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

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.

Several other brokerages also recently weighed in on CSGP. Jefferies Financial Group increased their price target on CoStar Group from $85.00 to $95.00 and gave the stock a “hold” rating in a report on Friday, April 12th. Keefe, Bruyette & Woods raised their target price on CoStar Group from $96.00 to $109.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Bank of America raised their target price on CoStar Group from $97.00 to $111.00 and gave the company a “buy” rating in a report on Monday, March 18th. Royal Bank of Canada raised their target price on CoStar Group from $95.00 to $109.00 and gave the company an “outperform” rating in a report on Monday, March 25th. Finally, Citigroup raised their target price on CoStar Group from $90.00 to $97.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $102.46.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Deutsche Bank AG increased its position in shares of CoStar Group by 37.1% in the third quarter. Deutsche Bank AG now owns 739,725 shares of the technology company’s stock valued at $56,877,000 after buying an additional 200,183 shares in the last quarter. Harvest Fund Management Co. Ltd increased its position in CoStar Group by 11.7% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 3,589 shares of the technology company’s stock worth $312,000 after purchasing an additional 376 shares in the last quarter. Simplicity Solutions LLC increased its position in CoStar Group by 5.7% during the 4th quarter. Simplicity Solutions LLC now owns 7,971 shares of the technology company’s stock worth $697,000 after purchasing an additional 431 shares in the last quarter. abrdn plc increased its position in CoStar Group by 69.8% during the 4th quarter. abrdn plc now owns 169,683 shares of the technology company’s stock worth $14,829,000 after purchasing an additional 69,744 shares in the last quarter. Finally, Harbor Advisors LLC increased its position in CoStar Group by 69.6% during the 4th quarter. Harbor Advisors LLC now owns 17,060 shares of the technology company’s stock worth $1,491,000 after purchasing an additional 7,000 shares in the last quarter. Hedge funds and other institutional investors own 96.60% of the company’s stock.

CoStar Group Trading Down 1.8 %

The stock has a market cap of $36.90 billion, a PE ratio of 123.75, a PEG ratio of 9.73 and a beta of 0.84. The business has a 50-day moving average of $89.55 and a 200 day moving average of $84.68. The company has a debt-to-equity ratio of 0.13, a quick ratio of 12.01 and a current ratio of 12.01.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, February 20th. The technology company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The firm had revenue of $640.00 million during the quarter, compared to analysts’ expectations of $634.27 million. CoStar Group had a return on equity of 4.97% and a net margin of 11.64%. The firm’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.35 EPS. Equities research analysts predict that CoStar Group, Inc. will post 0.44 EPS for the current fiscal year.

About CoStar Group

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.