Traders Buy High Volume of CoStar Group Put Options (NASDAQ:CSGP)

CoStar Group, Inc. (NASDAQ:CSGP) saw unusually large options trading activity on Tuesday. Stock traders bought 16,452 put options on the stock. This is an increase of 417% compared to the average daily volume of 3,183 put options.

CoStar Group Stock Down 15.4%

Shares of NASDAQ CSGP opened at $51.73 on Wednesday. The company has a current ratio of 3.12, a quick ratio of 3.12 and a debt-to-equity ratio of 0.12. The business has a 50-day moving average of $65.28 and a 200-day moving average of $76.37. The firm has a market capitalization of $21.92 billion, a price-to-earnings ratio of 1,034.60, a PEG ratio of 1.60 and a beta of 0.84. CoStar Group has a 12 month low of $51.57 and a 12 month high of $97.43.

CoStar Group announced that its board has authorized a stock buyback plan on Wednesday, January 7th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 5.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

CSGP has been the topic of a number of analyst reports. Jefferies Financial Group raised shares of CoStar Group to a “hold” rating in a report on Wednesday, October 29th. Exane BNP Paribas upgraded CoStar Group to a “hold” rating in a research note on Wednesday, January 14th. Weiss Ratings reissued a “sell (d)” rating on shares of CoStar Group in a report on Monday, December 29th. Zacks Research lowered CoStar Group from a “hold” rating to a “strong sell” rating in a report on Friday, January 9th. Finally, BTIG Research upgraded CoStar Group from a “neutral” rating to a “buy” rating and set a $80.00 price target on the stock in a research report on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $83.39.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CSGP. Quent Capital LLC bought a new stake in CoStar Group during the third quarter worth about $26,000. Rossby Financial LCC boosted its stake in CoStar Group by 315.9% in the second quarter. Rossby Financial LCC now owns 341 shares of the technology company’s stock worth $27,000 after buying an additional 259 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of CoStar Group during the third quarter worth approximately $28,000. Westside Investment Management Inc. lifted its holdings in shares of CoStar Group by 100.0% in 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 last quarter. Finally, Root Financial Partners LLC purchased a new stake in shares of CoStar Group in the 3rd quarter valued at $31,000. Institutional investors own 96.60% of the company’s stock.

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.