William Blair analyst Stephen Sheldon has maintained their bullish stance on CSGP stock, giving a Buy rating on April 2.
Stephen Sheldon has given his Buy rating due to a combination of factors that highlight positive changes within CoStar Group. The company has recently announced significant alterations to its board of directors, which include the appointment of three new independent directors. This move is seen as a step towards enhancing governance and bringing fresh perspectives, potentially addressing investor concerns about the company’s oversight.
Additionally, the establishment of a capital allocation committee is expected to provide a more thorough review of CoStar’s financial strategies, particularly concerning its Homes.com investments. This development increases the likelihood that the financial strain from these investments will not continue indefinitely, with expectations that the company could achieve breakeven in the next two to three years. These strategic changes are viewed as incremental positives, supporting the Buy rating.
In another report released on April 2, KBW also maintained a Buy rating on the stock with a $93.00 price target.
Based on the recent corporate insider activity of 61 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.