CoStar Group (NASDAQ:CSGP) Reaches New 1-Year Low – What’s Next?

CoStar Group, Inc. (NASDAQ:CSGP)’s stock price reached a new 52-week low on Tuesday . The company traded as low as $43.80 and last traded at $44.2890, with a volume of 1206757 shares changing hands. The stock had previously closed at $44.99.

Analysts Set New Price Targets

Several research firms have recently issued reports on CSGP. Wells Fargo & Company set a $48.00 price target on shares of CoStar Group and gave the company an “underweight” rating in a research note on Wednesday, February 4th. Zacks Research lowered shares of CoStar Group from a “hold” rating to a “strong sell” rating in a research note on Friday, January 9th. Deutsche Bank Aktiengesellschaft set a $68.00 price objective on shares of CoStar Group in a report on Thursday, January 8th. Keefe, Bruyette & Woods dropped their target price on CoStar Group from $100.00 to $75.00 and set an “outperform” rating on the stock in a report on Monday, January 12th. Finally, BMO Capital Markets cut their target price on CoStar Group from $77.00 to $72.00 and set a “market perform” rating on the stock in a research report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $83.13.

CoStar Group Stock Up 1.7%

The company has a market capitalization of $19.39 billion, a PE ratio of 914.80, a PEG ratio of 1.18 and a beta of 0.84. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.12 and a current ratio of 3.12. The stock’s 50 day moving average is $61.80 and its 200 day moving average is $73.63.

CoStar Group declared that its board has approved a share repurchase plan on Wednesday, January 7th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CSGP. Quent Capital LLC bought a new position in CoStar Group in the 3rd quarter worth about $26,000. Manning & Napier Advisors LLC bought a new position in shares of CoStar Group during the third quarter valued at approximately $28,000. Rossby Financial LCC increased its position in shares of CoStar Group by 315.9% during the second quarter. Rossby Financial LCC now owns 341 shares of the technology company’s stock valued at $27,000 after buying an additional 259 shares during the period. Westside Investment Management Inc. grew its holdings in CoStar Group by 100.0% in the third quarter. Westside Investment Management Inc. now owns 360 shares of the technology company’s stock worth $30,000 after purchasing an additional 180 shares during the period. Finally, Root Financial Partners LLC bought a new stake in CoStar Group in the third quarter worth $31,000. Institutional investors own 96.60% of the company’s stock.

CoStar Group Company Profile

CoStar Group, Inc is a provider of information, analytics and online marketplaces for the commercial real estate industry. The company gathers property-level data, builds market analytics and supplies research tools used by brokers, owners, lenders, investors and other real estate professionals to evaluate markets, track inventory and manage listings. CoStar’s offerings are delivered primarily through subscription-based platforms that combine proprietary databases, mapping and workflow applications to support decision-making across the property life cycle.

In addition to its core CoStar research service, the company operates prominent online listing and marketing platforms that connect buyers, sellers, tenants and brokers.