CoStar Group (NASDAQ:CSGP) Updates FY24 Earnings Guidance

CoStar Group (NASDAQ:CSGP) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.67 to $0.69 for the period, compared to the consensus estimate of $0.66. The company issued revenue guidance of $2.72 billion to $2.73 billion, compared to the consensus revenue estimate of $2.74 billion. CoStar Group also updated its FY 2024 guidance to 0.670-0.690 EPS.

CoStar Group Trading Up 2.1 %

NASDAQ CSGP traded up $1.56 during trading hours on Thursday, reaching $74.38. The company’s stock had a trading volume of 2,117,926 shares, compared to its average volume of 2,311,292. 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 current ratio of 9.27 and a quick ratio of 9.27. The stock has a market cap of $30.37 billion, a P/E ratio of 99.63 and a beta of 0.81. The firm has a fifty day simple moving average of $76.46 and a 200-day simple moving average of $79.20.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings data on Tuesday, October 22nd. The technology company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.06. The company had revenue of $692.60 million for the quarter, compared to analysts’ expectations of $695.91 million. CoStar Group had a net margin of 8.19% and a return on equity of 3.99%. CoStar Group’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 earnings per share. Equities analysts forecast that CoStar Group will post 0.49 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. StockNews.com raised CoStar Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 8th. Royal Bank of Canada downgraded shares of CoStar Group from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $96.00 to $83.00 in a research report on Wednesday. JMP Securities reiterated a “market outperform” rating and set a $90.00 price objective on shares of CoStar Group in a research report on Friday, September 6th. Bank of America lowered their target price on shares of CoStar Group from $111.00 to $89.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Finally, Robert W. Baird cut their price target on shares of CoStar Group from $105.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $92.62.

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.