CoStar Group (NASDAQ:CSGP) Hits New 52-Week High - Time to Buy?

CoStar Group, Inc. (NASDAQ:CSGP - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $86.17 and last traded at $85.64, with a volume of 2005729 shares trading hands. The stock had previously closed at $85.43.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Wells Fargo & Company restated an "underweight" rating and set a $70.00 price objective (up from $65.00) on shares of CoStar Group in a research report on Wednesday. Needham & Company LLC upped their price target on CoStar Group from $87.00 to $98.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. JMP Securities reiterated a "market outperform" rating and issued a $85.00 price target on shares of CoStar Group in a research report on Wednesday, April 30th. Bank of America assumed coverage on CoStar Group in a research report on Friday, May 30th. They issued a "neutral" rating and a $79.00 price target on the stock. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $83.00 price target on shares of CoStar Group in a research report on Tuesday, June 24th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $88.46.

CoStar Group Trading Down 0.4%

The company has a debt-to-equity ratio of 0.12, a current ratio of 6.01 and a quick ratio of 6.01. The company has a market cap of $35.69 billion, a price-to-earnings ratio of 291.75, a price-to-earnings-growth ratio of 4.29 and a beta of 0.89. The business has a 50 day simple moving average of $79.20 and a 200 day simple moving average of $77.44.

Hedge Funds Weigh In On CoStar Group

Several large investors have recently made changes to their positions in CSGP. Mizuho Markets Americas LLC acquired a new position in shares of CoStar Group during the first quarter valued at $586,403,000. Norges Bank acquired a new position in shares of CoStar Group during the fourth quarter valued at $390,755,000. Capital International Investors lifted its stake in shares of CoStar Group by 44.9% during the fourth quarter. Capital International Investors now owns 14,032,363 shares of the technology company's stock valued at $1,004,578,000 after acquiring an additional 4,345,267 shares during the period. Vanguard Group Inc. lifted its stake in shares of CoStar Group by 4.1% during the first quarter. Vanguard Group Inc. now owns 68,426,711 shares of the technology company's stock valued at $5,421,448,000 after acquiring an additional 2,709,320 shares during the period. Finally, Third Point LLC acquired a new position in shares of CoStar Group during the first quarter valued at $156,479,000. Institutional investors and hedge funds own 96.60% of the company's stock.

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.