Needham & Company LLC Reiterates “Buy” Rating for CoStar Group Inc. (CSGP)
CoStar Group Inc. (NASDAQ:CSGP)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Friday. They currently have a $240.00 price target on the stock. Needham & Company LLC’s target price points to a potential upside of 11.37% from the stock’s current price.
Several other equities analysts have also recently issued reports on the company. Zacks Investment Research cut CoStar Group from a “buy” rating to a “hold” rating in a report on Friday, August 5th. B. Riley reaffirmed a “buy” rating and set a $231.00 price objective on shares of CoStar Group in a report on Sunday, July 31st. JPMorgan Chase & Co. lifted their price objective on CoStar Group from $229.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, July 29th. JMP Securities lifted their price objective on CoStar Group from $215.00 to $230.00 and gave the stock a “market outperform” rating in a report on Thursday, July 28th. Finally, TheStreet raised CoStar Group from a “hold” rating to a “buy” rating in a report on Wednesday, June 22nd. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. CoStar Group has an average rating of “Buy” and a consensus target price of $236.20.
CoStar Group (NASDAQ:CSGP) opened at 215.49 on Friday. The stock’s 50 day moving average price is $211.40 and its 200-day moving average price is $204.15. CoStar Group has a 12-month low of $146.53 and a 12-month high of $224.79. The stock has a market capitalization of $7.03 billion, a PE ratio of 138.85 and a beta of 1.29.
CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.91 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.08. CoStar Group had a return on equity of 5.74% and a net margin of 6.33%. The firm had revenue of $207 million for the quarter, compared to the consensus estimate of $205.66 million. During the same period in the previous year, the business earned $0.08 earnings per share. The company’s revenue for the quarter was up 21.1% compared to the same quarter last year. Analysts expect that CoStar Group will post $4.11 earnings per share for the current year.
In other news, Director Michael J. Glosserman sold 5,000 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $206.33, for a total value of $1,031,650.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.98% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in CSGP. Emerald Acquisition Ltd. bought a new position in CoStar Group during the second quarter worth $67,099,000. Bares Capital Management Inc. bought a new position in CoStar Group during the second quarter worth $58,516,000. Luxor Capital Group LP bought a new position in CoStar Group during the second quarter worth $52,575,000. Norges Bank bought a new position in CoStar Group during the fourth quarter worth $48,149,000. Finally, Vanguard Group Inc. boosted its position in CoStar Group by 6.6% in the second quarter. Vanguard Group Inc. now owns 2,302,559 shares of the company’s stock worth $503,477,000 after buying an additional 142,623 shares during the period.
CoStar Group Company Profile
CoStar Group, Inc (CoStar) is a provider of information, analytics and online marketplaces to the commercial real estate industry. It manages its business through two segments: North America, which includes the United States and parts of Canada, and International, which includes parts of the United Kingdom, Spain and France.
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