CoStar Group (NASDAQ:CSGP) Posts Earnings Results, Beats Expectations By $0.11 EPS

CoStar Group (NASDAQ:CSGP) released its quarterly earnings data on Tuesday, April 23rd. The technology company reported $2.28 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.11, Morningstar.com reports. The business had revenue of $328.00 million during the quarter, compared to analyst estimates of $327.45 million. CoStar Group had a net margin of 21.76% and a return on equity of 10.09%. CoStar Group’s revenue was up 19.7% compared to the same quarter last year. During the same period last year, the business earned $1.44 EPS.

Shares of CSGP traded down $1.38 on Friday, reaching $517.61. The company’s stock had a trading volume of 197,223 shares, compared to its average volume of 204,074. CoStar Group has a 12-month low of $315.85 and a 12-month high of $524.66. The company has a market cap of $18.91 billion, a price-to-earnings ratio of 69.95, a PEG ratio of 3.39 and a beta of 1.45.

In other CoStar Group news, insider Andrew C. Florance sold 55,322 shares of CoStar Group stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $473.38, for a total transaction of $26,188,328.36. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Scott T. Wheeler sold 5,396 shares of CoStar Group stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $476.11, for a total transaction of $2,569,089.56. The disclosure for this sale can be found here. Insiders have sold 65,419 shares of company stock worth $31,001,252 in the last ninety days. Insiders own 2.47% of the company’s stock.

Large investors have recently modified their holdings of the business. Rockefeller Capital Management L.P. bought a new stake in shares of CoStar Group during the first quarter valued at approximately $38,000. Berman Capital Advisors LLC bought a new stake in shares of CoStar Group during the fourth quarter valued at approximately $28,000. Executive Wealth Management LLC bought a new stake in shares of CoStar Group during the fourth quarter valued at approximately $32,000. Icon Wealth Partners LLC bought a new stake in shares of CoStar Group during the first quarter valued at approximately $90,000. Finally, Cornerstone Advisors Inc. raised its position in shares of CoStar Group by 20.5% during the third quarter. Cornerstone Advisors Inc. now owns 206 shares of the technology company’s stock valued at $87,000 after buying an additional 35 shares during the last quarter. 96.17% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have weighed in on the stock. Wells Fargo & Co raised their price objective on shares of CoStar Group from $500.00 to $550.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Needham & Company LLC raised their price objective on shares of CoStar Group from $500.00 to $600.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Zacks Investment Research lowered shares of CoStar Group from a “buy” rating to a “hold” rating in a research note on Monday. BidaskClub raised shares of CoStar Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 30th. Finally, Citigroup raised their price target on shares of CoStar Group from $490.00 to $575.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $538.25.

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About CoStar Group

CoStar Group, Inc provides information, analytics, and online marketplaces to the commercial real estate industry in the United States and the United Kingdom. The company offers CoStar Property Professional service that offers inventory of office, industrial, retail, and multifamily properties and land.

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Earnings History for CoStar Group (NASDAQ:CSGP)

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