CoStar Group (NASDAQ:CSGP) Shares Gap Down Following Weak Earnings

Posted by Defense World Staff on Oct 26th, 2023

CoStar Group, Inc. (NASDAQ:CSGP – Get Free Report) shares gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $74.17, but opened at $68.00. CoStar Group shares last traded at $67.66, with a volume of 923,546 shares.

The technology company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). CoStar Group had a return on equity of 6.61% and a net margin of 16.56%. The company had revenue of $624.67 million for the quarter, compared to the consensus estimate of $625.65 million.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CSGP shares. JMP Securities dropped their price objective on CoStar Group from $100.00 to $90.00 and set a “market outperform” rating on the stock in a research note on Wednesday. Royal Bank of Canada boosted their target price on CoStar Group from $85.00 to $95.00 in a report on Thursday, July 6th. StockNews.com assumed coverage on CoStar Group in a report on Thursday, October 5th. They set a “hold” rating on the stock. William Blair reissued an “outperform” rating on shares of CoStar Group in a report on Wednesday, July 26th. Finally, Robert W. Baird decreased their target price on CoStar Group from $100.00 to $98.00 in a report on Wednesday, July 26th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $89.50.

Get Our Latest Report on CoStar Group

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in CoStar Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 34,757,886 shares of the technology company’s stock valued at $2,315,223,000 after buying an additional 204,955 shares in the last quarter. BlackRock Inc. grew its holdings in shares of CoStar Group by 0.6% during the 2nd quarter. BlackRock Inc. now owns 32,124,231 shares of the technology company’s stock worth $2,859,057,000 after purchasing an additional 206,764 shares in the last quarter. State Street Corp grew its holdings in shares of CoStar Group by 1.9% during the 2nd quarter. State Street Corp now owns 15,311,558 shares of the technology company’s stock worth $1,362,729,000 after purchasing an additional 290,864 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of CoStar Group by 11.1% during the 2nd quarter. Geode Capital Management LLC now owns 10,899,062 shares of the technology company’s stock worth $968,002,000 after purchasing an additional 1,085,038 shares in the last quarter. Finally, Macquarie Group Ltd. grew its holdings in shares of CoStar Group by 9.7% during the 1st quarter. Macquarie Group Ltd. now owns 8,698,812 shares of the technology company’s stock worth $598,913,000 after purchasing an additional 770,204 shares in the last quarter. 96.53% of the stock is owned by institutional investors and hedge funds.

CoStar Group Trading Down 4.4 %

The company has a market capitalization of $28.96 billion, a price-to-earnings ratio of 74.64, a price-to-earnings-growth ratio of 3.36 and a beta of 0.90. The company has a debt-to-equity ratio of 0.14, a quick ratio of 12.30 and a current ratio of 12.30. The firm has a fifty day moving average price of $79.31 and a 200-day moving average price of $80.17.

CoStar Group Company Profile

(Get Free Report)

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.