CoStar Group (NASDAQ:CSGP) Stock Price Crosses Below 50 Day Moving Average - Time to Sell?

Key Points

• CoStar shares slipped below their 50-day moving average, trading as low as $30.00 and last at $30.10, versus a 50-day average of $30.15; the 200-day average was $35.45.
• Analysts’ consensus rating is Hold, with a $39.11 average price target. Recent target cuts included BTIG and Citizens JMP lowering their targets to $35.
• CoStar beat quarterly estimates, reporting EPS of $0.38 versus $0.34 expected and revenue of $952 million, up 14.1% year over year.

CoStar Group, Inc. (NASDAQ:CSGP - Get Free Report)'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.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CSGP shares. Wells Fargo & Company set a $35.00 target price on CoStar Group in a research report on Wednesday, October 28th. KeyCorp set a $33.00 price target on CoStar Group in a research report on Monday, August 24th. Weiss Ratings raised shares of CoStar Group from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, October 29th. BTIG Research dropped their price objective on shares of CoStar Group from $42.00 to $35.00 and set a "buy" rating for the company in a research note on Wednesday, October 28th. Finally, Citizens Jmp cut their price objective on shares of CoStar Group from $44.00 to $35.00 and set a "market outperform" rating on the stock in a research report on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $39.11.

CoStar Group Stock Performance

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

CoStar Group (NASDAQ:CSGP - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The technology company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.04. CoStar Group had a return on equity of 4.87% and a net margin of 4.87%. The firm had revenue of $952.00 million for the quarter, compared to the consensus estimate of $945.82 million. During the same period in the prior year, the business posted $0.23 earnings per share. The company's revenue for the quarter was up 14.1% on a year-over-year basis. As a group, sell-side analysts expect that CoStar Group, Inc. will post 1.12 EPS for the current year.

Institutional Trading of CoStar Group

A number of large investors have recently made changes to their positions in CSGP. BlackRock Inc. purchased a new position in CoStar Group in the 2nd quarter worth about $957,612,000. Bamco Inc. NY bought a new stake in CoStar Group during the 2nd quarter valued at about $612,470,000. Jupiter Topco LLC bought a new stake in CoStar Group during the 2nd quarter valued at about $221,826,000. Meritage Group LP purchased a new stake in CoStar Group in the 2nd quarter valued at about $152,763,000. Finally, Bank of America Corp DE purchased a new stake in CoStar Group in the 2nd quarter valued at about $77,458,000. 96.60% of the stock is 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.

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