Citigroup Issues Pessimistic Forecast for CoStar Group (NASDAQ:CSGP) Stock Price

CoStar Group (NASDAQ:CSGP) had its price target reduced by Citigroup from $90.00 to $88.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

CSGP has been the topic of a number of other research reports. JMP Securities reaffirmed a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a report on Monday, December 16th. BMO Capital Markets cut their price target on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a report on Thursday, October 24th. William Blair reiterated an “outperform” rating on shares of CoStar Group in a research note on Monday, January 6th. Stephens restated an “overweight” rating and set a $103.00 target price on shares of CoStar Group in a research report on Thursday, January 2nd. Finally, StockNews.com raised CoStar Group from a “sell” rating to a “hold” rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $92.92.

CoStar Group Price Performance

Shares of NASDAQ CSGP opened at $69.61 on Tuesday. The stock has a fifty day moving average price of $74.83 and a 200 day moving average price of $75.36. CoStar Group has a 1-year low of $68.26 and a 1-year high of $100.38. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.63 and a quick ratio of 9.63. The company has a market cap of $28.54 billion, a PE ratio of 158.21 and a beta of 0.85.

CoStar Group (NASDAQ:CSGP) last issued its earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.06. The business 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 business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Sell-side analysts forecast that CoStar Group will post 0.52 EPS for the current year.

Insider Buying and Selling at CoStar Group

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 transaction of $439,340.00. Following the transaction, the insider now owns 58,798 shares of the company’s stock, valued at $4,696,784.24. This represents a 8.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael R. Klein sold 71,633 shares of CoStar Group stock in a transaction on Friday, October 25th. The shares were sold at an average price of $74.69, for a total value of $5,350,268.77. Following the completion of the sale, the director now directly owns 1,913,501 shares of the company’s stock, valued at approximately $142,919,389.69. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. 1.57% of the stock is owned by insiders.

Hedge Funds Weigh In On CoStar Group

Hedge funds have recently made changes to their positions in the stock. Ashton Thomas Securities LLC purchased a new position in shares of CoStar Group in the 3rd quarter worth $40,000. JPMorgan Chase & Co. increased its stake in CoStar Group by 73.8% during the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock worth $177,913,000 after acquiring an additional 1,001,177 shares during the last quarter. Telemark Asset Management LLC raised its holdings in shares of CoStar Group by 42.9% in the 3rd quarter. Telemark Asset Management LLC now owns 500,000 shares of the technology company’s stock worth $37,720,000 after purchasing an additional 150,000 shares during the period. Swedbank AB lifted its stake in shares of CoStar Group by 469.3% in the 3rd quarter. Swedbank AB now owns 248,043 shares of the technology company’s stock valued at $18,712,000 after purchasing an additional 204,474 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of CoStar Group by 16.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 103,547 shares of the technology company’s stock worth $7,812,000 after purchasing an additional 14,468 shares during the period. Institutional investors and hedge funds 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.