CoStar Group (NASDAQ:CSGP) Lowered to Sector Perform at Royal Bank of Canada

Royal Bank of Canada cut shares of CoStar Group (NASDAQ:CSGP) from an outperform rating to a sector perform rating in a research report report published on Wednesday, Marketbeat reports. Royal Bank of Canada currently has $83.00 price target on the technology company’s stock, down from their prior price target of $96.00.

A number of other research firms also recently weighed in on CSGP. JPMorgan Chase & Co. upped their target price on shares of CoStar Group from $102.00 to $108.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. StockNews.com raised shares of CoStar Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 8th. Needham & Company LLC reissued a “buy” rating and issued a $107.00 price target on shares of CoStar Group in a research report on Tuesday, September 17th. Keefe, Bruyette & Woods reduced their price objective on CoStar Group from $109.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group dropped their target price on CoStar Group from $108.00 to $93.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $93.25.

CoStar Group Trading Up 0.8 %

NASDAQ CSGP opened at $74.48 on Wednesday. The stock has a market cap of $30.52 billion, a P/E ratio of 169.28 and a beta of 0.81. CoStar Group has a fifty-two week low of $68.26 and a fifty-two week high of $100.38. The stock has a 50 day simple moving average of $76.46 and a two-hundred day simple moving average of $79.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.27 and a current ratio of 9.27.

CoStar Group (NASDAQ:CSGP) last released its quarterly 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. CoStar Group had a net margin of 6.57% and a return on equity of 3.54%. The business had revenue of $692.60 million for the quarter, compared to analysts’ expectations of $695.91 million. During the same quarter in the previous year, the business posted $0.25 earnings per share. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, analysts forecast that CoStar Group will post 0.49 earnings per share for the current year.

Institutional Trading of CoStar Group

A number of institutional investors have recently made changes to their positions in the stock. First Trust Direct Indexing L.P. lifted its position in CoStar Group by 27.4% during the third quarter. First Trust Direct Indexing L.P. now owns 13,107 shares of the technology company’s stock valued at $989,000 after purchasing an additional 2,820 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in shares of CoStar Group by 111.6% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 5,198 shares of the technology company’s stock valued at $392,000 after buying an additional 2,742 shares during the period. abrdn plc boosted its stake in shares of CoStar Group by 72.5% in the 3rd quarter. abrdn plc now owns 130,150 shares of the technology company’s stock worth $9,803,000 after buying an additional 54,713 shares during the last quarter. Pallas Capital Advisors LLC bought a new stake in shares of CoStar Group in the third quarter worth $342,000. Finally, Baker Tilly Wealth Management LLC increased its position in CoStar Group by 27.7% during the third quarter. Baker Tilly Wealth Management LLC now owns 6,553 shares of the technology company’s stock valued at $494,000 after acquiring an additional 1,420 shares during the last quarter. Hedge funds and other 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.