CoStar Group, Inc. (NASDAQ:CSGP) Short Interest Update

CoStar Group, Inc. (NASDAQ:CSGP) was the target of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 11,060,000 shares, a decline of 7.2% from the October 31st total of 11,920,000 shares. Based on an average trading volume of 2,710,000 shares, the days-to-cover ratio is presently 4.1 days.

Insider Buying and Selling

In related news, insider Michael J. Desmarais sold 5,500 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $79.88, for a total value of $439,340.00. Following the completion of the transaction, the insider now directly owns 58,798 shares in the company, valued at approximately $4,696,784.24. This represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Andrew C. Florance purchased 14,731 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were acquired at an average price of $74.67 per share, for a total transaction of $1,099,963.77. Following the purchase, the chief executive officer now directly owns 1,263,098 shares of the company’s stock, valued at approximately $94,315,527.66. This represents a 1.18 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CSGP. B. Riley Wealth Advisors Inc. boosted its holdings in CoStar Group by 49.0% during the first quarter. B. Riley Wealth Advisors Inc. now owns 5,087 shares of the technology company’s stock worth $491,000 after buying an additional 1,673 shares during the last quarter. Tidal Investments LLC grew its holdings in CoStar Group by 8.2% during the first quarter. Tidal Investments LLC now owns 13,095 shares of the technology company’s stock valued at $1,265,000 after purchasing an additional 998 shares during the period. Swedbank AB bought a new stake in CoStar Group in the first quarter valued at approximately $4,223,000. Cetera Investment Advisers raised its holdings in CoStar Group by 129.8% in the first quarter. Cetera Investment Advisers now owns 150,203 shares of the technology company’s stock worth $14,510,000 after purchasing an additional 84,854 shares during the period. Finally, Cetera Advisors LLC raised its holdings in CoStar Group by 523.0% in the first quarter. Cetera Advisors LLC now owns 38,453 shares of the technology company’s stock worth $3,715,000 after purchasing an additional 32,281 shares during the period. 96.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CSGP has been the subject of several recent research reports. StockNews.com lowered shares of CoStar Group from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. dropped their target price on CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a report on Wednesday, October 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price target on shares of CoStar Group in a research note on Tuesday, November 19th. Royal Bank of Canada lowered CoStar Group from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $96.00 to $83.00 in a research note on Wednesday, October 23rd. Finally, JMP Securities reissued a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.25.

CoStar Group Trading Down 1.6 %

Shares of CSGP traded down $1.27 during trading hours on Monday, hitting $80.07. 1,550,847 shares of the stock traded hands, compared to its average volume of 2,389,906. The business has a fifty day moving average of $75.91 and a 200-day moving average of $76.44. The company has a current ratio of 9.63, a quick ratio of 9.63 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $32.83 billion, a PE ratio of 181.98 and a beta of 0.82. CoStar Group has a 1-year low of $68.26 and a 1-year high of $100.38.

CoStar Group (NASDAQ:CSGP) last issued its earnings results on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.06. The company had revenue of $692.60 million for the quarter, compared to analyst estimates of $695.91 million. CoStar Group had a net margin of 6.57% and a return on equity of 3.53%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.25 EPS. Analysts expect that CoStar Group will post 0.52 EPS for the current year.

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.