Mayank Tandon, an analyst from Needham, reiterated the Buy rating on CoStar Group. The associated price target is $105.00.
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Mayank Tandon has given his Buy rating due to a combination of factors that highlight CoStar Group’s strong performance and promising outlook. The company’s third-quarter results surpassed market expectations, driven by widespread growth and the successful integration of the Domain acquisition. This acquisition has significantly contributed to the company’s financial performance, as evidenced by the impressive increase in net new bookings, particularly in the Homes.com segment.
Furthermore, CoStar Group has demonstrated effective cost management, which has resulted in a notable improvement in core EBITDA margins, excluding the residential segment. The management’s decision to raise the financial outlook for fiscal year 2025 underscores their confidence in sustained growth and profitability. Tandon remains optimistic about CoStar Group’s strategic focus on digitizing the global real estate industry, which is expected to continue driving strong organic growth and enhancing EBITDA margins.
Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CSGP in relation to earlier this year.