CoStar Group (NASDAQ:CSGP) Shares Soar After Analyst Upgrade

The stock price of CoStar Group, Inc. (NASDAQ:CSGP – Get a Free Report) rose ahead of trading on Wednesday after Needham & Company LLC raised their price target for the stock from $90.00 to $107.00. The stock previously closed at $84.62, but opened at $92.53. Needham & Company LLC currently has a buy rating on the stock. Shares of CoStar Group last traded at $93.08, on volume of 733,384 shares.

Other equities research analysts have also issued reports on the stock. Bank of America lifted 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 18. Citigroup raised 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 7. 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 12. Jefferies Financial Group raised 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 12. Finally, Royal Bank of Canada raised 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 25. Four equities research analysts have rated the stock with a hold rating and twelve have given 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.

Get our latest analysis on CSGP

Institutional inflow and outflow

Major investors have recently made changes to their positions in the company. Blue Trust Inc. increased 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 worth $27,000, after purchasing an additional 173 shares in the last quarter. Riverview Trust Co bought a new position in shares of CoStar Group worth about $35,000 during the first quarter. Pinnacle Bancorp Inc. bought a new position in shares of CoStar Group during the fourth quarter worth approximately $37,000. Connectus Wealth LLC increased 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 purchased a new position in shares of CoStar Group in the fourth quarter valued at approximately $60,000. 96.60% of the shares are held by institutional investors.

Price performance of CoStar Group

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 company’s 50-day moving average is $89.40 and its two-hundred-day moving average is $84.64. The company has a market cap of $37.55 billion, a price-to-earnings ratio of 99.95, a price-to-earnings-growth ratio of 9.81 and a beta of 0.84.

CoStar Group (NASDAQ:CSGP – Get Free Report) posted its latest quarterly earnings data on Tuesday, February 20th. The technology company reported $0.33 earnings per share for the quarter, beating 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 company had revenue of $640.00 million during the quarter, compared to the consensus estimate of $634.27 million. In the same quarter last year, the company posted earnings per share of $0.35. The company’s quarterly revenue increased 11.7% compared to the same quarter last year. As a group, analysts predict that CoStar Group, Inc. will post a profit per share of 0.44 for the current year.

About CoStar Group

(Get a free report)

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

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