CoStar Group (NASDAQ:CSGP) Trading Up 5.3% – Here’s What Happened

CoStar Group, Inc. (NASDAQ:CSGP) shares traded up 5.3% during mid-day trading on Wednesday . The stock traded as high as $76.08 and last traded at $75.91. 2,565,185 shares traded hands during mid-day trading, an increase of 7% from the average session volume of 2,388,720 shares. The stock had previously closed at $72.09.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Royal Bank of Canada cut CoStar Group from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $96.00 to $83.00 in a research note on Wednesday, October 23rd. JMP Securities restated a “market outperform” rating and set a $90.00 target price on shares of CoStar Group in a research note on Friday, September 6th. BMO Capital Markets decreased their target price 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. StockNews.com cut CoStar Group from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Finally, Citigroup decreased their target price on CoStar Group from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, CoStar Group has a consensus rating of “Moderate Buy” and an average price target of $93.25.

CoStar Group Trading Up 3.6 %

The company has a quick ratio of 9.63, a current ratio of 9.63 and a debt-to-equity ratio of 0.13. The firm has a market cap of $32.72 billion, a price-to-earnings ratio of 174.98 and a beta of 0.82. The business has a 50 day moving average price of $75.47 and a 200-day moving average price of $77.07.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Tuesday, October 22nd. The technology company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. The firm had revenue of $692.60 million during 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%. CoStar Group’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.25 earnings per share. As a group, research analysts expect that CoStar Group, Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity at CoStar Group

In other news, CEO Andrew C. Florance bought 14,731 shares of CoStar Group stock in a transaction on Friday, October 25th. The shares were bought at an average price of $74.67 per share, with a total value of $1,099,963.77. Following the acquisition, the chief executive officer now directly owns 1,263,098 shares in the company, valued at approximately $94,315,527.66. This represents a 1.18 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael R. Klein sold 71,633 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $74.69, for a total value of $5,350,268.77. Following the transaction, the director now directly owns 1,913,501 shares in the company, valued at approximately $142,919,389.69. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. 1.57% of the stock is currently owned by company insiders.

Institutional Trading of CoStar Group

Several hedge funds have recently made changes to their positions in the stock. Coldstream Capital Management Inc. increased its position in CoStar Group by 6.5% in the 3rd quarter. Coldstream Capital Management Inc. now owns 6,370 shares of the technology company’s stock valued at $481,000 after acquiring an additional 391 shares during the period. Geode Capital Management LLC increased its position in CoStar Group by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 11,308,986 shares of the technology company’s stock valued at $850,656,000 after acquiring an additional 236,407 shares during the period. Prestige Wealth Management Group LLC increased its position in CoStar Group by 7,715.2% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 5,158 shares of the technology company’s stock valued at $389,000 after acquiring an additional 5,092 shares during the period. Brophy Wealth Management LLC acquired a new stake in CoStar Group in the 3rd quarter valued at approximately $347,000. Finally, M&T Bank Corp increased its position in CoStar Group by 3.4% in the 3rd quarter. M&T Bank Corp now owns 24,330 shares of the technology company’s stock valued at $1,835,000 after acquiring an additional 790 shares during the period. Institutional investors own 96.60% of the company’s stock.

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.