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

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

Several other equities analysts have also recently weighed in on CSGP. The Goldman Sachs Group cut their price objective 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 cut their price objective on CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a research report on Thursday, October 24th. JPMorgan Chase & Co. cut 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. Royal Bank of Canada lowered CoStar Group from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from $96.00 to $83.00 in a research note on Wednesday, October 23rd. Finally, StockNews.com lowered CoStar Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. One equities research 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. According to data from MarketBeat, CoStar Group presently has a consensus rating of “Moderate Buy” and an average target price of $93.25.

CoStar Group Trading Down 1.7 %

CoStar Group stock opened at $72.09 on Tuesday. CoStar Group has a 52 week low of $68.26 and a 52 week high of $100.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 9.63. The firm has a market capitalization of $29.55 billion, a PE ratio of 163.84 and a beta of 0.82. The business’s 50-day simple moving average is $75.56 and its 200-day simple moving average is $77.08.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data 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 analysts’ expectations of $695.91 million. During the same quarter in the previous year, the firm earned $0.25 EPS. The firm’s revenue was up 10.9% compared to the same quarter last year. Equities research analysts forecast that CoStar Group will post 0.52 earnings per share for the current year.

Insider Activity

In other news, Director Michael R. Klein sold 71,633 shares of the company’s stock in a transaction that occurred on 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 sale, the director now directly owns 1,913,501 shares in the company, valued at approximately $142,919,389.69. This represents a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 shares were acquired at an average price 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 in the company, valued at $94,315,527.66. The trade was 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 Investors Weigh In On CoStar Group

A number of large investors have recently bought and sold shares of CSGP. Crewe Advisors LLC bought a new stake in CoStar Group during the 1st quarter worth approximately $31,000. Ashton Thomas Securities LLC acquired a new position in CoStar Group during the 3rd quarter worth $40,000. Industrial Alliance Investment Management Inc. acquired a new position in CoStar Group during the 2nd quarter worth $49,000. Quarry LP acquired a new position in CoStar Group during the 2nd quarter worth $54,000. Finally, Covestor Ltd lifted its holdings in CoStar Group by 43.0% during the 1st quarter. Covestor Ltd now owns 702 shares of the technology company’s stock worth $68,000 after buying an additional 211 shares in the last quarter. 96.60% of the stock is currently owned by 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.