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

CoStar Group, Inc. (NASDAQ:CSGP) shares 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 traded.

Several other equities analysts have also recently issued reports on CSGP. Jefferies Financial Group lifted their price objective on shares of CoStar Group from $85.00 to $95.00 and gave the stock a “hold” rating in a research note on Friday, April 12th. JMP Securities reissued a “market outperform” rating and set a $110.00 target price on shares of CoStar Group in a research note on Friday, April 12th. 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 note on Monday, March 25th. BMO Capital Markets boosted their target price on shares of CoStar Group from $79.00 to $84.00 and gave the company a “market perform” rating in a research note on Friday, April 19th. Finally, Bank of America boosted their target price 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. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $102.15.

Institutional Investors Weigh In On CoStar Group

A number of large investors have recently bought and sold shares of the business. Deutsche Bank AG raised its position in CoStar Group by 37.1% in the third quarter. Deutsche Bank AG now owns 739,725 shares of the technology company’s stock worth $56,877,000 after purchasing an additional 200,183 shares in the last quarter. Simplicity Solutions LLC grew its stake in shares of CoStar Group by 5.7% during the fourth quarter. Simplicity Solutions LLC now owns 7,971 shares of the technology company’s stock valued at $697,000 after purchasing an additional 431 shares during the last quarter. Harbor Advisors LLC grew its stake in shares of CoStar Group by 69.6% during the fourth quarter. Harbor Advisors LLC now owns 17,060 shares of the technology company’s stock valued at $1,491,000 after purchasing an additional 7,000 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of CoStar Group by 22.7% during the third quarter. Wellington Management Group LLP now owns 3,580,549 shares of the technology company’s stock valued at $275,308,000 after purchasing an additional 662,592 shares during the last quarter. Finally, LPL Financial LLC grew its stake in shares of CoStar Group by 16.8% during the third quarter. LPL Financial LLC now owns 86,580 shares of the technology company’s stock valued at $6,657,000 after purchasing an additional 12,422 shares during the last quarter. 96.60% of the stock is currently owned by institutional investors.

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 company’s 50 day moving average price is $89.40 and its 200 day moving average price is $84.64. The firm has a market capitalization of $37.55 billion, a P/E ratio of 99.95, a PEG ratio of 9.81 and a beta of 0.84.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, February 20th. The technology company reported $0.33 EPS 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 for the quarter, compared to analysts’ expectations of $634.27 million. During the same period in the prior year, the firm earned $0.35 earnings per share. CoStar Group’s revenue was up 11.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that CoStar Group, Inc. will post 0.44 EPS 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.