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

Shares of CoStar Group, Inc. (NASDAQ:CSGP) gapped up before the market opened on Wednesday after BMO Capital Markets raised their price target on the stock from $84.00 to $88.00. The stock had previously closed at $84.62, but opened at $92.53. BMO Capital Markets currently has a market perform rating on the stock. CoStar Group shares last traded at $93.08, with a volume of 733,384 shares traded.

A number of other research analysts have also issued reports on CSGP. Citigroup boosted their price target on 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 CoStar Group in a research report on Friday, January 19th. They set a “neutral” rating for the company. Bank of America boosted their price target on CoStar Group from $97.00 to $111.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. The Goldman Sachs Group upped their price objective on CoStar Group from $96.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Finally, Needham & Company LLC upped their price objective on CoStar Group from $90.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $102.46.

Institutional Investors Weigh In On CoStar Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Lindbrook Capital LLC raised its position in shares of CoStar Group by 9.2% during the first quarter. Lindbrook Capital LLC now owns 1,337 shares of the technology company’s stock worth $129,000 after purchasing an additional 113 shares during the period. Equitable Trust Co. acquired a new stake in shares of CoStar Group during the first quarter worth $4,425,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of CoStar Group by 7.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 131,633 shares of the technology company’s stock worth $12,716,000 after purchasing an additional 8,905 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of CoStar Group by 10.5% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 59,070 shares of the technology company’s stock worth $5,706,000 after purchasing an additional 5,600 shares during the period. Finally, Krilogy Financial LLC raised its position in shares of CoStar Group by 6.6% during the first quarter. Krilogy Financial LLC now owns 13,813 shares of the technology company’s stock worth $1,334,000 after purchasing an additional 858 shares during the period. 96.60% of the stock is owned by institutional investors and hedge funds.

CoStar Group Stock Down 1.8 %

The company has a market capitalization of $36.90 billion, a price-to-earnings ratio of 123.75, a price-to-earnings-growth ratio of 9.73 and a beta of 0.84. 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 has a 50-day moving average price of $89.55 and a 200-day moving average price of $84.68.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings results on Tuesday, February 20th. The technology company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01. The firm had revenue of $640.00 million for the quarter, compared to analyst estimates of $634.27 million. CoStar Group had a return on equity of 4.97% and a net margin of 11.64%. CoStar Group’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 earnings per share. As a group, equities analysts anticipate 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.