CoStar Group (NASDAQ:CSGP) Releases FY24 Earnings Guidance

CoStar Group (NASDAQ:CSGP) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.64-0.66 for the period, compared to the consensus estimate of $0.62. The company issued revenue guidance of $2.735-2.745 billion, compared to the consensus revenue estimate of $2.77 billion. CoStar Group also updated its FY 2024 guidance to 0.640-0.660 EPS.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lowered their target price on shares of CoStar Group from $109.00 to $100.00 and set an outperform rating on the stock in a report on Wednesday, July 17th. Royal Bank of Canada decreased their price objective on shares of CoStar Group from $109.00 to $96.00 and set an outperform rating on the stock in a report on Wednesday. Stephens reissued an overweight rating and set a $105.00 price objective on shares of CoStar Group in a report on Wednesday, April 24th. William Blair reissued an outperform rating on shares of CoStar Group in a report on Wednesday, April 24th. Finally, Robert W. Baird decreased their price objective on shares of CoStar Group from $105.00 to $100.00 and set an outperform rating on the stock in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $96.08.

CoStar Group Trading Up 0.8 %

Shares of NASDAQ:CSGP traded up $0.63 during trading on Thursday, reaching $76.98. The stock had a trading volume of 1,005,947 shares, compared to its average volume of 2,306,302. The business has a fifty day moving average price of $77.19 and a 200-day moving average price of $84.06. The company has a quick ratio of 9.09, a current ratio of 9.09 and a debt-to-equity ratio of 0.13. The stock has a market cap of $31.43 billion, a P/E ratio of 104.59, a PEG ratio of 13.02 and a beta of 0.81. CoStar Group has a fifty-two week low of $67.35 and a fifty-two week high of $100.38.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.06. The business had revenue of $677.80 million during 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 4.01%. The company’s revenue was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.27 earnings per share. As a group, analysts anticipate that CoStar Group will post 0.44 earnings per share for the current fiscal year.

Insider Activity

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

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.