Share Repurchase Program Authorized by CoStar Group (NASDAQ:CSGP)

CoStar Group (NASDAQ:CSGP) announced that its Board of Directors has initiated a share buyback plan on Tuesday, February 18th, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

CoStar Group Trading Up 5.0 %

NASDAQ:CSGP opened at $79.21 on Thursday. The company has a 50-day moving average price of $73.79 and a 200-day moving average price of $75.34. CoStar Group has a 12 month low of $68.26 and a 12 month high of $100.38. The company has a current ratio of 9.63, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. The stock has a market cap of $32.47 billion, a price-to-earnings ratio of 180.03 and a beta of 0.87.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.22 EPS for the quarter, hitting the consensus estimate of $0.22. The business had revenue of $709.40 million during the quarter, compared to analyst estimates of $703.00 million. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. Equities analysts predict that CoStar Group will post 0.52 EPS for the current year.

Wall Street Analyst Weigh In

CSGP has been the subject of a number of research reports. BMO Capital Markets cut their price objective on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a research note on Thursday, October 24th. Needham & Company LLC cut their price target on shares of CoStar Group from $100.00 to $87.00 and set a “buy” rating for the company in a research report on Wednesday. JMP Securities restated a “market outperform” rating and set a $90.00 target price on shares of CoStar Group in a report on Monday, December 16th. JPMorgan Chase & Co. dropped their target price on CoStar Group from $99.00 to $87.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $83.00 price objective on shares of CoStar Group in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $88.15.

Insider Activity

In related news, insider Michael J. Desmarais sold 5,500 shares of CoStar Group stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total transaction of $439,340.00. Following the completion of the transaction, the insider now directly owns 58,798 shares of the company’s stock, valued at $4,696,784.24. This trade represents a 8.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.57% of the stock is currently owned by company insiders.

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.