CoStar Group (NASDAQ:CSGP) Releases FY 2024 Earnings Guidance

CoStar Group (NASDAQ:CSGP) updated its FY 2024 earnings guidance on Tuesday. 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 Price Performance

Shares of NASDAQ CSGP traded down $0.49 during trading on Tuesday, reaching $76.87. The company had a trading volume of 2,836,692 shares, compared to its average volume of 2,251,573. CoStar Group has a 52 week low of $67.35 and a 52 week high of $100.38. 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 business’s 50 day moving average price is $76.40 and its 200-day moving average price is $79.37. The stock has a market cap of $31.50 billion, a PE ratio of 145.97 and a beta of 0.81.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.06. The firm had revenue of $677.80 million for the quarter, compared to analyst estimates of $677.18 million. CoStar Group had a return on equity of 3.99% and a net margin of 8.19%. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period last year, the company earned $0.27 EPS. Analysts expect that CoStar Group will post 0.49 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CSGP has been the topic of several recent research reports. The Goldman Sachs Group reduced their target price on shares of CoStar Group from $108.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. JMP Securities reaffirmed a “market outperform” rating and set a $90.00 target price on shares of CoStar Group in a report on Friday, September 6th. Robert W. Baird cut 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. StockNews.com raised CoStar Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 8th. Finally, Bank of America cut their target price on CoStar Group from $111.00 to $89.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus 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.