CoStar Group (NASDAQ:CSGP) Price Target Cut to $87.00 by Analysts at Needham & Company LLC

CoStar Group (NASDAQ:CSGP - Free Report) had its target price reduced by Needham & Company LLC from $100.00 to $87.00 in a research note published on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the technology company's stock.

CSGP has been the topic of a number of other reports. JMP Securities reissued a "market outperform" rating and issued a $90.00 price target on shares of CoStar Group in a research note on Monday, December 16th. Keefe, Bruyette & Woods decreased their price target on CoStar Group from $96.00 to $93.00 and set an "outperform" rating on the stock in a research note on Tuesday, January 28th. Royal Bank of Canada reissued a "sector perform" rating and issued a $83.00 price target on shares of CoStar Group in a research note on Friday, January 10th. StockNews.com lowered CoStar Group from a "hold" rating to a "sell" rating in a research note on Wednesday, January 15th. Finally, Stephens reissued an "overweight" rating and issued a $103.00 price target on shares of CoStar Group in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $88.00.

CoStar Group Price Performance

CoStar Group stock traded down $1.54 during midday trading on Wednesday, reaching $76.79. 4,620,099 shares of the company were exchanged, compared to its average volume of 2,774,321. The company has a market capitalization of $31.48 billion, a price-to-earnings ratio of 219.40 and a beta of 0.87. The firm's 50-day simple moving average is $73.83 and its 200-day simple moving average is $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 posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, hitting analysts' consensus estimates of $0.22. The firm had revenue of $709.40 million during the quarter, compared to analysts' expectations of $703.00 million. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. On average, analysts anticipate that CoStar Group will post 0.94 EPS for the current year.

CoStar Group declared that its board has authorized a stock repurchase plan on Tuesday, February 18th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at CoStar Group

In other news, insider Michael J. Desmarais sold 5,500 shares of the company's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total value of $439,340.00. Following the completion of the transaction, the insider now directly owns 58,798 shares in the company, valued at approximately $4,696,784.24. This represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.57% of the company's stock.

Hedge Funds Weigh In On CoStar Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Creative Planning increased its position in shares of CoStar Group by 27.9% during the third quarter. Creative Planning now owns 31,828 shares of the technology company's stock worth $2,401,000 after acquiring an additional 6,939 shares during the last quarter. Blue Trust Inc. increased its position in shares of CoStar Group by 175.8% during the third quarter. Blue Trust Inc. now owns 2,979 shares of the technology company's stock worth $221,000 after acquiring an additional 1,899 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of CoStar Group by 25.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 451,560 shares of the technology company's stock worth $34,066,000 after acquiring an additional 92,119 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in shares of CoStar Group by 55.1% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,374 shares of the technology company's stock worth $104,000 after acquiring an additional 488 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in shares of CoStar Group by 25.4% during the third quarter. Sequoia Financial Advisors LLC now owns 7,435 shares of the technology company's stock worth $561,000 after acquiring an additional 1,507 shares during the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.

About CoStar Group

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.