Needham & Company LLC Reaffirms “Buy” Rating for CoStar Group (NASDAQ:CSGP)

CoStar Group (NASDAQ:CSGP)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a report released on Monday,Benzinga reports. They presently have a $100.00 price target on the technology company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 29.33% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Royal Bank of Canada cut 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 research report on Wednesday, October 23rd. StockNews.com lowered shares of CoStar Group from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. decreased 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. Citigroup cut their price objective on shares of CoStar Group from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Finally, BMO Capital Markets decreased their target price on shares of 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. One 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $93.25.

CoStar Group Price Performance

Shares of NASDAQ CSGP opened at $77.32 on Monday. CoStar Group has a fifty-two week low of $68.26 and a fifty-two week high of $100.38. The company has a market cap of $31.70 billion, a PE ratio of 175.73 and a beta of 0.83. 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 business has a 50-day simple moving average of $76.20 and a two-hundred day simple moving average of $76.20.

CoStar Group (NASDAQ:CSGP) last released its 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. The company had revenue of $692.60 million for the quarter, compared to the consensus estimate of $695.91 million. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. CoStar Group’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 EPS. As a group, equities analysts expect that CoStar Group will post 0.52 EPS for the current fiscal year.

Insider Activity at CoStar Group

In other CoStar Group news, Director Michael R. Klein sold 71,633 shares of the company’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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael J. Desmarais sold 5,500 shares of CoStar Group stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total transaction of $439,340.00. Following the completion of the sale, the insider now owns 58,798 shares in the company, valued at approximately $4,696,784.24. This trade represents a 8.55 % decrease in their position. The disclosure for this sale can be found here. 1.57% of the stock is owned by company insiders.

Institutional Trading of CoStar Group

Large investors have recently made changes to their positions in the company. Vulcan Value Partners LLC boosted its stake in CoStar Group by 90.1% during the 2nd quarter. Vulcan Value Partners LLC now owns 4,138,987 shares of the technology company’s stock worth $306,831,000 after purchasing an additional 1,961,917 shares during the last quarter. Barclays PLC boosted 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 acquiring an additional 1,073,793 shares during the last quarter. Select Equity Group L.P. purchased a new stake in CoStar Group during the 2nd quarter valued at about $60,761,000. State Street Corp raised its holdings in CoStar Group by 4.4% in the 3rd quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock valued at $1,286,987,000 after acquiring an additional 722,153 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in CoStar Group in the 3rd quarter worth approximately $48,768,000. 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.