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

CoStar Group, Inc. (NASDAQ:CSGP)’s stock price gapped up prior to trading 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 trading hands.

Other equities research analysts have also issued reports about the stock. Bank of America upped their price objective on shares of CoStar Group from $97.00 to $111.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Citigroup upped their price objective on shares of CoStar Group from $90.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. JMP Securities reiterated a “market outperform” rating and set a $110.00 target price on shares of CoStar Group in a research report on Friday, April 12th. Jefferies Financial Group boosted their target price on shares of CoStar Group from $85.00 to $95.00 and gave the company a “hold” rating in a research report on Friday, April 12th. Finally, Royal Bank of Canada boosted their target price on shares of CoStar Group from $95.00 to $109.00 and gave the company an “outperform” rating in a research report on Monday, March 25th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $102.15.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Blue Trust Inc. lifted its position in shares of CoStar Group by 125.4% during the fourth quarter. Blue Trust Inc. now owns 311 shares of the technology company’s stock valued at $27,000 after purchasing an additional 173 shares in the last quarter. Riverview Trust Co bought a new position in shares of CoStar Group during the first quarter valued at about $35,000. Pinnacle Bancorp Inc. bought a new position in shares of CoStar Group during the fourth quarter valued at about $37,000. Connectus Wealth LLC lifted its position in shares of CoStar Group by 915.0% during the fourth quarter. Connectus Wealth LLC now owns 518,633 shares of the technology company’s stock valued at $45,000 after purchasing an additional 467,534 shares in the last quarter. Finally, CVA Family Office LLC bought a new position in shares of CoStar Group during the fourth quarter valued at about $60,000. 96.60% of the stock is owned by institutional investors.

CoStar Group Price Performance

The company has a quick ratio of 12.01, a current ratio of 12.01 and a debt-to-equity ratio of 0.13. The business’s 50-day moving average is $89.40 and its two-hundred day moving average is $84.64. The company has a market capitalization of $37.55 billion, a P/E ratio of 99.95, a price-to-earnings-growth ratio of 9.81 and a beta of 0.84.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, February 20th. The technology company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $634.27 million. During the same quarter last year, the company posted $0.35 earnings per share. The firm’s quarterly revenue was up 11.7% compared to the same quarter last year. As a group, analysts predict that CoStar Group, Inc. will post 0.44 earnings per share for the current year.

About CoStar Group

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.