CoStar Group (NASDAQ:CSGP) Reaches New 52-Week Low – Here’s What Happened

CoStar Group, Inc. (NASDAQ:CSGP)’s stock price hit a new 52-week low on Tuesday . The company traded as low as $43.80 and last traded at $44.2890, with a volume of 1206757 shares traded. The stock had previously closed at $44.99.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of CoStar Group in a research note on Monday, December 29th. Keefe, Bruyette & Woods cut their target price on CoStar Group from $100.00 to $75.00 and set an “outperform” rating on the stock in a research report on Monday, January 12th. BMO Capital Markets dropped their target price on CoStar Group from $77.00 to $72.00 and set a “market perform” rating for the company in a research report on Thursday, January 8th. Needham & Company LLC reduced their price target on CoStar Group from $105.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. Finally, BNP Paribas Exane initiated coverage on CoStar Group in a report on Wednesday, January 14th. They set a “neutral” rating and a $64.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $83.13.

CoStar Group Price Performance

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 firm has a 50-day simple moving average of $61.80 and a two-hundred day simple moving average of $73.63. The company has a market capitalization of $19.39 billion, a price-to-earnings ratio of 914.80, a P/E/G ratio of 1.18 and a beta of 0.84.

CoStar Group declared that its Board of Directors has approved a share buyback program on Wednesday, January 7th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 5.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Trading of CoStar Group

Several hedge funds have recently made changes to their positions in the business. Quent Capital LLC purchased a new stake in shares of CoStar Group during the 3rd quarter worth $26,000. Manning & Napier Advisors LLC purchased a new stake in CoStar Group in the 3rd quarter valued at approximately $28,000. Rossby Financial LCC grew its stake in shares of CoStar Group by 315.9% during the 2nd quarter. Rossby Financial LCC now owns 341 shares of the technology company’s stock worth $27,000 after purchasing an additional 259 shares during the period. Westside Investment Management Inc. grew its stake in CoStar Group by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 360 shares of the technology company’s stock valued at $30,000 after acquiring an additional 180 shares during the last quarter. Finally, Root Financial Partners LLC purchased a new position in CoStar Group in the 3rd quarter valued at about $31,000. Institutional investors and hedge funds own 96.60% of the company’s stock.

CoStar Group Company Profile

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.