Analysts Set CoStar Group, Inc. (NASDAQ:CSGP) Price Target at $83.24

Shares of CoStar Group, Inc. (NASDAQ:CSGP) have earned a consensus recommendation of “Moderate Buy” from the twenty-two ratings firms that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $83.1250.

A number of research analysts have recently issued reports on the stock. BNP Paribas Exane assumed coverage on shares of CoStar Group in a research note on Wednesday, January 14th. They set a “neutral” rating and a $64.00 price target on the stock. Zacks Research lowered CoStar Group from a “hold” rating to a “strong sell” rating in a report on Friday, January 9th. Bank of America set a $74.00 target price on CoStar Group in a research report on Wednesday, January 7th. BMO Capital Markets reduced their price target on CoStar Group from $77.00 to $72.00 and set a “market perform” rating for the company in a report on Thursday, January 8th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of CoStar Group in a research note on Monday, December 29th.

CoStar Group Stock Up 0.3%

CSGP stock opened at $49.07 on Tuesday. CoStar Group has a 52 week low of $43.80 and a 52 week high of $97.43. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The firm has a 50-day simple moving average of $60.61 and a 200-day simple moving average of $72.95. The stock has a market capitalization of $20.80 billion, a P/E ratio of 981.40, a P/E/G ratio of 1.28 and a beta of 0.84.

CoStar Group announced that its board has authorized a share repurchase program on Wednesday, January 7th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of CoStar Group

Institutional investors have recently bought and sold shares of the company. Quent Capital LLC acquired a new stake in shares of CoStar Group during the 3rd quarter worth about $26,000. Manning & Napier Advisors LLC purchased a new stake in CoStar Group in the third quarter valued at approximately $28,000. Rossby Financial LCC grew its holdings in CoStar Group by 315.9% in the second quarter. Rossby Financial LCC now owns 341 shares of the technology company’s stock valued at $27,000 after purchasing an additional 259 shares during the period. Westside Investment Management Inc. increased its position in CoStar Group by 100.0% during 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 last quarter. Finally, Root Financial Partners LLC purchased a new position in CoStar Group during the third quarter worth approximately $31,000. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

About CoStar Group

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.