CoStar Group (NASDAQ:CSGP) Shares Gap Up – Here’s What Happened

CoStar Group, Inc. (NASDAQ:CSGP) gapped up before the market opened on Tuesday . The stock had previously closed at $65.81, but opened at $69.28. CoStar Group shares last traded at $68.6450, with a volume of 2,074,733 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. BNP Paribas Exane began coverage on CoStar Group in a research note on Wednesday, January 14th. They issued a “neutral” rating and a $64.00 price target on the stock. Raymond James Financial set a $74.00 price objective on shares of CoStar Group in a research note on Wednesday, January 7th. BTIG Research upgraded shares of CoStar Group from a “neutral” rating to a “buy” rating and set a $80.00 price target for the company in a report on Tuesday. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $55.00 price target (down from $60.00) on shares of CoStar Group in a research note on Thursday, January 8th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $91.00 price objective on shares of CoStar Group in a research report on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $83.39.

CoStar Group Trading Up 2.8%

The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $28.68 billion, a P/E ratio of 1,355.48, a P/E/G ratio of 1.72 and a beta of 0.84. The firm’s 50-day moving average price is $65.97 and its 200 day moving average price is $77.37.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, October 28th. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04. CoStar Group had a return on equity of 2.45% and a net margin of 0.66%.The business had revenue of $833.60 million during the quarter, compared to the consensus estimate of $823.62 million. During the same quarter in the previous year, the business earned $0.22 EPS. The company’s quarterly revenue was up 20.4% on a year-over-year basis. As a group, equities research analysts predict that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

CoStar Group announced that its board has initiated a stock buyback program on Wednesday, January 7th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of CoStar Group by 5.1% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 16,211 shares of the technology company’s stock worth $1,090,000 after buying an additional 784 shares in the last quarter. Asset Management One Co. Ltd. increased its position in shares of CoStar Group by 0.3% during the fourth quarter. Asset Management One Co. Ltd. now owns 183,391 shares of the technology company’s stock valued at $12,396,000 after acquiring an additional 607 shares during the last quarter. GF Fund Management CO. LTD. increased its position in shares of CoStar Group by 6.4% during the fourth quarter. GF Fund Management CO. LTD. now owns 89,399 shares of the technology company’s stock valued at $6,011,000 after acquiring an additional 5,375 shares during the last quarter. Ninety One UK Ltd lifted its holdings in CoStar Group by 13.9% during the fourth quarter. Ninety One UK Ltd now owns 354,804 shares of the technology company’s stock worth $23,857,000 after acquiring an additional 43,390 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in CoStar Group by 22.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 210,095 shares of the technology company’s stock worth $14,127,000 after purchasing an additional 38,715 shares during the last quarter. 96.60% of the stock is currently owned by hedge funds and other institutional investors.

About CoStar Group

CoStar Group, Inc is a provider of information, analytics and online marketplaces for the commercial real estate industry. The company gathers property-level data, builds market analytics and supplies research tools used by brokers, owners, lenders, investors and other real estate professionals to evaluate markets, track inventory and manage listings. CoStar’s offerings are delivered primarily through subscription-based platforms that combine proprietary databases, mapping and workflow applications to support decision-making across the property life cycle.

In addition to its core CoStar research service, the company operates prominent online listing and marketing platforms that connect buyers, sellers, tenants and brokers.