CoStar Group (NASDAQ:CSGP) Given New $63.00 Price Target at Wells Fargo & Company

CoStar Group (NASDAQ:CSGP - Get Free Report) had its price target cut by analysts at Wells Fargo & Company from $65.00 to $63.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "underweight" rating on the technology company's stock. Wells Fargo & Company's price objective points to a potential downside of 17.96% from the stock's current price.

CSGP has been the topic of several other research reports. JMP Securities reiterated a "market outperform" rating and issued a $90.00 price target on shares of CoStar Group in a research note on Monday, December 16th. JPMorgan Chase & Co. reduced their target price on shares of CoStar Group from $108.00 to $99.00 and set an "overweight" rating on the stock in a report on Wednesday, October 23rd. Royal Bank of Canada restated a "sector perform" rating and issued a $83.00 target price on shares of CoStar Group in a report on Friday, January 10th. BMO Capital Markets reduced their target price on shares of CoStar Group from $78.00 to $75.00 and set a "market perform" rating on the stock in a report on Thursday, October 24th. Finally, Stephens restated an "overweight" rating and issued a $103.00 target price on shares of CoStar Group in a report on Tuesday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $88.00.

CoStar Group Price Performance

Shares of CSGP traded down $1.54 during trading hours on Wednesday, reaching $76.79. 4,620,099 shares of the stock traded hands, compared to its average volume of 2,774,321. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. CoStar Group has a 52-week low of $68.26 and a 52-week high of $100.38. The company's 50-day moving average price is $73.83 and its two-hundred day moving average price is $75.39. The company has a market cap of $31.48 billion, a P/E ratio of 219.40 and a beta of 0.87.

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

CoStar Group declared that its Board of Directors has approved a stock repurchase plan on Tuesday, February 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 1.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at CoStar Group

In other CoStar Group 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 value of $439,340.00. Following the completion of the sale, the insider now directly owns 58,798 shares of the company's stock, valued at $4,696,784.24. The trade was a 8.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CoStar Group

Large investors have recently added to or reduced their stakes in the stock. Colonial Trust Co SC lifted its position in shares of CoStar Group by 27.4% in the 4th quarter. Colonial Trust Co SC now owns 674 shares of the technology company's stock worth $48,000 after purchasing an additional 145 shares during the period. DoubleLine ETF Adviser LP lifted its position in shares of CoStar Group by 0.5% in the 4th quarter. DoubleLine ETF Adviser LP now owns 29,398 shares of the technology company's stock worth $2,105,000 after purchasing an additional 146 shares during the period. Moran Wealth Management LLC lifted its position in shares of CoStar Group by 2.0% in the 3rd quarter. Moran Wealth Management LLC now owns 8,027 shares of the technology company's stock worth $606,000 after purchasing an additional 161 shares during the period. Allworth Financial LP lifted its position in shares of CoStar Group by 9.7% in the 4th quarter. Allworth Financial LP now owns 1,950 shares of the technology company's stock worth $144,000 after purchasing an additional 173 shares during the period. Finally, Atria Wealth Solutions Inc. lifted its position in shares of CoStar Group by 2.3% in the 4th quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company's stock worth $557,000 after purchasing an additional 176 shares during the period. 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.