CoStar Group (CSGP) Cut to “Hold” at ValuEngine

CoStar Group (NASDAQ:CSGP) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a report released on Wednesday.

A number of other brokerages have also weighed in on CSGP. BidaskClub lowered CoStar Group from a “buy” rating to a “hold” rating in a report on Saturday, September 8th. Needham & Company LLC increased their price objective on CoStar Group from $450.00 to $475.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. Zacks Investment Research raised CoStar Group from a “hold” rating to a “buy” rating and set a $471.00 price objective on the stock in a report on Monday, October 1st. B. Riley increased their price objective on CoStar Group from $400.00 to $460.00 and gave the company a “buy” rating in a report on Friday, July 20th. Finally, SunTrust Banks increased their price objective on CoStar Group to $475.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $442.20.

Shares of NASDAQ:CSGP opened at $363.83 on Wednesday. CoStar Group has a 1 year low of $283.11 and a 1 year high of $448.35. The stock has a market cap of $12.67 billion, a P/E ratio of 94.01, a price-to-earnings-growth ratio of 2.91 and a beta of 1.44.

CoStar Group (NASDAQ:CSGP) last announced its earnings results on Tuesday, October 23rd. The technology company reported $2.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.08 by $0.08. The company had revenue of $305.53 million for the quarter, compared to analyst estimates of $305.99 million. CoStar Group had a return on equity of 7.63% and a net margin of 17.61%. The firm’s quarterly revenue was up 23.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.41 EPS. Equities analysts predict that CoStar Group will post 7.13 earnings per share for the current fiscal year.

In related news, Director Michael R. Klein sold 15,000 shares of the firm’s stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $420.69, for a total transaction of $6,310,350.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Christopher J. Nassetta sold 571 shares of the firm’s stock in a transaction dated Monday, October 29th. The stock was sold at an average price of $349.67, for a total value of $199,661.57. The disclosure for this sale can be found here. 2.47% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in CoStar Group by 9.8% during the second quarter. BlackRock Inc. now owns 2,820,677 shares of the technology company’s stock worth $1,163,897,000 after purchasing an additional 252,916 shares in the last quarter. American Century Companies Inc. purchased a new position in CoStar Group during the second quarter worth approximately $88,290,000. Bank of New York Mellon Corp boosted its position in CoStar Group by 49.9% during the second quarter. Bank of New York Mellon Corp now owns 442,556 shares of the technology company’s stock worth $182,611,000 after purchasing an additional 147,283 shares in the last quarter. Putnam Investments LLC boosted its position in CoStar Group by 82.5% during the second quarter. Putnam Investments LLC now owns 305,109 shares of the technology company’s stock worth $125,897,000 after purchasing an additional 137,897 shares in the last quarter. Finally, FMR LLC boosted its position in CoStar Group by 47.3% during the second quarter. FMR LLC now owns 292,395 shares of the technology company’s stock worth $120,651,000 after purchasing an additional 93,891 shares in the last quarter. 96.24% of the stock is currently owned by hedge funds and other institutional investors.

CoStar Group Company Profile

CoStar Group, Inc provides information, analytics, and online marketplace to the commercial real estate industry in North America and internationally. The company offers CoStar Property Professional service that provides inventory of office, industrial, retail, and multifamily properties and land. It also provides CoStar COMPS Professional, which covers comparable commercial real estate sales information; CoStar Tenant, an online business-to-business prospecting and analytical tool; CoStarGo, an iPad and Android application; CoStar Lease Comps, an integrated solution that captures, manages, maintains, and analyzes lease data; CoStar Advertising to market a space for lease or a property for sale; and CoStar Portfolio Strategy to meet the research needs of commercial real estate owners, investors, lenders, and government regulators.

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Analyst Recommendations for CoStar Group (NASDAQ:CSGP)

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