Christopher J. Nassetta, a director at CoStar Group , Inc. (NASDAQ:), a prominent player in the Management & Development industry with a market capitalization of $32.8 billion, has recently sold shares of the company, according to a recent SEC filing. On November 27, Nassetta sold 1,681 shares of CoStar Group’s common stock at an average price of $80.39 per share, resulting in a total transaction value of approximately $135,135. InvestingPro analysis indicates the stock is trading at high valuation multiples, with a P/E ratio of 185.6x. Following this sale, Nassetta holds 229,715 shares directly and an additional 46,000 shares indirectly through Harwood Road, LLC. The sale price ranged from $80.38 to $80.45 per share. According to InvestingPro, the company maintains strong financial health with a current ratio of 9.63 and holds more cash than debt on its balance sheet. Get access to 12 additional InvestingPro Tips and a comprehensive Pro Research Report for deeper insights into CSGP’s valuation and growth prospects.
In other recent news, CoStar Group’s earnings and revenue have shown impressive growth, with a reported 11% year-over-year revenue increase in Q3, reaching $693 million. The company’s net income also surged to $53 million, up from $7 million in Q1 2024. Analysts from both Citi and Needham have maintained a Buy rating on CoStar Group, with Citi adjusting the price target from $97.00 to $90.00.
The company also recently completed the acquisition of Visual Lease, a leading lease administration and accounting software provider. This merger is anticipated to enhance CoStar’s Real Estate Manager business and offer expanded lease management and accounting solutions.
CoStar Group is planning a significant expansion of its sales force, targeting over 275 hires by the end of 2024, potentially doubling in 2025. The company’s revenue guidance for the full year 2024 is set between $2.72 billion and $2.73 billion, with an adjusted EBITDA projected to be between $205 million and $215 million. These recent developments highlight a period of transition for CoStar, with expectations that bookings, which have reached $44 million, may have stabilized.
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