CoStar Group (NASDAQ:CSGP) was downgraded by Zacks Investment Research from a “strong-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 research firms have also issued reports on CSGP. BidaskClub raised shares of CoStar Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, February 5th. Citigroup reissued a “buy” rating and set a $425.00 target price (up from $320.00) on shares of CoStar Group in a research note on Tuesday, January 23rd. B. Riley increased their target price on shares of CoStar Group to $400.00 in a research note on Tuesday, February 20th. Needham & Company LLC increased their target price on shares of CoStar Group to $430.00 and gave the stock a “positive” rating in a research note on Friday, February 23rd. Finally, JMP Securities increased their target price on shares of CoStar Group from $375.00 to $380.00 and gave the stock a “market outperform” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $386.73.
CoStar Group (NASDAQ:CSGP) last posted its earnings results on Monday, April 23rd. The technology company reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.28. CoStar Group had a net margin of 15.09% and a return on equity of 7.62%. The business had revenue of $274.00 million for the quarter, compared to analyst estimates of $270.56 million. During the same period in the prior year, the company posted $1.05 EPS. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. research analysts predict that CoStar Group will post 6.25 earnings per share for the current year.
In other CoStar Group news, VP Matthew Linnington sold 7,921 shares of the firm’s stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $348.23, for a total value of $2,758,329.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Francis Carchedi sold 12,100 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $356.09, for a total transaction of $4,308,689.00. The disclosure for this sale can be found here. Insiders sold a total of 25,421 shares of company stock worth $9,009,433 over the last ninety days. 3.09% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in CoStar Group by 12.5% in the 4th quarter. BlackRock Inc. now owns 1,794,476 shares of the technology company’s stock worth $532,869,000 after purchasing an additional 199,267 shares in the last quarter. Franklin Resources Inc. lifted its stake in CoStar Group by 11.8% in the 4th quarter. Franklin Resources Inc. now owns 793,349 shares of the technology company’s stock worth $235,579,000 after purchasing an additional 83,605 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in CoStar Group by 2.8% in the 4th quarter. Bank of New York Mellon Corp now owns 316,800 shares of the technology company’s stock worth $94,073,000 after purchasing an additional 8,515 shares in the last quarter. Geode Capital Management LLC lifted its stake in CoStar Group by 13.7% in the 4th quarter. Geode Capital Management LLC now owns 315,385 shares of the technology company’s stock worth $93,605,000 after purchasing an additional 37,973 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in CoStar Group by 43.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 308,180 shares of the technology company’s stock worth $91,514,000 after purchasing an additional 92,864 shares in the last quarter. 98.32% of the stock is currently owned by institutional investors and hedge funds.
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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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