CoStar Group (NASDAQ:CSGP) Hits New 12-Month High After Analyst Upgrade

CoStar Group Inc (NASDAQ:CSGP)’s stock price hit a new 52-week high during mid-day trading on Thursday after Citigroup raised their price target on the stock from $680.00 to $750.00. Citigroup currently has a buy rating on the stock. CoStar Group traded as high as $655.47 and last traded at $653.13, with a volume of 3362 shares changing hands. The stock had previously closed at $648.99.

Several other equities analysts have also recently weighed in on the company. Needham & Company LLC dropped their price objective on CoStar Group to $600.00 in a research note on Wednesday, October 23rd. B. Riley upped their target price on shares of CoStar Group from $610.00 to $640.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Wells Fargo & Co reiterated a “buy” rating on shares of CoStar Group in a report on Monday, December 9th. Zacks Investment Research upgraded shares of CoStar Group from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Finally, Jefferies Financial Group initiated coverage on shares of CoStar Group in a research report on Wednesday, November 27th. They set a “hold” rating and a $601.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. CoStar Group currently has a consensus rating of “Buy” and a consensus target price of $641.42.

In other news, Director Christopher J. Nassetta sold 406 shares of CoStar Group stock in a transaction on Friday, October 25th. The stock was sold at an average price of $570.99, for a total transaction of $231,821.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Laura Cox Kaplan sold 576 shares of CoStar Group stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $591.60, for a total value of $340,761.60. The disclosure for this sale can be found here. 2.14% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the stock. Commonwealth Bank of Australia increased its holdings in CoStar Group by 77.4% during the second quarter. Commonwealth Bank of Australia now owns 55 shares of the technology company’s stock worth $29,000 after buying an additional 24 shares during the last quarter. Private Capital Group LLC bought a new stake in CoStar Group in the second quarter worth about $36,000. Allred Capital Management LLC purchased a new position in CoStar Group in the fourth quarter valued at about $39,000. Lenox Wealth Advisors LLC purchased a new position in CoStar Group in the fourth quarter valued at about $42,000. Finally, CSat Investment Advisory L.P. purchased a new position in CoStar Group in the second quarter valued at about $46,000. 93.90% of the stock is currently owned by institutional investors.

The stock’s 50-day moving average price is $606.26 and its two-hundred day moving average price is $594.17. The stock has a market capitalization of $23.44 billion, a P/E ratio of 88.26, a P/E/G ratio of 4.80 and a beta of 1.35.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings results on Tuesday, October 22nd. The technology company reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.09. CoStar Group had a net margin of 23.17% and a return on equity of 10.55%. The company had revenue of $352.81 million for the quarter, compared to analysts’ expectations of $353.16 million. During the same quarter in the previous year, the firm posted $2.16 EPS. CoStar Group’s revenue was up 15.5% on a year-over-year basis. On average, sell-side analysts predict that CoStar Group Inc will post 8.89 EPS for the current year.

About CoStar Group (NASDAQ:CSGP)

CoStar Group, Inc provides information, analytics, and online marketplaces to the commercial real estate industry in the United States and the United Kingdom. The company offers CoStar Property Professional service that offers inventory of office, industrial, retail, and multifamily properties and land.

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