CoStar Group (NASDAQ:CSGP) Shares Gap Up After Analyst Upgrade

CoStar Group, Inc. (NASDAQ:CSGP)’s share price gapped up before the market opened on Wednesday after Needham & Company LLC raised their price target on the stock from $90.00 to $107.00. The stock had previously closed at $84.62, but opened at $92.53. Needham & Company LLC currently has a buy rating on the stock. CoStar Group shares last traded at $93.08, with a volume of 733,384 shares traded.

Several other analysts have also recently commented on the company. Royal Bank of Canada raised their price target on CoStar Group from $95.00 to $109.00 and gave the company an “outperform” rating in a report on Monday, March 25th. Citigroup raised their price objective on CoStar Group from $90.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Jefferies Financial Group raised their price objective on CoStar Group from $85.00 to $95.00 and gave the company a “hold” rating in a research note on Friday, April 12th. Bank of America raised their price objective on CoStar Group from $97.00 to $111.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $110.00 price objective on shares of CoStar Group in a research note on Friday, April 12th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $101.92.

Institutional Investors Weigh In On CoStar Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. raised its stake in CoStar Group by 125.4% during the 4th quarter. Blue Trust Inc. now owns 311 shares of the technology company’s stock valued at $27,000 after purchasing an additional 173 shares during the period. Riverview Trust Co acquired a new position in shares of CoStar Group in the first quarter worth $35,000. TFO Wealth Partners LLC increased its position in CoStar Group by 5,571.4% during the fourth quarter. TFO Wealth Partners LLC now owns 397 shares of the technology company’s stock worth $350,000 after buying an additional 390 shares during the last quarter. Pinnacle Bancorp Inc. acquired a new position in CoStar Group during the fourth quarter worth $37,000. Finally, CVA Family Office LLC acquired a new position in CoStar Group during the fourth quarter worth $60,000. Institutional investors and hedge funds own 96.60% of the company’s stock.

CoStar Group Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 12.01 and a quick ratio of 12.01. The stock’s fifty day simple moving average is $89.21 and its 200-day simple moving average is $84.59. The company has a market capitalization of $37.57 billion, a P/E ratio of 100.45, a PEG ratio of 9.81 and a beta of 0.84.

CoStar Group (NASDAQ:CSGP) last released its earnings results on Tuesday, February 20th. The technology company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01. CoStar Group had a net margin of 15.26% and a return on equity of 6.08%. The business had revenue of $640.00 million during the quarter, compared to analysts’ expectations of $634.27 million. During the same quarter last year, the company earned $0.35 earnings per share. The firm’s revenue was up 11.7% on a year-over-year basis. On average, equities analysts forecast that CoStar Group, Inc. will post 0.44 earnings per share for the current fiscal year.

CoStar Group Company Profile

CoStar Group, Inc provides information, analytics, and online marketplace services to the commercial real estate, hospitality, residential, and related professionals industries in the United States, Canada, Europe, the Asia Pacific, and Latin America. The company offers CoStar Property that provides inventory of office, industrial, retail, multifamily, hospitality, and student housing properties and land; CoStar Sales, a robust database of comparable commercial real estate sales transactions; CoStar Market Analytics to view and report on aggregated market and submarket trends; and CoStar Tenant, an online business-to-business prospecting and analytical tool that provides tenant information.