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 $0.58-0.62 for the period, compared to the consensus estimate of $0.60. The company issued revenue guidance of $2.76-2.77 billion, compared to the consensus revenue estimate of $2.77 billion. CoStar Group also updated its FY 2024 guidance to 0.580-0.620 EPS.

CoStar Group Trading Up 8.0 %

CSGP stock traded up $6.75 during trading on Wednesday, reaching $91.37. 2,925,584 shares of the stock were exchanged, compared to its average volume of 2,169,891. The company has a current ratio of 12.01, a quick ratio of 12.01 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $89.21 and a 200-day moving average price of $84.59. 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 $37.32 billion, a price-to-earnings ratio of 98.21, a P/E/G ratio of 9.81 and a beta of 0.84.

CoStar Group (NASDAQ:CSGP) last issued its earnings results on Tuesday, February 20th. The technology company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The company had revenue of $640.00 million for the quarter, compared to the consensus estimate of $634.27 million. CoStar Group had a net margin of 15.26% and a return on equity of 6.08%. CoStar Group’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.35 earnings per share. On average, research analysts predict that CoStar Group will post 0.44 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price target on shares of CoStar Group from $96.00 to $107.00 and gave the company a buy rating in a research note on Wednesday, March 20th. BTIG Research assumed coverage on shares of CoStar Group in a research note on Friday, January 19th. They issued a neutral rating on the stock. BMO Capital Markets boosted their price target on shares of CoStar Group from $79.00 to $84.00 and gave the company a market perform rating in a research note on Friday, April 19th. Keefe, Bruyette & Woods boosted their price target on shares of CoStar Group from $96.00 to $109.00 and gave the company an outperform rating in a research note on Wednesday, April 10th. Finally, JMP Securities reissued a market outperform rating and issued a $110.00 price target on shares of CoStar Group in a research note on Friday, April 12th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $102.15.

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.