CoStar Group (NASDAQ:CSGP) Shares Gap Up - Should You Buy?

CoStar Group, Inc. (NASDAQ:CSGP - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $72.62, but opened at $76.50. CoStar Group shares last traded at $73.60, with a volume of 905,769 shares traded.

Wall Street Analysts Forecast Growth

CSGP has been the topic of several research reports. Craig Hallum assumed coverage on CoStar Group in a research note on Friday, February 28th. They issued a "buy" rating on the stock. Citigroup cut their price objective on shares of CoStar Group from $88.00 to $86.00 and set a "buy" rating on the stock in a research report on Thursday, February 20th. Piper Sandler assumed coverage on shares of CoStar Group in a research report on Friday, February 28th. They issued an "overweight" rating for the company. William Blair assumed coverage on shares of CoStar Group in a research report on Friday, February 28th. They set a "market perform" rating on the stock. Finally, Royal Bank of Canada restated a "sector perform" rating and issued a $83.00 price objective on shares of CoStar Group in a report on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.07.

CoStar Group Trading Up 2.6 %

The company has a market cap of $31.74 billion, a P/E ratio of 221.11 and a beta of 0.88. The business has a fifty day moving average price of $77.23 and a 200-day moving average price of $75.76. The company has a quick ratio of 9.63, a current ratio of 8.96 and a debt-to-equity ratio of 0.13.

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CoStar Group (NASDAQ:CSGP - Get Free Report) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, hitting analysts' consensus estimates of $0.22. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. The company had revenue of $709.40 million during the quarter, compared to the consensus estimate of $703.00 million. On average, analysts forecast that CoStar Group, Inc. will post 0.94 earnings per share for the current year.

CoStar Group declared that its board has approved a share buyback program on Tuesday, February 18th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Insider Transactions at CoStar Group

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $79.90, for a total transaction of $139,745.10. Following the sale, the chief accounting officer now owns 29,456 shares in the company, valued at approximately $2,353,534.40. This trade represents a 5.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.57% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CoStar Group

Large investors have recently modified their holdings of the business. Quantinno Capital Management LP increased its holdings in shares of CoStar Group by 70.6% during the third quarter. Quantinno Capital Management LP now owns 14,926 shares of the technology company's stock worth $1,126,000 after buying an additional 6,175 shares in the last quarter. Kovitz Investment Group Partners LLC bought a new position in CoStar Group during the third quarter worth $621,000. MML Investors Services LLC grew its holdings in CoStar Group by 1.2% in the third quarter. MML Investors Services LLC now owns 86,009 shares of the technology company's stock worth $6,488,000 after purchasing an additional 1,021 shares during the period. Barclays PLC increased its stake in CoStar Group by 91.4% in the third quarter. Barclays PLC now owns 2,249,188 shares of the technology company's stock valued at $169,678,000 after purchasing an additional 1,073,793 shares in the last quarter. Finally, M&T Bank Corp raised its holdings in shares of CoStar Group by 3.4% during the third quarter. M&T Bank Corp now owns 24,330 shares of the technology company's stock valued at $1,835,000 after purchasing an additional 790 shares during the period. Institutional investors and hedge funds own 96.60% of the company's stock.

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.