Stephens Upgrades CoStar Group (NASDAQ:CSGP) to Strong-Buy

CoStar Group (NASDAQ:CSGP) was upgraded by stock analysts at Stephens to a “strong-buy” rating in a report released on Monday, MarketBeat reports. The firm presently has a $105.00 target price on the technology company’s stock. Stephens’ price objective indicates a potential upside of 29.28% from the company’s current price.

CSGP has been the topic of several other reports. JMP Securities restated a “market outperform” rating and set a $85.00 price objective on shares of CoStar Group in a report on Wednesday, April 30th. Craig Hallum began coverage on shares of CoStar Group in a report on Friday, February 28th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. decreased their price objective on shares of CoStar Group from $99.00 to $87.00 and set an “overweight” rating for the company in a report on Wednesday, February 19th. Citigroup cut their target price on shares of CoStar Group from $88.00 to $86.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Finally, Bank of America began coverage on CoStar Group in a report on Friday, May 30th. They issued a “neutral” rating and a $79.00 price objective for the company. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $87.69.

CoStar Group Stock Down 0.9%

Shares of CSGP traded down $0.72 during mid-day trading on Monday, reaching $81.22. 426,817 shares of the stock traded hands, compared to its average volume of 2,913,977. The stock has a fifty day simple moving average of $77.60 and a 200 day simple moving average of $76.32. CoStar Group has a 12-month low of $68.26 and a 12-month high of $83.68. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13. The firm has a market cap of $34.27 billion, a price-to-earnings ratio of 232.00 and a beta of 0.87.

CoStar Group announced that its board has approved a stock repurchase plan on Tuesday, February 18th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of CoStar Group

Several hedge funds have recently added to or reduced their stakes in CSGP. Strs Ohio bought a new stake in shares of CoStar Group during the first quarter valued at about $5,625,000. Wealth Management Associates Inc. increased its stake in CoStar Group by 9.5% during the 1st quarter. Wealth Management Associates Inc. now owns 3,547 shares of the technology company’s stock valued at $281,000 after buying an additional 308 shares during the period. Twin Lakes Capital Management LLC bought a new stake in shares of CoStar Group during the 1st quarter worth about $54,000. MBL Wealth LLC acquired a new stake in shares of CoStar Group in the 1st quarter worth approximately $216,000. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of CoStar Group by 144.4% in the first quarter. Geneos Wealth Management Inc. now owns 865 shares of the technology company’s stock valued at $69,000 after acquiring an additional 511 shares in the last quarter. Institutional investors own 96.60% of the company’s stock.

CoStar Group Company Profile

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.