CoStar Group (NASDAQ:CSGP) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

CoStar Group (NASDAQ:CSGP) announced its quarterly earnings data on Tuesday. The technology company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.09 by $0.06, Briefing.com reports. CoStar Group had a net margin of 11.64% and a return on equity of 4.95%. The firm had revenue of $677.80 million during the quarter, compared to analysts’ expectations of $677.18 million. During the same quarter last year, the business earned $0.27 earnings per share. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year.

CoStar Group Trading Up 2.0 %

Shares of NASDAQ CSGP traded up $1.51 during midday trading on Wednesday, reaching $76.35. 8,515,083 shares of the stock were exchanged, compared to its average volume of 2,315,525. The company has a market capitalization of $31.18 billion, a P/E ratio of 108.67, a P/E/G ratio of 11.24 and a beta of 0.81. CoStar Group has a 52-week low of $67.35 and a 52-week high of $100.38. The company has a current ratio of 9.09, a quick ratio of 9.09 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $77.44 and a 200-day moving average price of $84.11.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Stephens reiterated an “overweight” rating and issued a $105.00 price objective on shares of CoStar Group in a research note on Wednesday, April 24th. BMO Capital Markets raised their price objective on shares of CoStar Group from $84.00 to $88.00 and gave the company a “market perform” rating in a research note on Thursday, April 25th. Royal Bank of Canada dropped their target price on shares of CoStar Group from $109.00 to $96.00 and set an “outperform” rating for the company in a report on Wednesday. Robert W. Baird dropped their target price on shares of CoStar Group from $105.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Keefe, Bruyette & Woods dropped their target price on shares of CoStar Group from $109.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.08.

Insider Transactions at CoStar Group

In other news, insider Michael J. Desmarais sold 3,800 shares of CoStar Group stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $92.67, for a total transaction of $352,146.00. Following the completion of the sale, the insider now directly owns 64,087 shares in the company, valued at $5,938,942.29. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Scott T. Wheeler sold 122,736 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $92.61, for a total value of $11,366,580.96. Following the completion of the sale, the chief financial officer now directly owns 303,417 shares in the company, valued at $28,099,448.37. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael J. Desmarais sold 3,800 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $92.67, for a total transaction of $352,146.00. Following the completion of the sale, the insider now owns 64,087 shares of the company’s stock, valued at $5,938,942.29. The disclosure for this sale can be found here. Insiders own 1.57% 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.