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 EPS guidance of 0.670-0.690 for the period, compared to the consensus EPS estimate of 0.660. The company issued revenue guidance of $2.7 billion-$2.7 billion, compared to the consensus revenue estimate of $2.7 billion. CoStar Group also updated its FY24 guidance to $0.67 to $0.69 EPS.

CoStar Group Stock Performance

Shares of CoStar Group stock traded down $0.49 on Tuesday, reaching $76.87. The stock had a trading volume of 2,836,692 shares, compared to its average volume of 2,251,573. CoStar Group has a fifty-two week low of $67.35 and a fifty-two week high of $100.38. The business’s 50-day moving average price is $76.40 and its two-hundred day moving average price is $79.37. 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 market cap of $31.50 billion, a P/E ratio of 145.97 and a beta of 0.81.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.06. CoStar Group had a net margin of 8.19% and a return on equity of 3.99%. The company had revenue of $677.80 million during the quarter, compared to analysts’ expectations of $677.18 million. During the same period in the prior year, the company earned $0.27 earnings per share. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. On average, sell-side analysts forecast that CoStar Group will post 0.49 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have commented on CSGP shares. The Goldman Sachs Group dropped their price target on CoStar Group from $108.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Royal Bank of Canada reiterated an “outperform” rating and set a $96.00 target price on shares of CoStar Group in a research note on Tuesday, September 10th. JMP Securities restated a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a report on Friday, September 6th. Keefe, Bruyette & Woods reduced their target price on shares of CoStar Group from $109.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. 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 note on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $96.38.

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.