JPMorgan Chase & Co. Cuts CoStar Group (NASDAQ:CSGP) Price Target to $87.00

CoStar Group (NASDAQ:CSGP - Free Report) had its price target reduced by JPMorgan Chase & Co. from $99.00 to $87.00 in a research report sent to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology company's stock.

Other equities analysts have also recently issued research reports about the stock. Needham & Company LLC decreased their price objective on shares of CoStar Group from $100.00 to $87.00 and set a "buy" rating on the stock in a research report on Wednesday. StockNews.com cut shares of CoStar Group from a "hold" rating to a "sell" rating in a research report on Wednesday, January 15th. BMO Capital Markets decreased their price objective 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, October 24th. Royal Bank of Canada restated a "sector perform" rating and issued a $83.00 price objective on shares of CoStar Group in a research report on Wednesday. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $90.00 target price on shares of CoStar Group in a research note on Monday, December 16th. Two 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $88.00.

CoStar Group Trading Down 2.0 %

NASDAQ:CSGP traded down $1.54 during trading hours on Wednesday, reaching $76.79. The company's stock had a trading volume of 4,667,016 shares, compared to its average volume of 2,816,777. The firm has a market capitalization of $31.48 billion, a price-to-earnings ratio of 219.40 and a beta of 0.87. The firm has a 50-day simple moving average of $73.83 and a 200-day simple moving average of $75.39. 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 quick ratio of 9.63 and a current ratio of 8.96.

CoStar Group (NASDAQ:CSGP - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.22 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.22. CoStar Group had a net margin of 5.07% and a return on equity of 3.11%. The firm had revenue of $709.40 million for the quarter, compared to analysts' expectations of $703.00 million. Research analysts expect that CoStar Group will post 0.94 EPS for the current fiscal year.

CoStar Group announced that its board has approved a stock repurchase program on Tuesday, February 18th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to buy up to 1.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Michael J. Desmarais sold 5,500 shares of the business's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total transaction of $439,340.00. Following the sale, the insider now owns 58,798 shares of the company's stock, valued at $4,696,784.24. The trade was a 8.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CoStar Group

Hedge funds have recently bought and sold shares of the business. Hopwood Financial Services Inc. bought a new stake in CoStar Group during the fourth quarter worth about $25,000. ORG Partners LLC lifted its stake in shares of CoStar Group by 534.8% in the fourth quarter. ORG Partners LLC now owns 419 shares of the technology company's stock worth $30,000 after buying an additional 353 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of CoStar Group in the fourth quarter worth approximately $30,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of CoStar Group in the fourth quarter worth approximately $32,000. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its stake in shares of CoStar Group by 414.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 499 shares of the technology company's stock worth $36,000 after buying an additional 402 shares in the last quarter. 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.