CoStar Group Inc (CSGP) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of CoStar Group Inc (NASDAQ:CSGP) from a hold rating to a buy rating in a research note issued to investors on Thursday morning. They currently have $293.00 price objective on the technology company’s stock.

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. “

Other equities research analysts also recently issued reports about the stock. TheStreet upgraded shares of CoStar Group from a c+ rating to a b rating in a research note on Thursday, February 23rd. B. Riley reiterated a buy rating and set a $275.00 price objective on shares of CoStar Group in a research note on Wednesday, May 3rd. Finally, Needham & Company LLC lifted their price objective on shares of CoStar Group from $235.00 to $275.00 and gave the stock a buy rating in a research note on Friday, April 28th. Seven investment analysts have rated the stock with a buy rating, The company presently has a consensus rating of Buy and a consensus target price of $264.60.

Analyst Recommendations for CoStar Group (NASDAQ:CSGP)

Shares of CoStar Group (CSGP) traded down 0.35% during midday trading on Thursday, reaching $261.25. 35,718 shares of the company’s stock were exchanged. The firm has a market cap of $8.56 billion, a PE ratio of 93.97 and a beta of 1.44. The stock’s 50-day moving average is $242.13 and its 200 day moving average is $210.41. CoStar Group has a one year low of $179.22 and a one year high of $267.46.

CoStar Group (NASDAQ:CSGP) last announced its earnings results on Wednesday, April 26th. The technology company reported $1.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.11. CoStar Group had a net margin of 9.66% and a return on equity of 6.90%. The company had revenue of $227 million during the quarter, compared to the consensus estimate of $224.69 million. During the same period last year, the firm earned $0.95 earnings per share. CoStar Group’s revenue was up 13.5% compared to the same quarter last year. Analysts anticipate that CoStar Group will post $4.37 EPS for the current year.

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In related news, VP Francis Carchedi sold 2,448 shares of the firm’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $205.30, for a total transaction of $502,574.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew C. Florance sold 43,536 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $244.46, for a total transaction of $10,642,810.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,254 shares of company stock valued at $23,674,064. 2.98% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Investment Management LLC boosted its position in CoStar Group by 1.2% in the third quarter. BlackRock Investment Management LLC now owns 12,567 shares of the technology company’s stock worth $2,721,000 after buying an additional 144 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in CoStar Group by 14.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 988 shares of the technology company’s stock worth $214,000 after buying an additional 128 shares during the last quarter. IBIS Capital Partners LLP boosted its position in CoStar Group by 41.4% in the third quarter. IBIS Capital Partners LLP now owns 77,652 shares of the technology company’s stock worth $16,814,000 after buying an additional 22,743 shares during the last quarter. Mackenzie Financial Corp boosted its position in CoStar Group by 42.0% in the third quarter. Mackenzie Financial Corp now owns 75,348 shares of the technology company’s stock worth $16,315,000 after buying an additional 22,300 shares during the last quarter. Finally, Chartwell Investment Partners LLC purchased a new position in CoStar Group during the third quarter worth $17,620,000. 98.84% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Company Profile

CoStar Group, Inc (CoStar) is a provider of information, analytics and online marketplaces to the commercial real estate and related business community through its database of commercial real estate information covering the United States, the United Kingdom, and parts of Canada, Spain, Germany and France.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:CSGP”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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