CoStar Group (NASDAQ:CSGP) Downgraded by Royal Bank of Canada

Royal Bank of Canada downgraded shares of CoStar Group (NASDAQ:CSGP) from an outperform rating to a sector perform rating in a report issued on Wednesday, Marketbeat reports. They currently have $83.00 price target on the technology company’s stock, down from their previous price target of $96.00.

Other equities analysts have also issued reports about the company. Keefe, Bruyette & Woods reduced their price objective on CoStar Group from $109.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 17th. JPMorgan Chase & Co. increased their price objective on shares of CoStar Group from $102.00 to $108.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Robert W. Baird reduced their target price on shares of CoStar Group from $105.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Needham & Company LLC reiterated a “buy” rating and issued a $107.00 price target on shares of CoStar Group in a report on Tuesday, September 17th. Finally, StockNews.com upgraded CoStar Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 8th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, CoStar Group presently has a consensus rating of “Moderate Buy” and an average price target of $93.25.

CoStar Group Price Performance

CSGP opened at $74.48 on Wednesday. CoStar Group has a 1 year low of $68.26 and a 1 year high of $100.38. The company’s 50 day simple moving average is $76.45 and its 200 day simple moving average is $79.16. The stock has a market capitalization of $30.52 billion, a PE ratio of 169.28 and a beta of 0.81. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.27 and a current ratio of 9.27.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings data on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.06. The company had revenue of $692.60 million during the quarter, compared to analysts’ expectations of $695.91 million. CoStar Group had a net margin of 6.57% and a return on equity of 3.54%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.25 EPS. As a group, sell-side analysts expect that CoStar Group will post 0.49 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CSGP. Vulcan Value Partners LLC raised its stake in shares of CoStar Group by 90.1% in the 2nd quarter. Vulcan Value Partners LLC now owns 4,138,987 shares of the technology company’s stock valued at $306,831,000 after purchasing an additional 1,961,917 shares in the last quarter. Janus Henderson Group PLC raised its stake in CoStar Group by 17.7% during the first quarter. Janus Henderson Group PLC now owns 11,808,027 shares of the technology company’s stock valued at $1,140,650,000 after buying an additional 1,773,564 shares in the last quarter. Select Equity Group L.P. bought a new position in CoStar Group during the 2nd quarter worth approximately $60,761,000. Renaissance Technologies LLC acquired a new position in shares of CoStar Group in the 2nd quarter worth approximately $46,692,000. Finally, Vanguard Group Inc. increased its holdings in shares of CoStar Group by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 65,451,499 shares of the technology company’s stock valued at $6,322,615,000 after acquiring an additional 541,700 shares during the last quarter. 96.60% of the stock is currently owned by institutional investors.

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.