CoStar Group (NASDAQ:CSGP) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of CoStar Group (NASDAQ:CSGP) in a report issued on Tuesday morning,Benzinga reports. They currently have a $100.00 price objective on the technology company’s stock.

A number of other research analysts have also recently issued reports on CSGP. Bank of America decreased their price target on shares of CoStar Group from $111.00 to $89.00 and set a “buy” rating for the company in a report on Monday, July 22nd. JMP Securities restated a “market outperform” rating and issued a $90.00 target price on shares of CoStar Group in a research note on Friday, September 6th. Royal Bank of Canada downgraded CoStar Group from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $96.00 to $83.00 in a research note on Wednesday, October 23rd. Citigroup reduced their price objective on CoStar Group from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. dropped their target price on CoStar Group from $108.00 to $99.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CoStar Group has a consensus rating of “Moderate Buy” and a consensus target price of $93.25.

CoStar Group Stock Performance

Shares of CSGP opened at $79.81 on Tuesday. CoStar Group has a 12 month low of $68.26 and a 12 month high of $100.38. The stock has a fifty day moving average price of $75.49 and a 200-day moving average price of $76.99. 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 firm has a market cap of $32.72 billion, a PE ratio of 181.39 and a beta of 0.82.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.06. CoStar Group had a return on equity of 3.53% and a net margin of 6.57%. The business had revenue of $692.60 million during the quarter, compared to the consensus estimate of $695.91 million. During the same quarter last year, the company earned $0.25 earnings per share. The company’s quarterly revenue was up 10.9% on a year-over-year basis. Equities research analysts predict that CoStar Group will post 0.52 earnings per share for the current fiscal year.

Insider Activity at CoStar Group

In related news, Director Michael R. Klein sold 71,633 shares of CoStar Group stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $74.69, for a total value of $5,350,268.77. Following the completion of the transaction, the director now owns 1,913,501 shares in the company, valued at $142,919,389.69. The trade was a 3.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Andrew C. Florance purchased 14,731 shares of the stock in a transaction on Friday, October 25th. The shares were acquired at an average price of $74.67 per share, for a total transaction of $1,099,963.77. Following the transaction, the chief executive officer now directly owns 1,263,098 shares of the company’s stock, valued at $94,315,527.66. This represents a 1.18 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On CoStar Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Crewe Advisors LLC acquired a new stake in shares of CoStar Group in the first quarter valued at about $31,000. Ashton Thomas Securities LLC purchased a new stake in CoStar Group during the 3rd quarter worth approximately $40,000. Industrial Alliance Investment Management Inc. purchased a new stake in CoStar Group during the 2nd quarter worth approximately $49,000. Quarry LP acquired a new position in shares of CoStar Group during the second quarter valued at approximately $54,000. Finally, Covestor Ltd lifted its position in shares of CoStar Group by 43.0% in the first quarter. Covestor Ltd now owns 702 shares of the technology company’s stock valued at $68,000 after acquiring an additional 211 shares in the last quarter. Hedge funds and other institutional investors 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.