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

CoStar Group (NASDAQ:CSGP) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 0.670-0.690 for the period, compared to the consensus earnings per share 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.

Analysts Set New Price Targets

A number of brokerages recently commented on CSGP. Needham & Company LLC reduced their price objective on shares of CoStar Group from $107.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday. The Goldman Sachs Group reduced their price target on CoStar Group from $108.00 to $93.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Robert W. Baird dropped their price objective on CoStar Group from $105.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Keefe, Bruyette & Woods reduced their target price on CoStar Group from $109.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. Finally, BMO Capital Markets decreased their target price on shares of CoStar Group from $78.00 to $75.00 and set a “market perform” rating on the stock in a research report on Thursday. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $92.62.

CoStar Group Price Performance

Shares of NASDAQ CSGP opened at $73.91 on Friday. The company has a current ratio of 9.27, a quick ratio of 9.27 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average price is $76.46 and its 200 day moving average price is $79.20. CoStar Group has a 52 week low of $67.35 and a 52 week high of $100.38. The stock has a market cap of $30.29 billion, a price-to-earnings ratio of 167.98 and a beta of 0.81.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, October 22nd. The technology company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.16 by $0.06. CoStar Group had a net margin of 6.57% and a return on equity of 3.54%. The business had revenue of $692.60 million for the quarter, compared to analyst estimates of $695.91 million. During the same period in the prior year, the business earned $0.25 earnings per share. The company’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, research analysts forecast that CoStar Group will post 0.49 earnings per share for the current fiscal year.

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.