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

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

A number of other research firms have also recently commented on CSGP. Robert W. Baird dropped their target price on CoStar Group from $105.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Bank of America dropped their price objective on CoStar Group from $111.00 to $89.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. BMO Capital Markets reduced their target price on CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a research note on Thursday, October 24th. Royal Bank of Canada cut shares of CoStar Group from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $96.00 to $83.00 in a research note on Wednesday, October 23rd. Finally, JMP Securities restated a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have given 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 Up 0.9 %

Shares of CSGP stock opened at $76.99 on Tuesday. CoStar Group has a twelve month low of $68.26 and a twelve month high of $100.38. The stock has a market cap of $31.56 billion, a P/E ratio of 174.98 and a beta of 0.82. The stock has a 50 day moving average of $75.47 and a 200 day moving average of $77.07. The company has a current ratio of 9.63, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13.

CoStar Group (NASDAQ:CSGP) last posted its earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.06. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. The firm had revenue of $692.60 million during the quarter, compared to analyst estimates of $695.91 million. During the same period in the previous year, the firm earned $0.25 EPS. The business’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, sell-side analysts expect that CoStar Group will post 0.52 EPS for the current year.

Insider Activity

In other CoStar Group news, Director Michael R. Klein sold 71,633 shares of the business’s stock in a transaction that occurred 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 owns 1,913,501 shares in the company, valued at $142,919,389.69. The trade was a 3.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Andrew C. Florance acquired 14,731 shares of CoStar Group stock in a transaction dated Friday, October 25th. The stock was purchased at an average price of $74.67 per share, for a total transaction of $1,099,963.77. Following the completion of the acquisition, the chief executive officer now directly owns 1,263,098 shares in the company, valued at approximately $94,315,527.66. This represents a 1.18 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.57% of the company’s stock.

Hedge Funds Weigh In On CoStar Group

A number of institutional investors and hedge funds have recently modified their holdings of CSGP. Crewe Advisors LLC purchased a new stake in CoStar Group during the 1st quarter worth about $31,000. Ashton Thomas Securities LLC acquired a new stake in shares of CoStar Group during the 3rd quarter worth about $40,000. Industrial Alliance Investment Management Inc. purchased a new stake in CoStar Group during the second quarter worth approximately $49,000. Quarry LP acquired a new position in CoStar Group in the second quarter valued at approximately $54,000. Finally, Covestor Ltd boosted its holdings in CoStar Group by 43.0% in the first quarter. Covestor Ltd now owns 702 shares of the technology company’s stock valued at $68,000 after purchasing an additional 211 shares in the last quarter. Institutional investors and hedge funds own 96.60% of the company’s stock.

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.