CoStar Group Inc (NASDAQ:CSGP) Sees Large Increase in Short Interest

CoStar Group Inc (NASDAQ:CSGP) was the target of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 501,600 shares, an increase of 81.5% from the September 30th total of 276,400 shares. Based on an average daily trading volume, of 296,700 shares, the short-interest ratio is presently 1.7 days. Approximately 1.4% of the shares of the company are short sold.

Shares of CoStar Group stock traded up $13.72 during mid-day trading on Friday, reaching $582.60. 16,392 shares of the stock were exchanged, compared to its average volume of 373,016. The company has a market cap of $20.60 billion, a price-to-earnings ratio of 78.73, a price-to-earnings-growth ratio of 4.22 and a beta of 1.34. The firm has a 50-day simple moving average of $575.50 and a 200 day simple moving average of $568.55. CoStar Group has a fifty-two week low of $315.85 and a fifty-two week high of $639.41.

CoStar Group (NASDAQ:CSGP) last announced its earnings results on Tuesday, October 22nd. The technology company reported $2.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.09. The business had revenue of $352.81 million during the quarter, compared to analysts’ expectations of $353.16 million. CoStar Group had a net margin of 23.17% and a return on equity of 10.55%. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the company posted $2.16 EPS. On average, equities research analysts expect that CoStar Group will post 8.89 EPS for the current fiscal year.

In related news, Director Christopher J. Nassetta sold 406 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $570.99, for a total transaction of $231,821.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.14% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in CSGP. Crossmark Global Holdings Inc. acquired a new stake in shares of CoStar Group during the 2nd quarter worth about $209,000. EFG Asset Management Americas Corp. increased its position in CoStar Group by 1.2% in the 2nd quarter. EFG Asset Management Americas Corp. now owns 6,968 shares of the technology company’s stock valued at $3,861,000 after acquiring an additional 85 shares in the last quarter. Townsend & Associates Inc increased its position in CoStar Group by 9.2% in the 2nd quarter. Townsend & Associates Inc now owns 3,220 shares of the technology company’s stock valued at $1,821,000 after acquiring an additional 271 shares in the last quarter. Leisure Capital Management increased its position in CoStar Group by 3.6% in the 2nd quarter. Leisure Capital Management now owns 1,854 shares of the technology company’s stock valued at $1,027,000 after acquiring an additional 64 shares in the last quarter. Finally, First Citizens Bank & Trust Co. acquired a new stake in CoStar Group in the 2nd quarter valued at about $1,047,000. Institutional investors and hedge funds own 95.01% of the company’s stock.

A number of brokerages have weighed in on CSGP. B. Riley increased their price target on shares of CoStar Group from $610.00 to $640.00 and gave the company a “buy” rating in a report on Monday, October 21st. Zacks Investment Research downgraded shares of CoStar Group from a “hold” rating to a “strong sell” rating in a report on Monday, October 28th. JPMorgan Chase & Co. increased their price target on shares of CoStar Group from $425.00 to $597.00 and gave the company an “underweight” rating in a report on Wednesday, July 24th. Wells Fargo & Co reissued a “buy” rating on shares of CoStar Group in a report on Tuesday, October 1st. Finally, Citigroup increased their price target on shares of CoStar Group from $575.00 to $680.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $631.30.

CoStar Group Company Profile

CoStar Group, Inc provides information, analytics, and online marketplaces to the commercial real estate industry in the United States and the United Kingdom. The company offers CoStar Property Professional service that offers inventory of office, industrial, retail, and multifamily properties and land.

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