CoStar Group (NASDAQ:CSGP) Shares Cross Below 50-Day Moving Average – What’s Next?

CoStar Group, Inc. (NASDAQ:CSGP)’s share price crossed below its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $30.15 and traded as low as $30.00. CoStar Group shares last traded at $30.10, with a volume of 2,750,314 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. KeyCorp set a $33.00 price target on CoStar Group in a report on Monday, August 24th. Weiss Ratings upgraded CoStar Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, October 29th. Citigroup reaffirmed a “market outperform” rating on shares of CoStar Group in a research report on Wednesday, October 28th. BMO Capital Markets reaffirmed a “market perform” rating and set a $33.00 target price (up from $31.00) on shares of CoStar Group in a research report on Monday, August 24th. Finally, Wolfe Research reiterated an “outperform” rating and issued a $32.00 target price (down from $35.00) on shares of CoStar Group in a report on Wednesday, July 29th. Ten analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $39.11.

CoStar Group Stock Down 0.5%

The company has a market cap of $12.11 billion, a P/E ratio of 68.41, a P/E/G ratio of 0.77 and a beta of 0.79. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.12. The business’s 50 day moving average is $30.15 and its 200 day moving average is $35.45.

CoStar Group (NASDAQ:CSGP) last posted its earnings results on Tuesday, October 27th. The technology company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The company had revenue of $952.00 million during the quarter, compared to analyst estimates of $945.82 million. CoStar Group had a return on equity of 4.87% and a net margin of 4.87%. CoStar Group’s revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.23 earnings per share. As a group, equities analysts anticipate that CoStar Group, Inc. will post 1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CoStar Group

A number of hedge funds have recently made changes to their positions in CSGP. BlackRock Inc. bought a new stake in CoStar Group during the second quarter valued at about $957,612,000. Bamco Inc. NY purchased a new position in CoStar Group in the second quarter valued at about $612,470,000. Jupiter Topco LLC bought a new position in CoStar Group in the second quarter worth about $221,826,000. Meritage Group LP bought a new position in CoStar Group in the second quarter worth about $152,763,000. Finally, Bank of America Corp DE bought a new position in CoStar Group in the second quarter worth about $77,458,000. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

CoStar Group Company Profile

CoStar Group, Inc. is a provider of commercial real estate information, analytics and online marketplaces. Its services help real estate professionals, investors, lenders and businesses research properties, evaluate markets and connect with buyers, sellers and tenants. The company’s brands include CoStar, which provides commercial property data and research; LoopNet, a commercial property marketplace; Apartments.com, a rental listings platform; and STR, which supplies benchmarking data for the hospitality industry.