Royal Bank of Canada Reaffirms Sector Perform Rating for CoStar Group (NASDAQ:CSGP)

Royal Bank of Canada restated their sector perform rating on shares of CoStar Group (NASDAQ:CSGP) in a research note released on Friday morning,Benzinga reports. They currently have a $83.00 target price on the technology company’s stock.

Several other analysts have also issued reports on the stock. William Blair restated an “outperform” rating on shares of CoStar Group in a research report on Monday, January 6th. Needham & Company LLC reissued a “buy” rating and set a $100.00 price target on shares of CoStar Group in a report on Monday, December 9th. StockNews.com raised CoStar Group from a “sell” rating to a “hold” rating in a research note on Tuesday, January 7th. BMO Capital Markets cut their price objective on CoStar Group from $78.00 to $75.00 and set a “market perform” rating for the company in a research note on Thursday, October 24th. Finally, JMP Securities restated a “market outperform” rating and set a $90.00 target price on shares of CoStar Group in a research note on Monday, December 16th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $93.08.

CoStar Group Trading Down 2.1 %

Shares of CSGP stock opened at $69.87 on Friday. The company has a current ratio of 9.63, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. CoStar Group has a 12-month low of $68.26 and a 12-month high of $100.38. The stock has a market capitalization of $28.64 billion, a P/E ratio of 158.80 and a beta of 0.85. The firm’s 50 day moving average is $75.04 and its 200 day moving average is $75.42.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. The firm had revenue of $692.60 million for the quarter, compared to the consensus estimate of $695.91 million. CoStar Group had a return on equity of 3.53% and a net margin of 6.57%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period last year, the business posted $0.25 EPS. Research analysts expect that CoStar Group will post 0.52 earnings per share for the current year.

Insider Activity at CoStar Group

In other news, insider Michael J. Desmarais sold 5,500 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $79.88, for a total value of $439,340.00. Following the sale, the insider now directly owns 58,798 shares in the company, valued at $4,696,784.24. The trade was a 8.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael R. Klein sold 71,633 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $74.69, for a total transaction of $5,350,268.77. Following the completion of the transaction, the director now directly owns 1,913,501 shares of the company’s stock, valued at approximately $142,919,389.69. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. 1.57% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CoStar Group

Several institutional investors have recently modified their holdings of CSGP. Vulcan Value Partners LLC increased its position in shares of CoStar Group by 90.1% during the 2nd quarter. Vulcan Value Partners LLC now owns 4,138,987 shares of the technology company’s stock valued at $306,831,000 after purchasing an additional 1,961,917 shares during the last quarter. Barclays PLC increased its position in CoStar Group by 91.4% during the third quarter. Barclays PLC now owns 2,249,188 shares of the technology company’s stock valued at $169,678,000 after acquiring an additional 1,073,793 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of CoStar Group by 73.8% in the third quarter. JPMorgan Chase & Co. now owns 2,358,331 shares of the technology company’s stock valued at $177,913,000 after acquiring an additional 1,001,177 shares during the period. Select Equity Group L.P. bought a new stake in shares of CoStar Group in the 2nd quarter worth about $60,761,000. Finally, State Street Corp boosted its stake in shares of CoStar Group by 4.4% during the 3rd quarter. State Street Corp now owns 17,059,744 shares of the technology company’s stock worth $1,286,987,000 after purchasing an additional 722,153 shares during the period. 96.60% of the stock is owned by institutional investors.

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.