CoStar Group, Inc. (NASDAQ:CSGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, May 19th. The brokerage presently has a $282.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.02% from the company’s previous close.
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. “
A number of other equities research analysts have also issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $235.00 price target on shares of CoStar Group in a research note on Monday, March 27th. TheStreet upgraded CoStar Group from a “c+” rating to a “b” rating in a research note on Thursday, February 23rd. Finally, B. Riley reiterated a “buy” rating and issued a $231.00 price target on shares of CoStar Group in a research note on Monday, March 13th. Six research analysts have rated the stock with a buy rating, CoStar Group currently has an average rating of “Buy” and an average price target of $262.40.
CoStar Group (CSGP) traded up 1.98% during midday trading on Friday, reaching $256.31. The company had a trading volume of 254,875 shares. CoStar Group has a 52 week low of $179.21 and a 52 week high of $267.46. The firm has a 50-day moving average price of $254.16 and a 200-day moving average price of $214.97. The company has a market capitalization of $8.39 billion, a price-to-earnings ratio of 92.20 and a beta of 1.53.
CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Wednesday, April 26th. The technology company reported $1.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.11. CoStar Group had a return on equity of 7.23% and a net margin of 10.47%. The business had revenue of $227 million during the quarter, compared to analyst estimates of $224.69 million. During the same quarter in the prior year, the business posted $0.95 EPS. CoStar Group’s revenue for the quarter was up 13.5% compared to the same quarter last year. Analysts expect that CoStar Group will post $4.37 EPS for the current fiscal year.
In related news, VP Francis Carchedi sold 5,500 shares of the stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $245.04, for a total value of $1,347,720.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew C. Florance sold 21,768 shares of the stock in a transaction dated Wednesday, May 3rd. The shares were sold at an average price of $244.19, for a total transaction of $5,315,527.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 94,806 shares of company stock valued at $23,171,490. Company insiders own 2.98% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in CSGP. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of CoStar Group during the first quarter worth approximately $124,000. Penserra Capital Management LLC increased its stake in shares of CoStar Group by 9.5% in the first quarter. Penserra Capital Management LLC now owns 736 shares of the technology company’s stock valued at $152,000 after buying an additional 64 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of CoStar Group by 500.0% in the first quarter. Daiwa Securities Group Inc. now owns 900 shares of the technology company’s stock valued at $186,000 after buying an additional 750 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of CoStar Group by 14.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 988 shares of the technology company’s stock valued at $214,000 after buying an additional 128 shares during the last quarter. Finally, Tredje AP fonden purchased a new stake in shares of CoStar Group during the first quarter valued at about $222,000.
About CoStar Group
CoStar Group, Inc (CoStar) is a provider of information, analytics and online marketplaces to the commercial real estate and related business community through its database of commercial real estate information covering the United States, the United Kingdom, and parts of Canada, Spain, Germany and France.
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