CoStar Group (NASDAQ:CSGP) Issues 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 0.580-0.620 for the period, compared to the consensus EPS estimate of 0.600. The company issued revenue guidance of $2.8 billion-$2.8 billion, compared to the consensus revenue estimate of $2.8 billion. CoStar Group also updated its FY24 guidance to $0.58-0.62 EPS.

CoStar Group Stock Up 2.6 %

Shares of CSGP stock traded up $2.33 during trading hours on Friday, hitting $92.67. 681,177 shares of the company were exchanged, compared to its average volume of 2,182,433. The company has a debt-to-equity ratio of 0.13, a quick ratio of 12.01 and a current ratio of 9.09. The business’s 50-day simple moving average is $89.55 and its two-hundred day simple moving average is $84.68. CoStar Group has a one year low of $67.35 and a one year high of $100.38. The stock has a market capitalization of $37.85 billion, a price-to-earnings ratio of 123.75, a P/E/G ratio of 10.57 and a beta of 0.84.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, February 20th. The technology company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. CoStar Group had a return on equity of 4.95% and a net margin of 11.64%. The company had revenue of $640.00 million for the quarter, compared to analysts’ expectations of $634.27 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. Sell-side analysts predict that CoStar Group will post 0.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CSGP. Keefe, Bruyette & Woods raised their price objective 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. Robert W. Baird lifted their price target on shares of CoStar Group from $90.00 to $105.00 and gave the stock an outperform rating in a research report on Monday, March 18th. BTIG Research assumed coverage on shares of CoStar Group in a research report on Friday, January 19th. They issued a neutral rating on the stock. Stephens restated an overweight rating and issued a $105.00 price target on shares of CoStar Group in a research report on Wednesday. Finally, JMP Securities reiterated a market outperform rating and set a $110.00 price objective on shares of CoStar Group in a research report on Friday, April 12th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $102.46.

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.