CoStar Group (NASDAQ:CSGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage currently has a $401.00 target price on the technology company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.87% from the stock’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. “
Several other research firms have also issued reports on CSGP. BidaskClub lowered CoStar Group from a “buy” rating to a “hold” rating in a research note on Saturday, September 8th. Needham & Company LLC upped their price objective on CoStar Group from $450.00 to $475.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. B. Riley upped their price objective on CoStar Group from $400.00 to $460.00 and gave the company a “buy” rating in a research note on Friday, July 20th. SunTrust Banks upped their price objective on CoStar Group to $475.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. Finally, Citigroup upped their price objective on CoStar Group from $425.00 to $490.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating and eleven have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $433.82.
CoStar Group (NASDAQ:CSGP) last released its quarterly earnings data on Tuesday, October 23rd. The technology company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.08. The firm had revenue of $305.53 million for the quarter, compared to analyst estimates of $305.99 million. CoStar Group had a return on equity of 7.63% and a net margin of 17.61%. The business’s revenue for the quarter was up 23.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.41 earnings per share. On average, equities research analysts forecast that CoStar Group will post 7.12 EPS for the current fiscal year.
In other news, Director Michael R. Klein sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $420.69, for a total value of $6,310,350.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Matthew Linnington sold 4,384 shares of the company’s stock in a transaction that occurred on Monday, July 30th. The shares were sold at an average price of $411.93, for a total value of $1,805,901.12. The disclosure for this sale can be found here. 2.47% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of CoStar Group by 9.8% in the second quarter. BlackRock Inc. now owns 2,820,677 shares of the technology company’s stock valued at $1,163,897,000 after purchasing an additional 252,916 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of CoStar Group by 49.9% in the second quarter. Bank of New York Mellon Corp now owns 442,556 shares of the technology company’s stock valued at $182,611,000 after purchasing an additional 147,283 shares during the last quarter. Bank of America Corp DE grew its position in shares of CoStar Group by 19.9% in the second quarter. Bank of America Corp DE now owns 311,338 shares of the technology company’s stock valued at $128,467,000 after purchasing an additional 51,760 shares during the last quarter. Putnam Investments LLC grew its position in CoStar Group by 82.5% during the second quarter. Putnam Investments LLC now owns 305,109 shares of the technology company’s stock worth $125,897,000 after buying an additional 137,897 shares in the last quarter. Finally, FMR LLC grew its position in CoStar Group by 47.3% during the second quarter. FMR LLC now owns 292,395 shares of the technology company’s stock worth $120,651,000 after buying an additional 93,891 shares in the last quarter. 96.24% of the stock is currently owned by institutional investors.
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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