Short Interest in CoStar Group, Inc. (NASDAQ:CSGP) Increases By 47.7%

CoStar Group, Inc. (NASDAQ:CSGP) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 11,920,000 shares, a growth of 47.7% from the October 15th total of 8,070,000 shares. Based on an average daily volume of 2,510,000 shares, the short-interest ratio is presently 4.7 days.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Robert W. Baird reduced their price target on shares of CoStar Group from $105.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. Needham & Company LLC decreased their target price on CoStar Group from $107.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. BMO Capital Markets dropped their price target on CoStar Group from $78.00 to $75.00 and set a “market perform” rating on the stock in a research report on Thursday, October 24th. JPMorgan Chase & Co. decreased their price objective on CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Finally, The Goldman Sachs Group dropped their target price on CoStar Group from $108.00 to $93.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.25.

CoStar Group Stock Down 5.1 %

Shares of NASDAQ CSGP traded down $3.79 during mid-day trading on Friday, reaching $71.25. 3,569,653 shares of the company traded hands, compared to its average volume of 2,384,428. The company’s fifty day moving average is $75.82 and its two-hundred day moving average is $77.52. 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 cap of $29.21 billion, a PE ratio of 161.94 and a beta of 0.82.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings results on Tuesday, October 22nd. The technology company reported $0.22 EPS for the quarter, beating 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 company had revenue of $692.60 million for the quarter, compared to the consensus estimate of $695.91 million. During the same quarter last year, the company posted $0.25 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, analysts expect that CoStar Group will post 0.52 earnings per share for the current year.

Insider Transactions at CoStar Group

In other news, Director Michael R. Klein sold 71,633 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $74.69, for a total transaction of $5,350,268.77. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew C. Florance purchased 14,731 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was bought 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 directly owns 1,263,098 shares in the company, valued at $94,315,527.66. This trade represents a 1.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.57% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Geode Capital Management LLC increased its position in CoStar Group by 2.1% during the third quarter. Geode Capital Management LLC now owns 11,308,986 shares of the technology company’s stock worth $850,656,000 after acquiring an additional 236,407 shares during the period. Prestige Wealth Management Group LLC grew its position in CoStar Group by 7,715.2% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 5,158 shares of the technology company’s stock worth $389,000 after purchasing an additional 5,092 shares during the last quarter. Brophy Wealth Management LLC bought a new position in shares of CoStar Group during the 3rd quarter worth about $347,000. M&T Bank Corp raised its position in shares of CoStar Group by 3.4% during the third quarter. M&T Bank Corp now owns 24,330 shares of the technology company’s stock valued at $1,835,000 after buying an additional 790 shares during the last quarter. Finally, Barclays PLC grew its position in CoStar Group by 91.4% during the third quarter. Barclays PLC now owns 2,249,188 shares of the technology company’s stock worth $169,678,000 after buying an additional 1,073,793 shares in the last quarter. 96.60% of the stock is currently owned by institutional investors and hedge funds.

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.