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

CoStar Group, Inc. (NASDAQ:CSGP - Get Free Report)'s share price gapped down before the market opened on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $108.00 to $99.00. The stock had previously closed at $76.87, but opened at $72.43. JPMorgan Chase & Co. currently has an overweight rating on the stock. CoStar Group shares last traded at $69.68, with a volume of 1,387,659 shares.

A number of other research analysts have also weighed in on the company. The Goldman Sachs Group dropped their price objective on CoStar Group from $108.00 to $93.00 and set a "buy" rating on the stock in a report on Wednesday, July 24th. Bank of America lowered their target price on CoStar Group from $111.00 to $89.00 and set a "buy" rating on the stock in a report on Monday, July 22nd. Keefe, Bruyette & Woods lowered their target price on CoStar Group from $109.00 to $100.00 and set an "outperform" rating on the stock in a report on Wednesday, July 17th. JMP Securities reissued a "market outperform" rating and issued a $90.00 target price on shares of CoStar Group in a report on Friday, September 6th. Finally, Royal Bank of Canada lowered CoStar Group from an "outperform" rating to a "sector perform" rating and lowered their target price for the company from $96.00 to $83.00 in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $94.15.

Hedge Funds Weigh In On CoStar Group

Large investors have recently modified their holdings of the company. Mediolanum International Funds Ltd raised its holdings in shares of CoStar Group by 14.9% during the 3rd quarter. Mediolanum International Funds Ltd now owns 161,913 shares of the technology company's stock valued at $12,125,000 after buying an additional 20,942 shares during the period. Lake Street Advisors Group LLC raised its holdings in shares of CoStar Group by 10.2% during the 3rd quarter. Lake Street Advisors Group LLC now owns 6,085 shares of the technology company's stock valued at $459,000 after buying an additional 562 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of CoStar Group during the 3rd quarter valued at about $2,481,000. Greenleaf Trust purchased a new stake in shares of CoStar Group during the 3rd quarter valued at about $283,000. Finally, Signaturefd LLC raised its holdings in shares of CoStar Group by 17.0% during the 3rd quarter. Signaturefd LLC now owns 4,533 shares of the technology company's stock valued at $342,000 after buying an additional 658 shares during the period. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

CoStar Group Trading Down 5.3 %

The firm has a fifty day moving average of $76.46 and a 200 day moving average of $79.20. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.27 and a current ratio of 9.27. The firm has a market capitalization of $29.74 billion, a PE ratio of 99.75 and a beta of 0.81.

CoStar Group (NASDAQ:CSGP - Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The technology company reported $0.22 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.06. CoStar Group had a return on equity of 3.99% and a net margin of 8.19%. The firm had revenue of $692.60 million during the quarter, compared to analyst estimates of $695.91 million. During the same quarter last year, the firm earned $0.25 EPS. CoStar Group's quarterly revenue was up 10.9% on a year-over-year basis. Equities research analysts expect that CoStar Group, Inc. will post 0.49 EPS for the current year.

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.