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

CoStar Group (NASDAQ:CSGP) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.640-0.660 for the period, compared to the consensus estimate of 0.620. The company issued revenue guidance of $2.7 billion-$2.7 billion, compared to the consensus revenue estimate of $2.8 billion. CoStar Group also updated its FY24 guidance to $0.64-0.66 EPS.

CoStar Group Stock Performance

NASDAQ CSGP traded up $0.59 during trading on Friday, reaching $78.43. The company’s stock had a trading volume of 148,319 shares, compared to its average volume of 2,310,503. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.09 and a current ratio of 9.27. The firm has a market cap of $32.03 billion, a price-to-earnings ratio of 106.63, a P/E/G ratio of 13.28 and a beta of 0.81. CoStar Group has a twelve month low of $67.35 and a twelve month high of $100.38. The business’s fifty day moving average price is $76.99 and its 200-day moving average price is $84.02.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.09 by $0.06. The business had revenue of $677.80 million for the quarter, compared to analyst estimates of $677.18 million. CoStar Group had a net margin of 8.19% and a return on equity of 3.99%. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.27 EPS. As a group, analysts anticipate that CoStar Group will post 0.44 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on the stock. The Goldman Sachs Group lowered their price objective on shares of CoStar Group from $108.00 to $93.00 and set a buy rating for the company in a research report on Wednesday. Bank of America dropped their target price on CoStar Group from $111.00 to $89.00 and set a buy rating on the stock in a research report on Monday. Royal Bank of Canada lowered their price target on CoStar Group from $109.00 to $96.00 and set an outperform rating on the stock in a report on Wednesday. BMO Capital Markets raised their price target on CoStar Group from $84.00 to $88.00 and gave the company a market perform rating in a report on Thursday, April 25th. Finally, Jefferies Financial Group lifted their target price on CoStar Group from $85.00 to $95.00 and gave the stock a hold rating in a report on Friday, April 12th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $96.08.

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.