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 research note issued to investors on Monday,Benzinga reports. They currently have a $100.00 price objective on the technology company’s stock.

CSGP has been the subject of several other research reports. Royal Bank of Canada downgraded CoStar Group from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from $96.00 to $83.00 in a report on Wednesday, October 23rd. Citigroup lowered their target price on shares of CoStar Group from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. JMP Securities restated a “market outperform” rating and set a $90.00 price target on shares of CoStar Group in a research note on Friday, September 6th. JPMorgan Chase & Co. lowered their price objective on shares of CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a research note on Wednesday, October 23rd. Finally, BMO Capital Markets dropped their price objective on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $93.25.

CoStar Group Stock Up 1.7 %

NASDAQ:CSGP opened at $78.65 on Monday. The company’s 50-day simple moving average is $76.26 and its 200-day simple moving average is $76.15. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 9.63. CoStar Group has a fifty-two week low of $68.26 and a fifty-two week high of $100.38. The stock has a market capitalization of $32.24 billion, a P/E ratio of 178.75 and a beta of 0.83.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.06. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. The business had revenue of $692.60 million for the quarter, compared to analyst estimates of $695.91 million. During the same period in the previous year, the company earned $0.25 earnings per share. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, equities analysts anticipate 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 the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $74.69, for a total transaction of $5,350,268.77. Following the sale, the director now owns 1,913,501 shares in the company, valued at approximately $142,919,389.69. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Andrew C. Florance acquired 14,731 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was purchased at an average price of $74.67 per share, with a total value of $1,099,963.77. Following the transaction, the chief executive officer now owns 1,263,098 shares of the company’s stock, valued at approximately $94,315,527.66. This trade represents a 1.18 % increase in their position. The disclosure for this purchase can be found here. 1.57% of the stock is owned by company insiders.

Hedge Funds Weigh In On CoStar Group

A number of hedge funds have recently bought and sold shares of CSGP. Ashton Thomas Securities LLC acquired a new position in shares of CoStar Group during the 3rd quarter worth approximately $40,000. Industrial Alliance Investment Management Inc. acquired a new position in CoStar Group during the second quarter worth $49,000. Quarry LP purchased a new position in CoStar Group during the second quarter valued at $54,000. Rothschild Investment LLC acquired a new stake in shares of CoStar Group in the second quarter valued at about $73,000. Finally, Blue Trust Inc. grew its position in shares of CoStar Group by 493.4% in the second quarter. Blue Trust Inc. now owns 1,080 shares of the technology company’s stock valued at $80,000 after purchasing an additional 898 shares during the period. Hedge funds and other institutional investors own 96.60% of the company’s stock.

CoStar Group Company Profile

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.