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CoStar Group is Selected for Inclusion in the S&P 500 Index, Joining a Premier Group of Some of the Largest and Most Successful Companies in the World
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
CoStar Group (NASDAQ: CSGP) announced its inclusion in the S&P 500 Index, effective September 19, 2022. This recognition highlights the company's consistent growth and its leading position in the online real estate marketplace. CoStar reported over $2 billion in revenue for the twelve months ending June 30, 2022, and a market capitalization of $31.05 billion as of September 9, 2022. CEO Andrew Florance emphasized the achievement as a testament to the company's 36-year commitment to digitizing real estate and the support from its customers and employees.
Positive
Inclusion in the S&P 500 Index signifies recognition of CoStar's growth and market leadership.
Reported revenue exceeding $2 billion for the twelve months ending June 30, 2022.
Market capitalization reached $31.05 billion as of September 9, 2022.
Negative
None.
Inclusion in the Index Recognizes the Company’s Continued Growth and Leadership in Technology and Real Estate
WASHINGTON--(BUSINESS WIRE)--
CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, and analytics in the commercial and residential property markets, announced today that the company has been selected for inclusion in the S&P 500 Index, effective prior to the opening of trading on Monday, September 19, 2022.
Widely recognized as one of the premier benchmarks of the U.S. equities market, the S&P 500 Index is comprised of 500 leading companies across important industries of the United States. Companies included in the index are selected by the S&P Index Committee using criteria that include market capitalization, liquidity, and consistent, positive earnings.
“It is a great honor to be selected for inclusion in the S&P 500 index,” said Andrew Florance, Founder and Chief Executive Officer of CoStar Group. “For 36 years CoStar Group has been committed to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives. Today, we have more than 25 brands under the CoStar Group umbrella serving hundreds of thousands of customers around the globe.”
CoStar Group was founded by Mr. Florance in his college dorm room in 1986, based on his vision to digitize the real estate asset class. From its humble beginnings as a startup operation, CoStar Group now employs more than 5,200 people across 14 countries around the world. The Company became publicly traded via an initial public offering in 1998, raising $23 million. Most recently, CoStar Group revenue for the twelve months ending June 30, 2022 was over $2 billion, with market capitalization of $31.05 billion as of Friday, September 9, 2022.
“I am incredibly proud of this achievement, which would not have been possible without all of the hard work and dedication of our world-class team,” added Mr. Florance. “Our talented people, both past and present, are the foundation upon which CoStar Group was built. I also would like to thank our hundreds of thousands of customers around the world - many of whom have supported CoStar Group for decades - for their ongoing trust and partnership. Joining the S&P 500 is a validation of the faith that they have placed in our company, our team, our products, and our services.”
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information.
What does the inclusion of CoStar Group in the S&P 500 Index mean?
CoStar Group's inclusion in the S&P 500 Index indicates its recognition as a leading company in the U.S. equities market, reflecting its growth and strong financial performance.
When did CoStar Group become part of the S&P 500 Index?
CoStar Group was included in the S&P 500 Index effective September 19, 2022.
What were CoStar Group's reported revenues in 2022?
CoStar Group reported revenues exceeding $2 billion for the twelve months ending June 30, 2022.
What is CoStar Group's market capitalization as of September 2022?
As of September 9, 2022, CoStar Group had a market capitalization of $31.05 billion.
