Citigroup Cuts CoStar Group (NASDAQ:CSGP) Price Target to $88.00

CoStar Group (NASDAQ:CSGP) had its price objective cut by Citigroup from $90.00 to $88.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s price objective suggests a potential upside of 26.71% from the company’s previous close.

A number of other research firms have also issued reports on CSGP. StockNews.com raised shares of CoStar Group from a “sell” rating to a “hold” rating in a research report on Tuesday, January 7th. JMP Securities restated a “market outperform” rating and issued a $90.00 target price on shares of CoStar Group in a research note on Monday, December 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $83.00 target price on shares of CoStar Group in a research report on Friday. Stephens reaffirmed an “overweight” rating and set a $103.00 target price on shares of CoStar Group in a research report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. dropped their price target on shares of CoStar Group from $108.00 to $99.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $92.92.

CoStar Group Trading Up 0.2 %

Shares of CSGP stock traded up $0.16 during trading hours on Tuesday, reaching $69.45. 1,542,869 shares of the stock traded hands, compared to its average volume of 2,192,199. 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 $28.47 billion, a PE ratio of 157.84 and a beta of 0.85. CoStar Group has a 1-year low of $68.26 and a 1-year high of $100.38. The business has a fifty day moving average price of $74.95 and a 200 day moving average price of $75.39.

CoStar Group (NASDAQ:CSGP) last announced its earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.06. The company had revenue of $692.60 million for the quarter, compared to the consensus estimate of $695.91 million. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. The company’s revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.25 EPS. On average, equities research analysts forecast that CoStar Group will post 0.52 EPS for the current year.

Insider Activity at CoStar Group

In related news, Director Michael R. Klein sold 71,633 shares of CoStar Group stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $74.69, for a total value of $5,350,268.77. Following the completion of the transaction, the director now directly owns 1,913,501 shares of the company’s stock, valued at $142,919,389.69. The trade was a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Andrew C. Florance acquired 14,731 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was bought at an average price of $74.67 per share, with a total value of $1,099,963.77. Following the transaction, the chief executive officer now directly owns 1,263,098 shares in the company, valued at $94,315,527.66. The trade was a 1.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.57% of the stock is owned by insiders.

Institutional Investors Weigh In On CoStar Group

A number of institutional investors and hedge funds have recently made changes to their positions in the company. ORG Partners LLC increased its position in CoStar Group by 534.8% in the fourth quarter. ORG Partners LLC now owns 419 shares of the technology company’s stock worth $30,000 after purchasing an additional 353 shares during the period. Ashton Thomas Securities LLC acquired a new stake in shares of CoStar Group during the 3rd quarter worth approximately $40,000. Quarry LP bought a new stake in shares of CoStar Group during the second quarter worth approximately $54,000. Brooklyn Investment Group acquired a new position in CoStar Group in the third quarter valued at approximately $91,000. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in CoStar Group by 55.1% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,374 shares of the technology company’s stock worth $104,000 after acquiring an additional 488 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.