CoStar Group (NASDAQ:CSGP) Sets New 52-Week High - Here's Why

Shares of CoStar Group, Inc. (NASDAQ:CSGP - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $84.06 and last traded at $83.63, with a volume of 163632 shares trading hands. The stock had previously closed at $82.83.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CSGP shares. JMP Securities reissued a "market outperform" rating and issued a $85.00 price objective on shares of CoStar Group in a research report on Wednesday, April 30th. Royal Bank Of Canada restated a "sector perform" rating and set a $83.00 target price on shares of CoStar Group in a research report on Tuesday, June 24th. Keefe, Bruyette & Woods raised their price objective on shares of CoStar Group from $93.00 to $95.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. Wells Fargo & Company lifted their target price on shares of CoStar Group from $63.00 to $65.00 and gave the stock an "underweight" rating in a research note on Wednesday, April 30th. Finally, Bank of America started coverage on shares of CoStar Group in a report on Friday, May 30th. They issued a "neutral" rating and a $79.00 price objective for the company. Two equities research 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 company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $87.69.

CoStar Group Stock Performance

The firm has a 50-day moving average price of $77.92 and a two-hundred day moving average price of $76.87. The company has a quick ratio of 6.01, a current ratio of 6.01 and a debt-to-equity ratio of 0.12. The firm has a market cap of $35.65 billion, a PE ratio of 291.38, a P/E/G ratio of 4.17 and a beta of 0.89.

Institutional Investors Weigh In On CoStar Group

Several hedge funds and other institutional investors have recently bought and sold shares of CSGP. Vanguard Group Inc. raised its stake in shares of CoStar Group by 4.1% in 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 in the last quarter. Bamco Inc. NY grew its position in shares of CoStar Group by 2.2% during the fourth quarter. Bamco Inc. NY now owns 19,203,564 shares of the technology company's stock worth $1,374,783,000 after acquiring an additional 418,128 shares during the last quarter. Capital International Investors grew its position in CoStar Group by 44.9% during the 4th quarter. Capital International Investors now owns 14,032,363 shares of the technology company's stock worth $1,004,578,000 after purchasing an additional 4,345,267 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of CoStar Group by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 11,475,755 shares of the technology company's stock valued at $819,678,000 after purchasing an additional 166,769 shares during the last quarter. Finally, Akre Capital Management LLC raised its position in CoStar Group by 4.3% during the 4th quarter. Akre Capital Management LLC now owns 9,313,880 shares of the technology company's stock worth $666,781,000 after buying an additional 379,787 shares during the last quarter. 96.60% of the stock is currently owned by institutional investors and hedge funds.

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.