Deutsche Bank Aktiengesellschaft Initiates Coverage on CoStar Group (NASDAQ:CSGP)

Analysts at Deutsche Bank Aktiengesellschaft started coverage on shares of CoStar Group (NASDAQ:CSGP) in a report issued on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $89.00 price target on the technology company’s stock. Deutsche Bank Aktiengesellschaft’s price target would suggest a potential upside of 19.69% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. JMP Securities reiterated a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a research report on Monday, December 16th. Stephens reiterated an “overweight” rating and issued a $103.00 price objective on shares of CoStar Group in a research note on Tuesday, February 18th. StockNews.com lowered CoStar Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 15th. JPMorgan Chase & Co. decreased their price objective on shares of CoStar Group from $99.00 to $87.00 and set an “overweight” rating for the company in a report on Wednesday, February 19th. Finally, Wells Fargo & Company lowered their price target on CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a report on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $88.07.

CoStar Group Stock Down 3.3 %

CSGP stock opened at $74.36 on Friday. The firm’s 50-day moving average is $74.21 and its two-hundred day moving average is $75.49. The company has a current ratio of 8.96, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $30.50 billion, a price-to-earnings ratio of 212.46 and a beta of 0.87. CoStar Group has a 52 week low of $68.26 and a 52 week high of $100.38.

CoStar Group (NASDAQ:CSGP) last released its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.22. The firm had revenue of $709.40 million during the quarter, compared to the consensus estimate of $703.00 million. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. On average, analysts forecast that CoStar Group will post 0.94 earnings per share for the current fiscal year.

CoStar Group declared that its Board of Directors has initiated a stock buyback program on Tuesday, February 18th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On CoStar Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bamco Inc. NY boosted its position in CoStar Group by 2.2% in the 4th quarter. Bamco Inc. NY now owns 19,203,564 shares of the technology company’s stock valued at $1,374,783,000 after buying an additional 418,128 shares during the last quarter. State Street Corp increased its holdings in shares of CoStar Group by 4.4% in the third quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock worth $1,286,987,000 after acquiring an additional 722,153 shares in the last quarter. Capital International Investors boosted its holdings in shares of CoStar Group by 44.9% in the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company’s stock valued at $1,004,578,000 after buying an additional 4,345,267 shares during the period. Geode Capital Management LLC grew its stake in shares of CoStar Group by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 11,475,755 shares of the technology company’s stock worth $819,678,000 after acquiring an additional 166,769 shares in the last quarter. Finally, Akre Capital Management LLC raised its holdings in CoStar Group by 4.3% during the fourth quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company’s stock worth $666,781,000 after acquiring an additional 379,787 shares in the last quarter. Institutional investors and hedge funds own 96.60% of the company’s stock.

About CoStar Group

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.