CoStar Group Inc (NASDAQ:CSGP) Short Interest Down 51.2% in September

CoStar Group Inc (NASDAQ:CSGP) was the target of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 214,100 shares, a decrease of 51.2% from the August 30th total of 438,400 shares. Based on an average trading volume of 263,300 shares, the days-to-cover ratio is currently 0.8 days. Currently, 0.6% of the shares of the stock are sold short.

NASDAQ CSGP traded up $12.24 during trading on Friday, hitting $614.12. 347,636 shares of the company’s stock traded hands, compared to its average volume of 294,281. The stock has a fifty day moving average of $596.81 and a two-hundred day moving average of $553.82. The firm has a market cap of $21.94 billion, a P/E ratio of 82.99, a PEG ratio of 4.44 and a beta of 1.36. CoStar Group has a 12-month low of $315.85 and a 12-month high of $639.41.

CoStar Group (NASDAQ:CSGP) last posted its earnings results on Tuesday, July 23rd. The technology company reported $1.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.73 by $0.22. The company had revenue of $343.76 million during the quarter, compared to analyst estimates of $336.71 million. CoStar Group had a net margin of 22.48% and a return on equity of 10.42%. CoStar Group’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.05 earnings per share. On average, sell-side analysts anticipate that CoStar Group will post 9.02 earnings per share for the current year.

In other CoStar Group news, CFO Scott T. Wheeler sold 6,933 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $629.50, for a total transaction of $4,364,323.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew C. Florance sold 24,210 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $628.64, for a total transaction of $15,219,374.40. The disclosure for this sale can be found here. In the last three months, insiders sold 45,794 shares of company stock worth $28,629,079. 2.14% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the company. Commonwealth Bank of Australia boosted its holdings in shares of CoStar Group by 77.4% during the second quarter. Commonwealth Bank of Australia now owns 55 shares of the technology company’s stock worth $29,000 after purchasing an additional 24 shares during the period. Advisory Services Network LLC purchased a new stake in shares of CoStar Group during the second quarter worth about $36,000. Next Capital Management LLC purchased a new stake in shares of CoStar Group during the second quarter worth about $43,000. CSat Investment Advisory L.P. purchased a new stake in shares of CoStar Group during the second quarter worth about $46,000. Finally, Private Capital Group LLC purchased a new stake in shares of CoStar Group during the second quarter worth about $36,000. Institutional investors own 95.71% of the company’s stock.

Several analysts have issued reports on CSGP shares. Wells Fargo & Co restated a “buy” rating on shares of CoStar Group in a research report on Tuesday, October 1st. Needham & Company LLC upped their price target on shares of CoStar Group to $675.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Citigroup upped their price target on shares of CoStar Group from $575.00 to $680.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. JMP Securities upped their price target on shares of CoStar Group from $525.00 to $630.00 and gave the company a “market outperform” rating in a research report on Wednesday, July 24th. Finally, SunTrust Banks upped their price target on shares of CoStar Group to $650.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $626.00.

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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