CoStar Group (NASDAQ:CSGP) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of CoStar Group (NASDAQ:CSGP) from a buy rating to a hold rating in a report published on Tuesday morning, Zacks.com reports.

According to Zacks, “CoStar Group, Inc. provides information services to the commercial real estate industry. Their wide array of digital service offerings includes a leasing marketplace, a selling marketplace, sales comparable information, decision support, contact management, tenant information, property marketing, and industry news. They have three assets that provide a unique foundation for this marketplace: comprehensive national databases; large research department; and large number of participating organizations. “

A number of other equities analysts also recently weighed in on the stock. JMP Securities boosted their target price on shares of CoStar Group from $525.00 to $630.00 and gave the stock a market outperform rating in a research note on Wednesday, July 24th. Needham & Company LLC boosted their target price on shares of CoStar Group to $675.00 and gave the stock a buy rating in a research note on Wednesday, July 24th. ValuEngine downgraded shares of CoStar Group from a buy rating to a hold rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. boosted their target price on shares of CoStar Group from $425.00 to $597.00 and gave the stock an underweight rating in a research note on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods started coverage on shares of CoStar Group in a research note on Tuesday, July 9th. They issued an outperform rating and a $650.00 target price for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $626.00.

NASDAQ:CSGP opened at $614.12 on Tuesday. The firm has a market cap of $21.94 billion, a PE ratio of 82.99, a price-to-earnings-growth ratio of 4.44 and a beta of 1.36. CoStar Group has a 12 month low of $315.85 and a 12 month high of $639.41. The company’s 50-day moving average price is $596.81 and its two-hundred day moving average price is $553.82.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, July 23rd. The technology company reported $1.95 EPS for the quarter, beating the Zacks’ consensus estimate of $1.73 by $0.22. CoStar Group had a net margin of 22.48% and a return on equity of 10.42%. The firm had revenue of $343.76 million for the quarter, compared to analyst estimates of $336.71 million. During the same period in the previous year, the business earned $1.05 earnings per share. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. Analysts expect that CoStar Group will post 9.02 earnings per share for the current fiscal year.

In related news, VP Matthew Linnington sold 14,651 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $617.39, for a total transaction of $9,045,380.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andrew C. Florance sold 24,210 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $628.64, for a total transaction of $15,219,374.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,794 shares of company stock valued at $28,629,079. Insiders own 2.14% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Commonwealth Bank of Australia raised its stake in shares of CoStar Group by 77.4% during the second quarter. Commonwealth Bank of Australia now owns 55 shares of the technology company’s stock worth $29,000 after buying an additional 24 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of CoStar Group during the second quarter worth approximately $36,000. Private Capital Group LLC bought a new stake in shares of CoStar Group during the second quarter worth approximately $36,000. Next Capital Management LLC bought a new stake in shares of CoStar Group during the second quarter worth approximately $43,000. Finally, CSat Investment Advisory L.P. bought a new stake in shares of CoStar Group during the second quarter worth approximately $46,000. 95.71% of the stock is owned by institutional investors and hedge funds.

About CoStar Group

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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