CoStar Group’s (CSGP) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of CoStar Group (NASDAQ:CSGP) in a report issued on Tuesday,Benzinga reports. The brokerage currently has a $100.00 price target on the technology company’s stock.

Several other research analysts have also commented on CSGP. The Goldman Sachs Group dropped their price target on CoStar Group from $108.00 to $93.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. BMO Capital Markets lowered their price objective on 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. StockNews.com downgraded CoStar Group from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. Royal Bank of Canada lowered CoStar Group from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $96.00 to $83.00 in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. dropped 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CoStar Group currently has a consensus rating of “Moderate Buy” and an average target price of $93.25.

CoStar Group Stock Performance

NASDAQ:CSGP opened at $76.99 on Tuesday. The company has a market cap of $31.56 billion, a price-to-earnings ratio of 174.98 and a beta of 0.82. CoStar Group has a 1 year low of $68.26 and a 1 year high of $100.38. The stock’s 50 day simple moving average is $75.47 and its two-hundred day simple moving average is $77.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.63 and a quick ratio of 9.63.

CoStar Group (NASDAQ:CSGP) last announced 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 net margin of 6.57% and a return on equity of 3.53%. The company had revenue of $692.60 million for the quarter, compared to analysts’ expectations of $695.91 million. During the same quarter in the previous year, the business posted $0.25 earnings per share. CoStar Group’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, equities analysts anticipate that CoStar Group will post 0.52 earnings per share for the current fiscal year.

Insider Transactions at CoStar Group

In other CoStar Group news, Director Michael R. Klein sold 71,633 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $74.69, for a total value of $5,350,268.77. Following the completion of the sale, the director now directly owns 1,913,501 shares of the company’s stock, valued at $142,919,389.69. The trade was a 3.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew C. Florance bought 14,731 shares of CoStar Group stock in a transaction dated Friday, October 25th. The shares were bought at an average cost of $74.67 per share, for a total transaction of $1,099,963.77. Following the completion of 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. Company insiders own 1.57% of the company’s stock.

Institutional Investors Weigh In On CoStar Group

Several hedge funds have recently made changes to their positions in CSGP. Crewe Advisors LLC bought a new stake in shares of CoStar Group in the first quarter valued at about $31,000. Ashton Thomas Securities LLC purchased a new position in CoStar Group during the 3rd quarter valued at about $40,000. Industrial Alliance Investment Management Inc. bought a new stake in shares of CoStar Group in the 2nd quarter valued at about $49,000. Quarry LP purchased a new stake in shares of CoStar Group in the 2nd quarter worth approximately $54,000. Finally, Covestor Ltd boosted its stake in shares of CoStar Group by 43.0% during the first quarter. Covestor Ltd now owns 702 shares of the technology company’s stock valued at $68,000 after purchasing an additional 211 shares in the last quarter. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

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.