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

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on CSGP. Bank of America boosted their target price on CoStar Group from $97.00 to $111.00 and gave the stock a buy rating in a research report on Monday, March 18th. Citigroup upped their price objective on CoStar Group from $90.00 to $97.00 and gave the company a buy rating in a research report on Wednesday, February 7th. JMP Securities reiterated a market outperform rating and issued a $110.00 target price on shares of CoStar Group in a research note on Friday, April 12th. Jefferies Financial Group upped their target price on CoStar Group from $85.00 to $95.00 and gave the company a hold rating in a research note on Friday, April 12th. Finally, The Goldman Sachs Group upped their target price on CoStar Group from $96.00 to $107.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $100.50.

CoStar Group Stock Down 0.8 %

Shares of CSGP stock traded down $0.69 during trading hours on Tuesday, reaching $84.62. The company had a trading volume of 3,026,050 shares, compared to its average volume of 2,161,467. The company has a debt-to-equity ratio of 0.13, a quick ratio of 12.01 and a current ratio of 12.01. CoStar Group has a twelve month low of $67.35 and a twelve month high of $100.38. The company has a market capitalization of $34.56 billion, a P/E ratio of 92.60, a price-to-earnings-growth ratio of 9.69 and a beta of 0.84. The stock’s fifty day simple moving average is $89.15 and its 200 day simple moving average is $84.56.

CoStar Group (NASDAQ:CSGP) last posted its earnings results on Tuesday, February 20th. The technology company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. CoStar Group had a return on equity of 6.08% and a net margin of 15.26%. The business had revenue of $640.00 million during the quarter, compared to analyst estimates of $634.27 million. During the same quarter last year, the firm earned $0.35 earnings per share. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. As a group, sell-side analysts expect that CoStar Group will post 0.44 earnings per share for the current fiscal year.

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.