JPMorgan Chase & Co. Cuts CoStar Group (NASDAQ:CSGP) Price Target to $99.00

CoStar Group (NASDAQ:CSGP - Get Free Report) had its price objective lowered by research analysts at JPMorgan Chase & Co. from $108.00 to $99.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 35.95% from the stock's current price.

CSGP has been the subject of several other reports. Robert W. Baird dropped their price objective on CoStar Group from $105.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday, July 24th. The Goldman Sachs Group dropped their price objective on CoStar Group from $108.00 to $93.00 and set a "buy" rating for the company in a research report on Wednesday, July 24th. Needham & Company LLC dropped their price objective on CoStar Group from $107.00 to $100.00 and set a "buy" rating for the company in a research report on Wednesday. Bank of America dropped their price objective on CoStar Group from $111.00 to $89.00 and set a "buy" rating for the company in a research report on Monday, July 22nd. Finally, Keefe, Bruyette & Woods dropped their price objective on CoStar Group from $109.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday, July 17th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, CoStar Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.15.

CoStar Group Price Performance

Shares of CSGP traded down $4.05 during trading hours on Wednesday, hitting $72.82. 14,631,243 shares of the company were exchanged, compared to its average volume of 2,312,678. The company has a market cap of $29.74 billion, a price-to-earnings ratio of 99.75 and a beta of 0.81. CoStar Group has a fifty-two week low of $67.35 and a fifty-two week high of $100.38. 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 firm's fifty day moving average is $76.46 and its 200 day moving average is $79.20.

CoStar Group (NASDAQ:CSGP - Get Free Report) last released its earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.06. The company had revenue of $692.60 million for the quarter, compared to analyst estimates of $695.91 million. CoStar Group had a return on equity of 3.99% and a net margin of 8.19%. CoStar Group's quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.25 EPS. On average, equities analysts anticipate that CoStar Group will post 0.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CoStar Group

Hedge funds have recently made changes to their positions in the stock. Swedbank AB bought a new position in shares of CoStar Group during the first quarter worth about $4,223,000. SG Americas Securities LLC raised its position 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 worth $9,641,000 after acquiring an additional 79,467 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position 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 worth $100,046,000 after acquiring an additional 17,658 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position 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 worth $46,145,000 after acquiring an additional 23,987 shares during the last quarter. Finally, Twin Tree Management LP bought a new position in shares of CoStar Group during the first quarter worth about $802,000. 96.60% of the stock is currently owned by 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.