CoStar Group (NASDAQ:CSGP) Issues Q4 Earnings Guidance

CoStar Group (NASDAQ:CSGP) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.21 to $0.23 for the period, compared to the consensus estimate of $0.24. The company issued revenue guidance of $693 million to $703 million, compared to the consensus revenue estimate of $713.34 million. CoStar Group also updated its FY 2024 guidance to 0.670-0.690 EPS.

CoStar Group Stock Up 2.1 %

CoStar Group stock traded up $1.56 during mid-day trading on Thursday, reaching $74.38. The company’s stock had a trading volume of 2,117,926 shares, compared to its average volume of 2,311,292. The business’s 50 day simple moving average is $76.46 and its 200 day simple moving average is $79.20. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.27 and a current ratio of 9.27. CoStar Group has a 12 month low of $67.35 and a 12 month high of $100.38. The company has a market capitalization of $30.37 billion, a price-to-earnings ratio of 99.63 and a beta of 0.81.

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CSGP shares. Citigroup decreased their target price on shares of CoStar Group from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday. The Goldman Sachs Group decreased 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, July 24th. StockNews.com raised shares of CoStar Group from a “sell” rating to a “hold” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. reduced their price target on CoStar Group from $108.00 to $99.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Robert W. Baird lowered their price target on CoStar Group from $105.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus 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.