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

CoStar Group (NASDAQ:CSGP)‘s stock had its “sector perform” rating reiterated by stock analysts at Royal Bank of Canada in a report issued on Wednesday,Benzinga reports. They currently have a $83.00 target price on the technology company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 5.41% from the company’s current price.

CSGP has been the topic of several other research reports. Wells Fargo & Company cut their price objective on CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a research report on Wednesday. StockNews.com lowered CoStar Group from a “hold” rating to a “sell” rating in a research note on Wednesday, January 15th. Keefe, Bruyette & Woods cut their price target on shares of CoStar Group from $96.00 to $93.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. JMP Securities reiterated a “market outperform” rating and issued a $90.00 price objective on shares of CoStar Group in a report on Monday, December 16th. Finally, JPMorgan Chase & Co. decreased their price target on CoStar Group from $108.00 to $99.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, CoStar Group currently has an average rating of “Moderate Buy” and a consensus price target of $89.08.

CoStar Group Trading Up 4.4 %

Shares of NASDAQ CSGP traded up $3.28 during midday trading on Wednesday, reaching $78.74. The stock had a trading volume of 2,159,720 shares, compared to its average volume of 2,526,032. The firm has a market cap of $32.28 billion, a price-to-earnings ratio of 178.97 and a beta of 0.87. CoStar Group has a twelve month low of $68.26 and a twelve month high of $100.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 9.63. The company’s 50 day moving average price is $73.79 and its 200 day moving average price is $75.34.

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

CoStar Group declared that its Board of Directors has initiated a stock buyback plan 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 stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other CoStar Group 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 value of $439,340.00. Following the sale, the insider now owns 58,798 shares in the company, valued at $4,696,784.24. This trade represents a 8.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On CoStar Group

Several large investors have recently modified their holdings of CSGP. Colonial Trust Co SC lifted its holdings in shares of CoStar Group by 27.4% during the 4th quarter. Colonial Trust Co SC now owns 674 shares of the technology company’s stock valued at $48,000 after purchasing an additional 145 shares during the last quarter. DoubleLine ETF Adviser LP lifted its holdings in CoStar Group by 0.5% in the fourth quarter. DoubleLine ETF Adviser LP now owns 29,398 shares of the technology company’s stock valued at $2,105,000 after acquiring an additional 146 shares during the period. Moran Wealth Management LLC grew its stake in shares of CoStar Group by 2.0% during the 3rd quarter. Moran Wealth Management LLC now owns 8,027 shares of the technology company’s stock worth $606,000 after purchasing an additional 161 shares during the period. Allworth Financial LP lifted its stake in shares of CoStar Group by 9.7% in the 4th quarter. Allworth Financial LP now owns 1,950 shares of the technology company’s stock valued at $144,000 after purchasing an additional 173 shares during the period. Finally, Atria Wealth Solutions Inc. increased its holdings in CoStar Group by 2.3% in the fourth quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company’s stock valued at $557,000 after buying an additional 176 shares in the last quarter. 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.