CoStar Group (NASDAQ:CSGP) Earns “Outperform” Rating from Royal Bank of Canada

CoStar Group (NASDAQ:CSGP)‘s stock had its “outperform” rating reiterated by equities research analysts at Royal Bank of Canada in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $96.00 price objective on the technology company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 20.59% from the stock’s current price.

Other analysts also recently issued research reports about the company. StockNews.com downgraded CoStar Group from a “hold” rating to a “sell” rating in a research note on Monday, July 29th. The Goldman Sachs Group reduced their price target on shares of CoStar Group from $108.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods lowered their price objective on shares of CoStar Group from $109.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. Bank of America reduced their target price on shares of CoStar Group from $111.00 to $89.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Finally, Needham & Company LLC restated a “buy” rating and set a $107.00 target price on shares of CoStar Group in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $96.38.

CoStar Group Stock Performance

CSGP opened at $79.61 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.27 and a current ratio of 9.27. The stock has a market capitalization of $32.63 billion, a price-to-earnings ratio of 109.05, a PEG ratio of 11.48 and a beta of 0.81. The company has a fifty day moving average of $75.72 and a 200 day moving average of $82.35. CoStar Group has a fifty-two week low of $67.35 and a fifty-two week high of $100.38.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.06. CoStar Group had a return on equity of 3.99% and a net margin of 8.19%. The firm had revenue of $677.80 million during the quarter, compared to analyst estimates of $677.18 million. During the same quarter last year, the business posted $0.27 earnings per share. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. As a group, sell-side analysts forecast that CoStar Group will post 0.49 earnings per share for the current fiscal year.

Institutional Trading of CoStar Group

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of CoStar Group by 0.8% in the first quarter. Vanguard Group Inc. now owns 65,451,499 shares of the technology company’s stock worth $6,322,615,000 after buying an additional 541,700 shares during the period. Janus Henderson Group PLC grew its position in 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 acquiring an additional 1,773,564 shares during the last quarter. Bank of New York Mellon Corp increased its stake in CoStar Group by 2.1% in the second 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 period. Norges Bank purchased a new stake in CoStar Group in the fourth quarter worth $406,934,000. Finally, Blair William & Co. IL lifted its position in shares of CoStar Group by 0.6% during the first quarter. Blair William & Co. IL now owns 4,419,778 shares of the technology company’s stock worth $426,951,000 after purchasing an additional 26,800 shares during the last quarter. Institutional investors 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.