Needham & Company LLC Reiterates “Buy” Rating for CoStar Group (NASDAQ:CSGP)

Needham & Company LLC reaffirmed their buy rating on shares of CoStar Group (NASDAQ:CSGP) in a research note released on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $100.00 target price on the technology company’s stock.

Several other research analysts have also recently weighed in on CSGP. Royal Bank of Canada cut shares of CoStar Group from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from $96.00 to $83.00 in a research report on Wednesday, October 23rd. Bank of America dropped their price target on shares of CoStar Group from $111.00 to $89.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. BMO Capital Markets reduced their price target on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating on the stock in a research report on Thursday, October 24th. JMP Securities reiterated a “market outperform” rating and issued a $90.00 price objective on shares of CoStar Group in a research report on Friday, September 6th. Finally, The Goldman Sachs Group reduced their target price on CoStar Group from $108.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, CoStar Group has an average rating of “Moderate Buy” and a consensus price target of $93.25.

CoStar Group Stock Up 3.6 %

CSGP stock opened at $79.81 on Tuesday. The company has a current ratio of 9.63, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average of $75.49 and a two-hundred day moving average of $76.99. CoStar Group has a 12 month low of $68.26 and a 12 month high of $100.38. The company has a market cap of $32.72 billion, a price-to-earnings ratio of 181.39 and a beta of 0.82.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings results on Tuesday, October 22nd. The technology company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.16 by $0.06. CoStar Group had a return on equity of 3.53% and a net margin of 6.57%. The firm had revenue of $692.60 million during the quarter, compared to analysts’ expectations of $695.91 million. During the same quarter last year, the firm earned $0.25 earnings per share. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, analysts forecast that CoStar Group will post 0.52 earnings per share for the current fiscal year.

Insider Activity at CoStar Group

In other CoStar Group news, CEO Andrew C. Florance bought 14,731 shares of CoStar Group stock in a transaction on Friday, October 25th. The shares were bought at an average cost of $74.67 per share, for a total transaction of $1,099,963.77. Following the acquisition, the chief executive officer now directly owns 1,263,098 shares in the company, valued at $94,315,527.66. This represents a 1.18 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael R. Klein sold 71,633 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $74.69, for a total transaction of $5,350,268.77. Following the completion of the transaction, the director now owns 1,913,501 shares of the company’s stock, valued at approximately $142,919,389.69. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. 1.57% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CoStar Group

A number of hedge funds have recently bought and sold shares of CSGP. State Street Corp increased its stake in shares of CoStar Group by 4.4% during the third quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock worth $1,286,987,000 after buying an additional 722,153 shares during the period. Janus Henderson Group PLC increased its position in shares of CoStar Group by 17.7% in the 1st quarter. Janus Henderson Group PLC now owns 11,808,027 shares of the technology company’s stock valued at $1,140,650,000 after purchasing an additional 1,773,564 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of CoStar Group by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 11,308,986 shares of the technology company’s stock valued at $850,656,000 after purchasing an additional 236,407 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of CoStar Group by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,117,260 shares of the technology company’s stock worth $453,534,000 after purchasing an additional 124,761 shares during the last quarter. Finally, Vulcan Value Partners LLC grew its stake in shares of CoStar Group by 90.1% during the second quarter. Vulcan Value Partners LLC now owns 4,138,987 shares of the technology company’s stock worth $306,831,000 after purchasing an additional 1,961,917 shares in the last quarter. Institutional investors and hedge funds own 96.60% 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. The company offers CoStar Property that provides inventory of office, industrial, retail, multifamily, hospitality, and student housing properties and land; CoStar Sales, 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.