CoStar Group (NASDAQ:CSGP) Hits New 52-Week Low – Here’s Why

CoStar Group, Inc. (NASDAQ:CSGP)’s share price hit a new 52-week low during trading on Monday . The stock traded as low as $48.73 and last traded at $48.6480, with a volume of 126040 shares changing hands. The stock had previously closed at $50.28.

Analysts Set New Price Targets

CSGP has been the topic of a number of research analyst reports. BNP Paribas Exane began coverage on shares of CoStar Group in a research report on Wednesday, January 14th. They set a “neutral” rating and a $64.00 price objective on the stock. Keefe, Bruyette & Woods decreased their target price on shares of CoStar Group from $100.00 to $75.00 and set an “outperform” rating for the company in a research note on Monday, January 12th. Deutsche Bank Aktiengesellschaft set a $68.00 target price on shares of CoStar Group in a report on Thursday, January 8th. Citizens Jmp lowered their price objective on CoStar Group from $100.00 to $78.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 8th. Finally, Raymond James Financial set a $74.00 target price on shares of CoStar Group in a report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, CoStar Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.00.

CoStar Group Price Performance

The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.12 and a current ratio of 3.12. The firm has a fifty day simple moving average of $64.26 and a 200 day simple moving average of $75.61. The company has a market capitalization of $21.51 billion, a PE ratio of 1,014.24, a P/E/G ratio of 1.32 and a beta of 0.84.

CoStar Group declared that its Board of Directors has initiated a stock buyback plan on Wednesday, January 7th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 5.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On CoStar Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NewSquare Capital LLC boosted its stake in CoStar Group by 35.6% in the second quarter. NewSquare Capital LLC now owns 411 shares of the technology company’s stock valued at $33,000 after acquiring an additional 108 shares in the last quarter. Emerald Advisers LLC increased its holdings in shares of CoStar Group by 1.9% during the second quarter. Emerald Advisers LLC now owns 5,763 shares of the technology company’s stock valued at $463,000 after acquiring an additional 110 shares in the last quarter. Empirical Finance LLC raised its position in shares of CoStar Group by 1.4% in the 2nd quarter. Empirical Finance LLC now owns 8,376 shares of the technology company’s stock valued at $673,000 after purchasing an additional 114 shares during the last quarter. Wallace Advisory Group LLC increased its stake in CoStar Group by 2.5% during the 2nd quarter. Wallace Advisory Group LLC now owns 5,201 shares of the technology company’s stock valued at $412,000 after purchasing an additional 126 shares in the last quarter. Finally, STF Management LP increased its position in shares of CoStar Group by 2.1% in the 2nd quarter. STF Management LP now owns 6,269 shares of the technology company’s stock valued at $504,000 after acquiring an additional 128 shares during the period. Hedge funds and other 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.