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

Shares of CoStar Group, Inc. (NASDAQ:CSGP) reached a new 52-week low during trading on Tuesday . The stock traded as low as $54.62 and last traded at $54.29, with a volume of 2265106 shares changing hands. The stock had previously closed at $61.18.

Analysts Set New Price Targets

CSGP has been the subject of several research reports. Jefferies Financial Group upgraded shares of CoStar Group to a “hold” rating in a report on Wednesday, October 29th. The Goldman Sachs Group reissued a “buy” rating and set a $84.00 target price on shares of CoStar Group in a research note on Wednesday, January 14th. BTIG Research raised shares of CoStar Group from a “neutral” rating to a “buy” rating and set a $80.00 price objective on the stock in a research report on Tuesday, January 27th. Wells Fargo & Company reiterated an “underweight” rating and set a $55.00 target price (down previously from $60.00) on shares of CoStar Group in a research note on Thursday, January 8th. Finally, Citizens Jmp lowered their price objective on CoStar Group from $100.00 to $78.00 and set a “market outperform” rating for the company in a research report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $83.39.

CoStar Group Trading Down 15.4%

The company’s fifty day moving average price is $65.63 and its two-hundred day moving average price is $76.60. The firm has a market cap of $21.92 billion, a PE ratio of 1,034.60, a P/E/G ratio of 1.61 and a beta of 0.84. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12.

CoStar Group declared that its Board of Directors has initiated a share 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 reacquire up to 5.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On CoStar Group

Several hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC increased its position in shares of CoStar Group by 9.8% in the first quarter. Integrated Wealth Concepts LLC now owns 4,789 shares of the technology company’s stock valued at $379,000 after buying an additional 426 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of CoStar Group by 727.5% in the first quarter. NewEdge Advisors LLC now owns 1,473 shares of the technology company’s stock worth $117,000 after acquiring an additional 1,295 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of CoStar Group by 860.7% during the first quarter. Jones Financial Companies Lllp now owns 12,691 shares of the technology company’s stock valued at $1,006,000 after acquiring an additional 11,370 shares during the last quarter. Empowered Funds LLC raised its stake in CoStar Group by 9.2% in the 1st quarter. Empowered Funds LLC now owns 7,941 shares of the technology company’s stock valued at $629,000 after purchasing an additional 666 shares during the last quarter. Finally, Woodline Partners LP lifted its holdings in CoStar Group by 44.6% in the 1st quarter. Woodline Partners LP now owns 35,604 shares of the technology company’s stock valued at $2,821,000 after purchasing an additional 10,984 shares in the last quarter. 96.60% of the stock is owned by hedge funds and other institutional investors.

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.