CoStar Group (NASDAQ:CSGP) Announces Earnings Results

CoStar Group (NASDAQ:CSGP) posted its quarterly earnings data on Tuesday. The technology company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.04, FiscalAI reports. CoStar Group had a return on equity of 3.74% and a net margin of 2.08%. The firm had revenue of $952.00 million during the quarter, compared to analyst estimates of $945.82 million.

CoStar Group Stock Down 5.0%

Shares of CSGP traded down $1.69 during trading hours on Tuesday, reaching $32.01. The stock had a trading volume of 6,766,953 shares, compared to its average volume of 7,003,696. CoStar Group has a 12 month low of $25.89 and a 12 month high of $78.95. The firm has a 50-day simple moving average of $30.52 and a 200 day simple moving average of $37.73. The company has a current ratio of 2.21, a quick ratio of 2.21 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $12.97 billion, a price-to-earnings ratio of 168.48, a P/E/G ratio of 0.86 and a beta of 0.80.

Analyst Ratings Changes

Several research firms have recently weighed in on CSGP. BTIG Research lowered their price objective on shares of CoStar Group from $55.00 to $42.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. Royal Bank Of Canada set a $34.00 target price on shares of CoStar Group and gave the stock a “sector perform” rating in a research note on Monday, July 13th. Keefe, Bruyette & Woods downgraded shares of CoStar Group from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $41.00 to $29.00 in a research note on Wednesday, July 29th. Robert W. Baird set a $34.00 price objective on shares of CoStar Group and gave the company a “neutral” rating in a report on Tuesday, July 14th. Finally, KeyCorp set a $33.00 price objective on shares of CoStar Group in a research report on Monday, August 24th. Nine investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $40.11.

Insiders Place Their Bets

In other CoStar Group news, CEO Andrew Florance acquired 83,300 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were purchased at an average cost of $29.89 per share, with a total value of $2,489,837.00. Following the completion of the purchase, the chief executive officer owned 1,806,165 shares of the company’s stock, valued at approximately $53,986,271.85. This represents a 4.83% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Cynthia Cammett Cann sold 4,788 shares of CoStar Group stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $30.78, for a total transaction of $147,374.64. Following the transaction, the chief accounting officer owned 18,822 shares of the company’s stock, valued at $579,341.16. This represents a 20.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.18% of the company’s stock.

About CoStar Group

CoStar Group, Inc is a provider of information, analytics, and online marketplaces for the commercial and residential real estate industries. The company collects, analyzes, and distributes property and market data to real estate professionals, investors, lenders, and other businesses.

Its brands and services include CoStar, which offers commercial real estate data and research; LoopNet, a marketplace for commercial property listings; Apartments.com, a rental housing marketplace; and Homes.com, a residential real estate platform.