CoStar Group (NASDAQ:CSGP) Updates FY 2019 Earnings Guidance

CoStar Group (NASDAQ:CSGP) issued an update on its FY 2019 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $7.98-8.14 for the period. The company issued revenue guidance of $1.385-1.391 billion, compared to the consensus revenue estimate of $1.39 billion.CoStar Group also updated its Q4 guidance to $2.52-2.64 EPS.

CoStar Group stock opened at $569.36 on Friday. The firm’s fifty day moving average price is $590.61 and its 200-day moving average price is $561.47. The stock has a market cap of $20.71 billion, a P/E ratio of 76.94, a price-to-earnings-growth ratio of 4.19 and a beta of 1.36. CoStar Group has a fifty-two week low of $315.85 and a fifty-two week high of $639.41.

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CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, October 22nd. The technology company reported $2.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.52 by $0.09. The firm had revenue of $352.81 million for the quarter, compared to analysts’ expectations of $353.16 million. CoStar Group had a net margin of 23.17% and a return on equity of 10.55%. The business’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the company posted $2.16 EPS. On average, equities research analysts forecast that CoStar Group will post 9.02 EPS for the current year.

CSGP has been the topic of several research reports. B. Riley raised their price objective on shares of CoStar Group from $610.00 to $640.00 and gave the company a buy rating in a research report on Monday. Citigroup raised their price objective on shares of CoStar Group from $575.00 to $680.00 and gave the company a buy rating in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods initiated coverage on shares of CoStar Group in a research report on Tuesday, July 9th. They set an outperform rating and a $650.00 price objective on the stock. Zacks Investment Research cut shares of CoStar Group from a buy rating to a hold rating in a research report on Tuesday, October 8th. Finally, JMP Securities lifted their target price on shares of CoStar Group from $525.00 to $630.00 and gave the stock a market outperform rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $631.30.

In related news, VP Matthew Linnington sold 14,651 shares of CoStar Group stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $617.39, for a total value of $9,045,380.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.14% of the stock is owned by company insiders.

About CoStar Group

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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