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

CoStar Group, Inc. (NASDAQ:CSGP) 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 changing hands.

CSGP has been the subject of several other reports. Jefferies Financial Group upped their price target 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. Citigroup increased their price objective on shares of CoStar Group from $90.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. BTIG Research began coverage on shares of CoStar Group in a research report on Friday, January 19th. They set a “neutral” rating for the company. The Goldman Sachs Group increased their price objective on shares of CoStar Group from $96.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Finally, JMP Securities reiterated a “market outperform” rating and set a $110.00 price objective on shares of CoStar Group in a research report on Friday, April 12th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $101.92.

Hedge Funds Weigh In On CoStar Group

Several hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its position in 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 during the last quarter. Riverview Trust Co purchased a new position in CoStar Group during the 1st quarter valued at $35,000. TFO Wealth Partners LLC grew its position in shares of CoStar Group by 5,571.4% in the 4th 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 period. Pinnacle Bancorp Inc. bought a new position in CoStar Group in the 4th quarter worth about $37,000. Finally, CVA Family Office LLC bought a new position in CoStar Group in the 4th quarter worth about $60,000. Hedge funds and other institutional investors own 96.60% of the company’s stock.

CoStar Group Stock Up 8.7 %

The company’s 50 day simple moving average is $89.21 and its 200-day simple moving average is $84.59. The company has a current ratio of 12.01, a quick ratio of 12.01 and a debt-to-equity ratio of 0.13. The firm has a market cap 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 issued its quarterly earnings results 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. The company had revenue of $640.00 million during the quarter, compared to the consensus estimate of $634.27 million. CoStar Group had a return on equity of 6.08% and a net margin of 15.26%. CoStar Group’s revenue was up 11.7% on a year-over-year basis. During the same period last year, the company earned $0.35 earnings per share. Research 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.