Brokerages Set CoStar Group, Inc. (NASDAQ:CSGP) PT at $83.24

CoStar Group, Inc. (NASDAQ:CSGP) has been given an average recommendation of “Moderate Buy” by the twenty-two brokerages that are currently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $82.1765.

A number of brokerages have commented on CSGP. Zacks Research lowered CoStar Group from a “hold” rating to a “strong sell” rating in a report on Friday, January 9th. BTIG Research upgraded shares of CoStar Group from a “neutral” rating to a “buy” rating and set a $80.00 price target on the stock in a research note on Tuesday, January 27th. Needham & Company LLC dropped their price objective on shares of CoStar Group from $105.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Keefe, Bruyette & Woods decreased their target price on shares of CoStar Group from $100.00 to $75.00 and set an “outperform” rating on the stock in a research report on Monday, January 12th. Finally, Bank of America set a $74.00 price target on shares of CoStar Group in a research report on Wednesday, January 7th.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Quent Capital LLC bought a new stake in CoStar Group during the third quarter worth about $26,000. Manning & Napier Advisors LLC acquired a new position in shares of CoStar Group in the 3rd quarter valued at approximately $28,000. Rossby Financial LCC raised its position in shares of CoStar Group by 315.9% in the 2nd quarter. Rossby Financial LCC now owns 341 shares of the technology company’s stock valued at $27,000 after buying an additional 259 shares in the last quarter. Westside Investment Management Inc. lifted its holdings in shares of CoStar Group by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 360 shares of the technology company’s stock worth $30,000 after acquiring an additional 180 shares during the period. Finally, Root Financial Partners LLC acquired a new stake in shares of CoStar Group during the 3rd quarter worth approximately $31,000. Institutional investors own 96.60% of the company’s stock.

CoStar Group Trading Up 1.6%

Shares of NASDAQ:CSGP opened at $49.87 on Tuesday. CoStar Group has a 12-month low of $43.80 and a 12-month high of $97.43. The business has a 50 day moving average of $60.24 and a 200-day moving average of $72.45. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The stock has a market cap of $21.14 billion, a PE ratio of 997.40, a P/E/G ratio of 1.31 and a beta of 0.84.

CoStar Group declared that its Board of Directors has authorized a stock buyback plan on Wednesday, January 7th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to repurchase up to 5.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

About CoStar Group

CoStar Group, Inc is a provider of information, analytics and online marketplaces for the commercial real estate industry. The company gathers property-level data, builds market analytics and supplies research tools used by brokers, owners, lenders, investors and other real estate professionals to evaluate markets, track inventory and manage listings. CoStar’s offerings are delivered primarily through subscription-based platforms that combine proprietary databases, mapping and workflow applications to support decision-making across the property life cycle.

In addition to its core CoStar research service, the company operates prominent online listing and marketing platforms that connect buyers, sellers, tenants and brokers.