CoStar Group (NASDAQ:CSGP) Issues Q3 Earnings Guidance

CoStar Group (NASDAQ:CSGP) updated its third quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.15-0.16 for the period, compared to the consensus EPS estimate of $0.18. The company issued revenue guidance of $692-697 million, compared to the consensus revenue estimate of $703.53 million. CoStar Group also updated its FY24 guidance to $0.64-0.66 EPS.

CoStar Group Price Performance

NASDAQ:CSGP traded down $0.68 during mid-day trading on Tuesday, hitting $74.83. 2,838,126 shares of the stock traded hands, compared to its average volume of 2,266,161. The business’s 50-day moving average price is $77.69 and its 200 day moving average price is $84.16. The company has a market cap of $30.56 billion, a PE ratio of 103.89, a price-to-earnings-growth ratio of 11.08 and a beta of 0.81. CoStar Group has a 12-month low of $67.35 and a 12-month high of $100.38. The company has a quick ratio of 9.09, a current ratio of 9.09 and a debt-to-equity ratio of 0.13.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings data on Tuesday, April 23rd. The technology company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.02 by $0.05. The company had revenue of $656.40 million during the quarter, compared to analysts’ expectations of $649.27 million. CoStar Group had a net margin of 11.64% and a return on equity of 4.95%. On average, analysts expect that CoStar Group will post 0.45 EPS for the current fiscal year.

Analysts Set New Price Targets

CSGP has been the subject of a number of recent research reports. Royal Bank of Canada restated an outperform rating and issued a $109.00 price objective on shares of CoStar Group in a report on Friday, June 7th. Keefe, Bruyette & Woods lowered their price objective on shares of CoStar Group from $109.00 to $100.00 and set an outperform rating for the company in a report on Wednesday, July 17th. JMP Securities restated a market outperform rating and issued a $110.00 price objective on shares of CoStar Group in a report on Tuesday, June 18th. Needham & Company LLC boosted their price objective on shares of CoStar Group from $90.00 to $107.00 and gave the stock a buy rating in a report on Wednesday, April 24th. Finally, Jefferies Financial Group boosted their price objective on shares of CoStar Group from $85.00 to $95.00 and gave the stock a hold rating in a report on Friday, April 12th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $100.08.

Insider Buying and Selling at CoStar Group

In other CoStar Group news, CFO Scott T. Wheeler sold 122,736 shares of the business’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $92.61, for a total transaction of $11,366,580.96. Following the transaction, the chief financial officer now directly owns 303,417 shares of the company’s stock, valued at approximately $28,099,448.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Scott T. Wheeler sold 122,736 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $92.61, for a total value of $11,366,580.96. Following the sale, the chief financial officer now directly owns 303,417 shares of the company’s stock, valued at approximately $28,099,448.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael J. Desmarais sold 3,800 shares of the company’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $92.67, for a total transaction of $352,146.00. Following the completion of the sale, the insider now directly owns 64,087 shares in the company, valued at $5,938,942.29. The disclosure for this sale can be found here. Insiders own 1.57% 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.