CoStar Group (NASDAQ:CSGP) Releases FY24 Earnings Guidance

CoStar Group (NASDAQ:CSGP) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.67 to $0.69 for the period, compared to the consensus estimate of $0.66. The company issued revenue guidance of $2.72 billion to $2.73 billion, compared to the consensus revenue estimate of $2.74 billion. CoStar Group also updated its FY 2024 guidance to 0.670-0.690 EPS.

CoStar Group Trading Down 11.0 %

CSGP stock traded down $8.45 during midday trading on Wednesday, reaching $68.42. The company’s stock had a trading volume of 2,551,304 shares, compared to its average volume of 2,253,753. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.27 and a current ratio of 9.27. The stock has a fifty day simple moving average of $76.47 and a two-hundred day simple moving average of $79.24. CoStar Group has a 1 year low of $67.35 and a 1 year high of $100.38. The firm has a market capitalization of $28.04 billion, a price-to-earnings ratio of 132.72 and a beta of 0.81.

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

Analyst Upgrades and Downgrades

CSGP has been the subject of several recent analyst reports. StockNews.com raised CoStar Group from a “sell” rating to a “hold” rating in a report on Tuesday, October 8th. Robert W. Baird reduced their price target on CoStar Group from $105.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. Keefe, Bruyette & Woods reduced their price target on CoStar Group from $109.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. JMP Securities restated a “market outperform” rating and issued a $90.00 price objective on shares of CoStar Group in a research report on Friday, September 6th. Finally, The Goldman Sachs Group cut their price objective on CoStar Group from $108.00 to $93.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, CoStar Group currently has an average rating of “Moderate Buy” and an average target price of $94.85.

CoStar Group Company Profile

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.