CoStar Group (NASDAQ:CSGP) Board Approves Stock Buyback Program

CoStar Group (NASDAQ:CSGP - Get Free Report) declared that its Board of Directors has approved a share repurchase program on Tuesday, February 18th, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CSGP. Wells Fargo & Company decreased their target price on shares of CoStar Group from $65.00 to $63.00 and set an "underweight" rating on the stock in a research report on Wednesday. StockNews.com lowered CoStar Group from a "hold" rating to a "sell" rating in a research note on Wednesday, January 15th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $83.00 target price on shares of CoStar Group in a report on Wednesday. Stephens restated an "overweight" rating and set a $103.00 price target on shares of CoStar Group in a report on Tuesday. Finally, BMO Capital Markets dropped their price objective on shares of CoStar Group from $78.00 to $75.00 and set a "market perform" rating for the company in a research note on Thursday, October 24th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $88.00.

CoStar Group Trading Down 2.0 %

CSGP stock traded down $1.54 during trading on Friday, hitting $76.79. The company had a trading volume of 4,667,016 shares, compared to its average volume of 2,816,777. CoStar Group has a 52-week low of $68.26 and a 52-week high of $100.38. The company has a 50 day simple moving average of $73.83 and a 200-day simple moving average of $75.39. The firm has a market capitalization of $31.48 billion, a P/E ratio of 219.40 and a beta of 0.87. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13.

CoStar Group (NASDAQ:CSGP - Get Free Report) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, hitting analysts' consensus estimates of $0.22. The business had revenue of $709.40 million for the quarter, compared to analyst estimates of $703.00 million. CoStar Group had a net margin of 5.07% and a return on equity of 3.11%. As a group, research analysts forecast that CoStar Group will post 0.94 earnings per share for the current fiscal year.

Insider Buying and Selling at CoStar Group

In other 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 approximately $4,696,784.24. This represents a 8.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.57% of the stock is currently owned by corporate insiders.

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.