CoStar Group (NASDAQ:CSGP) Shares Gap Down on Analyst Downgrade

CoStar Group, Inc. (NASDAQ:CSGP)’s share price gapped down prior to trading on Wednesday after Citigroup lowered their price target on the stock from $97.00 to $90.00. The stock had previously closed at $76.87, but opened at $72.43. Citigroup currently has a buy rating on the stock. CoStar Group shares last traded at $69.68, with a volume of 1,387,659 shares.

Other research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods dropped their price objective on shares of CoStar Group from $109.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. The Goldman Sachs Group dropped their price objective on shares of CoStar Group from $108.00 to $93.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Royal Bank of Canada cut shares of CoStar Group from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $96.00 to $83.00 in a research report on Wednesday. BMO Capital Markets decreased their target price on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating on the stock in a research report on Thursday. Finally, Robert W. Baird decreased their target price on shares of CoStar Group from $105.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $92.62.

Hedge Funds Weigh In On CoStar Group

Institutional investors have recently modified their holdings of the stock. Swedbank AB purchased a new position in shares of CoStar Group during the first quarter worth approximately $4,223,000. SG Americas Securities LLC boosted its stake in shares of CoStar Group by 390.8% during the first quarter. SG Americas Securities LLC now owns 99,800 shares of the technology company’s stock valued at $9,641,000 after purchasing an additional 79,467 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of CoStar Group by 1.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,035,675 shares of the technology company’s stock valued at $100,046,000 after purchasing an additional 17,658 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of CoStar Group by 5.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 477,691 shares of the technology company’s stock valued at $46,145,000 after purchasing an additional 23,987 shares in the last quarter. Finally, Twin Tree Management LP bought a new position in shares of CoStar Group during the first quarter valued at approximately $802,000. 96.60% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Trading Up 1.5 %

The company has a quick ratio of 9.27, a current ratio of 9.27 and a debt-to-equity ratio of 0.13. The stock’s 50 day moving average price is $76.46 and its 200-day moving average price is $79.20. The stock has a market capitalization of $30.29 billion, a P/E ratio of 167.98 and a beta of 0.81.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings data on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. CoStar Group had a net margin of 6.57% and a return on equity of 3.54%. The firm had revenue of $692.60 million for the quarter, compared to the consensus estimate of $695.91 million. During the same period last year, the firm earned $0.25 earnings per share. The company’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, equities research analysts expect that CoStar Group, Inc. will post 0.49 earnings per share for the current year.

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.