CoStar Group (NASDAQ:CSGP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “CoStar Group, Inc. provides information services to the commercial real estate industry. Their wide array of digital service offerings includes a leasing marketplace, a selling marketplace, sales comparable information, decision support, contact management, tenant information, property marketing, and industry news. They have three assets that provide a unique foundation for this marketplace: comprehensive national databases; large research department; and large number of participating organizations. “
Several other equities analysts have also recently issued reports on the stock. SunTrust Banks boosted their price objective on shares of CoStar Group to $435.00 and gave the company a “buy” rating in a research note on Tuesday, April 24th. JPMorgan Chase & Co. boosted their price objective on shares of CoStar Group from $350.00 to $353.00 and gave the company an “underweight” rating in a research note on Tuesday, April 24th. BidaskClub raised shares of CoStar Group from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 21st. JMP Securities boosted their price objective on shares of CoStar Group from $375.00 to $380.00 and gave the company a “market outperform” rating in a research note on Tuesday, April 24th. Finally, Needham & Company LLC boosted their price objective on shares of CoStar Group to $450.00 and gave the company a “buy” rating in a research note on Tuesday, April 24th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $388.45.
CSGP stock opened at $411.69 on Tuesday. CoStar Group has a 12 month low of $255.41 and a 12 month high of $419.95. The firm has a market capitalization of $14.54 billion, a P/E ratio of 105.32, a price-to-earnings-growth ratio of 3.60 and a beta of 1.53.
CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Monday, April 23rd. The technology company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.37 by $0.28. The firm had revenue of $274.00 million during the quarter, compared to the consensus estimate of $270.56 million. CoStar Group had a net margin of 15.09% and a return on equity of 6.97%. CoStar Group’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 EPS. equities analysts forecast that CoStar Group will post 6.63 earnings per share for the current year.
In other news, insider Andrew C. Florance sold 24,821 shares of the company’s stock in a transaction on Monday, April 30th. The shares were sold at an average price of $371.03, for a total transaction of $9,209,335.63. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders have sold 38,442 shares of company stock worth $14,261,768. Corporate insiders own 2.47% of the company’s stock.
Large investors have recently bought and sold shares of the company. Korea Investment CORP acquired a new position in shares of CoStar Group during the 1st quarter worth $109,000. Adviser Investments LLC acquired a new position in shares of CoStar Group during the 1st quarter worth $181,000. Ladenburg Thalmann Financial Services Inc. grew its stake in shares of CoStar Group by 39.0% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 510 shares of the technology company’s stock worth $183,000 after purchasing an additional 143 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of CoStar Group during the 1st quarter worth $218,000. Finally, Wellington Shields Capital Management LLC acquired a new position in shares of CoStar Group during the 1st quarter worth $245,000. 97.16% of the stock is currently owned by institutional investors and hedge funds.
About CoStar Group
CoStar Group, Inc provides information, analytics, and online marketplace to the commercial real estate industry in North America and internationally. The company offers CoStar Property Professional service that provides inventory of office, industrial, retail, and multifamily properties and land. It also provides CoStar COMPS Professional, which covers comparable commercial real estate sales information; CoStar Tenant, an online business-to-business prospecting and analytical tool; CoStarGo, an iPad and Android application; CoStar Lease Comps, an integrated solution that captures, manages, maintains, and analyzes lease data; CoStar Advertising to market a space for lease or a property for sale; and CoStar Portfolio Strategy to meet the research needs of commercial real estate owners, investors, lenders, and government regulators.
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