Short Interest in CoStar Group, Inc. (NASDAQ:CSGP) Rises By 8.6%

CoStar Group, Inc. (NASDAQ:CSGP) saw a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 8,090,000 shares, a growth of 8.6% from the August 31st total of 7,450,000 shares. Based on an average daily volume of 2,340,000 shares, the short-interest ratio is currently 3.5 days.

Hedge Funds Weigh In On CoStar Group

Several hedge funds have recently modified their holdings of the company. Concurrent Investment Advisors LLC boosted its stake in CoStar Group by 4.7% during the first quarter. Concurrent Investment Advisors LLC now owns 2,505 shares of the technology company’s stock valued at $242,000 after buying an additional 112 shares in the last quarter. Lindbrook Capital LLC boosted its position in shares of CoStar Group by 9.2% during the 1st quarter. Lindbrook Capital LLC now owns 1,337 shares of the technology company’s stock valued at $129,000 after purchasing an additional 113 shares in the last quarter. Picton Mahoney Asset Management grew its stake in shares of CoStar Group by 2.9% in the 2nd quarter. Picton Mahoney Asset Management now owns 4,745 shares of the technology company’s stock worth $352,000 after purchasing an additional 135 shares during the last quarter. Redmond Asset Management LLC raised its holdings in shares of CoStar Group by 0.9% in the 1st quarter. Redmond Asset Management LLC now owns 18,670 shares of the technology company’s stock worth $1,804,000 after purchasing an additional 169 shares in the last quarter. Finally, S.E.E.D. Planning Group LLC lifted its stake in CoStar Group by 0.5% during the second quarter. S.E.E.D. Planning Group LLC now owns 36,255 shares of the technology company’s stock valued at $2,688,000 after purchasing an additional 172 shares during the last quarter. 96.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CSGP has been the topic of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $96.00 price target on shares of CoStar Group in a research report on Tuesday, September 10th. StockNews.com upgraded CoStar Group from a “sell” rating to a “hold” rating in a research report on Friday. The Goldman Sachs Group reduced their price objective on CoStar Group from $108.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. JPMorgan Chase & Co. boosted their target price on shares of CoStar Group from $102.00 to $108.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of CoStar Group from $109.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $96.38.

CoStar Group Price Performance

CSGP traded down $0.77 on Tuesday, reaching $74.67. The company had a trading volume of 473,812 shares, compared to its average volume of 2,247,924. The company has a market capitalization of $30.49 billion, a P/E ratio of 103.34 and a beta of 0.81. The company has a current ratio of 9.27, a quick ratio of 9.27 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average of $76.29 and a 200-day moving average of $81.39. CoStar Group has a one year low of $67.35 and a one year high of $100.38.

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

CoStar Group Company Profile

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.