CoStar Group (NASDAQ:CSGP – Get Rating) updated its FY 2022 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.09-$1.13 for the period, compared to the consensus estimate of $1.02. The company issued revenue guidance of $2.17 billion-$2.18 billion, compared to the consensus revenue estimate of $2.17 billion. CoStar Group also updated its Q3 2022 guidance to $0.23-$0.25 EPS.
Wall Street Analyst Weigh In
Several analysts have commented on the company. Citigroup raised their price objective on CoStar Group from $65.00 to $70.00 in a report on Wednesday, April 27th. Needham & Company LLC raised their price objective on CoStar Group from $77.00 to $80.00 and gave the company a buy rating in a report on Wednesday, July 27th. Royal Bank of Canada raised their price objective on CoStar Group from $60.00 to $65.00 and gave the company an outperform rating in a report on Monday, April 11th. Finally, Truist Financial raised their price objective on CoStar Group to $75.00 and gave the company an outperform rating in a report on Wednesday, July 27th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $79.88.
CoStar Group Stock Performance
Shares of NASDAQ:CSGP opened at $72.87 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 11.95 and a quick ratio of 11.95. The business’s 50 day moving average price is $61.95 and its 200-day moving average price is $62.73. The firm has a market capitalization of $28.85 billion, a PE ratio of 86.75 and a beta of 0.92. CoStar Group has a 1 year low of $49.00 and a 1 year high of $101.05.
Insider Buying and Selling
In related news, Director John W. Hill sold 1,750 shares of CoStar Group stock in a transaction that occurred on Tuesday, May 24th. The stock was sold at an average price of $57.07, for a total transaction of $99,872.50. Following the transaction, the director now owns 21,998 shares in the company, valued at $1,255,425.86. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other CoStar Group news, insider Michael J. Desmarais sold 2,000 shares of CoStar Group stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $72.51, for a total value of $145,020.00. Following the sale, the insider now owns 39,619 shares in the company, valued at $2,872,773.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John W. Hill sold 1,750 shares of CoStar Group stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $57.07, for a total value of $99,872.50. Following the completion of the sale, the director now owns 21,998 shares in the company, valued at approximately $1,255,425.86. The disclosure for this sale can be found here. 1.36% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On CoStar Group
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund raised its position in CoStar Group by 504.5% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,874 shares of the technology company’s stock valued at $125,000 after purchasing an additional 1,564 shares during the period. Parkside Financial Bank & Trust raised its holdings in shares of CoStar Group by 38.1% in the 1st quarter. Parkside Financial Bank & Trust now owns 2,762 shares of the technology company’s stock valued at $184,000 after buying an additional 762 shares during the period. Cibc World Market Inc. purchased a new stake in shares of CoStar Group in the 1st quarter valued at $217,000. Fund Management at Engine No. 1 LLC purchased a new stake in shares of CoStar Group in the 1st quarter valued at $223,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of CoStar Group in the 1st quarter valued at $274,000. Hedge funds and other institutional investors own 94.52% of the company’s stock.
About CoStar Group
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. It offers CoStar Property that provides inventory of office, industrial, retail, multifamily, hospitality, and student housing properties and land; CoStar COMPS, 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.
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