CoStar Group (NASDAQ:CSGP) Issues FY 2024 Earnings Guidance

CoStar Group (NASDAQ:CSGP) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.670-0.690 for the period, compared to the consensus estimate of 0.660. The company issued revenue guidance of $2.7 billion-$2.7 billion, compared to the consensus revenue estimate of $2.7 billion. CoStar Group also updated its FY24 guidance to $0.67 to $0.69 EPS.

CoStar Group Price Performance

NASDAQ CSGP traded up $1.81 during trading on Thursday, hitting $74.63. 2,186,713 shares of the company’s stock were exchanged, compared to its average volume of 2,312,068. The stock’s 50 day moving average price is $76.46 and its two-hundred day moving average price is $79.20. The company has a market cap of $30.47 billion, a PE ratio of 99.63 and a beta of 0.81. CoStar Group has a fifty-two week low of $67.35 and a fifty-two week high of $100.38. The company has a current ratio of 9.27, a quick ratio of 9.27 and a debt-to-equity ratio of 0.13.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, October 22nd. The technology company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. CoStar Group had a net margin of 8.19% and a return on equity of 3.99%. The business had revenue of $692.60 million during the quarter, compared to the consensus estimate of $695.91 million. During the same quarter last year, the company posted $0.25 earnings per share. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. Research analysts expect that CoStar Group will post 0.49 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. StockNews.com raised shares of CoStar Group from a “sell” rating to a “hold” rating in a report on Tuesday, October 8th. JMP Securities reissued a “market outperform” rating and issued a $90.00 target price on shares of CoStar Group in a research note on Friday, September 6th. Royal Bank of Canada lowered CoStar Group from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $96.00 to $83.00 in a research report on Wednesday. Bank of America reduced their price objective on shares of CoStar Group from $111.00 to $89.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Finally, The Goldman Sachs Group reduced their price objective on CoStar Group from $108.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $92.62.

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.