CoStar Group Target of Unusually Large Options Trading (NASDAQ:CSGP)

CoStar Group, Inc. (NASDAQ:CSGP) was the recipient of some unusual options trading on Tuesday. Stock traders acquired 16,452 put options on the stock. This is an increase of 417% compared to the average daily volume of 3,183 put options.

CoStar Group Trading Down 15.4%

Shares of CSGP stock traded down $9.45 during trading hours on Tuesday, hitting $51.73. 12,742,282 shares of the company were exchanged, compared to its average volume of 7,288,388. The firm has a market cap of $21.92 billion, a PE ratio of 1,034.60, a PEG ratio of 1.61 and a beta of 0.84. The firm has a fifty day moving average of $65.63 and a 200 day moving average of $76.60. CoStar Group has a 1 year low of $51.57 and a 1 year high of $97.43. 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 has approved a share repurchase program on Wednesday, January 7th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On CoStar Group

Several institutional investors have recently bought and sold shares of the business. Generali Asset Management SPA SGR raised its stake in shares of CoStar Group by 13.8% during the fourth quarter. Generali Asset Management SPA SGR now owns 27,176 shares of the technology company’s stock valued at $1,827,000 after purchasing an additional 3,296 shares during the period. Swedbank AB grew its holdings in CoStar Group by 0.3% during the 4th quarter. Swedbank AB now owns 303,205 shares of the technology company’s stock valued at $20,388,000 after purchasing an additional 845 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in CoStar Group by 4.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,057,184 shares of the technology company’s stock valued at $69,446,000 after purchasing an additional 49,657 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in CoStar Group by 1.7% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 71,590 shares of the technology company’s stock worth $4,814,000 after buying an additional 1,227 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its holdings in CoStar Group by 27.4% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,755 shares of the technology company’s stock worth $185,000 after buying an additional 592 shares in the last quarter. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CSGP shares. Needham & Company LLC dropped their price target on CoStar Group from $105.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. BTIG Research raised shares of CoStar Group from a “neutral” rating to a “buy” rating and set a $80.00 price objective for the company in a research note on Tuesday, January 27th. Exane BNP Paribas raised CoStar Group to a “hold” rating in a research note on Wednesday, January 14th. Citizens Jmp dropped their price target 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. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $91.00 price objective on shares of CoStar Group in a research report on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $83.39.

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.