sector Perform” at Royal Bank of Canada

Royal Bank of Canada cut shares of CoStar Group (NASDAQ:CSGP) from an outperform rating to a sector perform rating in a report issued on Wednesday, MarketBeat Ratings reports. Royal Bank of Canada currently has $83.00 price objective on the technology company’s stock, down from their previous price objective of $96.00.

A number of other equities research analysts have also recently issued reports on the company. Keefe, Bruyette & Woods reduced their price objective on CoStar Group from $109.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. The Goldman Sachs Group reduced their price objective on CoStar Group from $108.00 to $93.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Bank of America reduced their price objective on CoStar Group from $111.00 to $89.00 and set a “buy” rating for the company in a report on Monday, July 22nd. StockNews.com upgraded shares of CoStar Group from a “sell” rating to a “hold” rating in a research report on Tuesday, October 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $107.00 price target on shares of CoStar Group in a research report on Tuesday, September 17th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $94.15.

CoStar Group Trading Down 5.3 %

CoStar Group stock opened at $72.82 on Wednesday. CoStar Group has a 52 week low of $67.35 and a 52 week high of $100.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.27 and a current ratio of 9.27. The stock has a market capitalization of $29.74 billion, a P/E ratio of 99.75 and a beta of 0.81. The stock has a 50-day simple moving average of $76.46 and a 200 day simple moving average of $79.20.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings data on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. CoStar Group had a return on equity of 3.99% and a net margin of 8.19%. The company had revenue of $692.60 million during the quarter, compared to analysts’ expectations of $695.91 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. The business’s revenue was up 10.9% on a year-over-year basis. Analysts expect that CoStar Group will post 0.49 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CSGP. Vulcan Value Partners LLC raised its position in CoStar Group by 90.1% during the second quarter. Vulcan Value Partners LLC now owns 4,138,987 shares of the technology company’s stock valued at $306,831,000 after purchasing an additional 1,961,917 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of CoStar Group by 17.7% during the first quarter. Janus Henderson Group PLC now owns 11,808,027 shares of the technology company’s stock worth $1,140,650,000 after buying an additional 1,773,564 shares in the last quarter. Select Equity Group L.P. acquired a new position in shares of CoStar Group during the second quarter worth $60,761,000. Renaissance Technologies LLC acquired a new position in shares of CoStar Group during the second quarter worth $46,692,000. Finally, Vanguard Group Inc. increased its holdings in shares of CoStar Group by 0.8% during the first quarter. Vanguard Group Inc. now owns 65,451,499 shares of the technology company’s stock worth $6,322,615,000 after buying an additional 541,700 shares in the last quarter. 96.60% of the stock is currently 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.