CoStar Group, Inc. (CSGP) Cut to Sell at Zacks Investment Research
CoStar Group, Inc. (NASDAQ:CSGP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
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 brokerages have also weighed in on CSGP. Stephens restated an “overweight” rating and issued a $275.00 price objective (up previously from $260.00) on shares of CoStar Group in a report on Monday, June 19th. SunTrust Banks, Inc. lifted their target price on CoStar Group from $275.00 to $310.00 and gave the stock a “buy” rating in a report on Wednesday, July 5th. B. Riley reaffirmed a “buy” rating and set a $325.00 target price on shares of CoStar Group in a report on Friday, July 14th. BidaskClub cut shares of CoStar Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 16th. Finally, Needham & Company LLC boosted their price target on shares of CoStar Group from $275.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company. CoStar Group presently has an average rating of “Buy” and a consensus target price of $313.67.
CoStar Group (CSGP) traded up 0.06% during mid-day trading on Wednesday, hitting $271.79. 346,610 shares of the stock traded hands. CoStar Group has a 12-month low of $179.22 and a 12-month high of $287.96. The stock has a 50 day moving average price of $279.11 and a 200 day moving average price of $256.67. The firm has a market cap of $8.92 billion, a PE ratio of 91.24 and a beta of 1.51.
CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Wednesday, July 26th. The technology company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.23. CoStar Group had a return on equity of 7.19% and a net margin of 10.85%. The company had revenue of $237.20 million for the quarter, compared to analysts’ expectations of $234.38 million. During the same period last year, the firm earned $0.91 EPS. The firm’s revenue for the quarter was up 14.6% on a year-over-year basis. On average, analysts expect that CoStar Group will post $4.45 earnings per share for the current fiscal year.
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In related news, VP Matthew Linnington sold 1,767 shares of CoStar Group stock in a transaction on Monday, July 31st. The stock was sold at an average price of $273.15, for a total value of $482,656.05. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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. Janus Henderson Group PLC boosted its position in shares of CoStar Group by 2,015.2% in the 2nd quarter. Janus Henderson Group PLC now owns 2,617,006 shares of the technology company’s stock valued at $689,842,000 after purchasing an additional 2,493,281 shares during the period. BlackRock Inc. increased its stake in CoStar Group by 5,124.3% in the 1st quarter. BlackRock Inc. now owns 1,546,911 shares of the technology company’s stock worth $320,551,000 after purchasing an additional 1,517,301 shares in the last quarter. Independence Advisors LLC purchased a new position in CoStar Group in the 2nd quarter worth about $32,338,000. Columbia Wanger Asset Management LLC increased its stake in CoStar Group by 78.5% in the 1st quarter. Columbia Wanger Asset Management LLC now owns 234,026 shares of the technology company’s stock worth $48,495,000 after purchasing an additional 102,946 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in CoStar Group by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 2,553,913 shares of the technology company’s stock worth $529,222,000 after purchasing an additional 99,302 shares in the last quarter. 99.84% of the stock is owned by institutional investors and hedge funds.
CoStar Group Company Profile
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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