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 0.640-0.660 for the period, compared to the consensus EPS estimate of 0.620. The company issued revenue guidance of $2.7 billion-$2.7 billion, compared to the consensus revenue estimate of $2.8 billion. CoStar Group also updated its FY24 guidance to $0.64-0.66 EPS.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods decreased their price target on shares of CoStar Group from $109.00 to $100.00 and set an outperform rating for the company in a research report on Wednesday, July 17th. Bank of America decreased their price target on shares of CoStar Group from $111.00 to $89.00 and set a buy rating for the company in a research report on Monday. JMP Securities decreased their price target on shares of CoStar Group from $110.00 to $90.00 and set a market outperform rating for the company in a research report on Wednesday. Stephens reaffirmed an overweight rating and set a $105.00 price objective on shares of CoStar Group in a research report on Wednesday, April 24th. Finally, Jefferies Financial Group lifted their price objective on shares of CoStar Group from $85.00 to $95.00 and gave the stock a hold rating in a research report on Friday, April 12th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, CoStar Group currently has an average rating of Moderate Buy and an average price target of $96.08.

CoStar Group Price Performance

CSGP stock traded up $1.55 during trading on Thursday, reaching $77.90. 1,237,457 shares of the company were exchanged, compared to its average volume of 2,307,933. The company has a market cap of $31.81 billion, a P/E ratio of 104.59, a PEG ratio of 13.02 and a beta of 0.81. CoStar Group has a 52-week low of $67.35 and a 52-week high of $100.38. The stock’s 50 day moving average price is $77.19 and its 200 day moving average price is $84.06. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.09 and a current ratio of 9.09.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.06. The firm had revenue of $677.80 million for the quarter, compared to the consensus estimate of $677.18 million. CoStar Group had a net margin of 8.19% and a return on equity of 4.01%. The firm’s revenue was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.27 earnings per share. As a group, analysts predict that CoStar Group will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CoStar Group news, CFO Scott T. Wheeler sold 122,736 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $92.61, for a total value of $11,366,580.96. Following the sale, the chief financial officer now owns 303,417 shares of the company’s stock, valued at $28,099,448.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other CoStar Group news, CFO Scott T. Wheeler sold 122,736 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $92.61, for a total value of $11,366,580.96. Following the sale, the chief financial officer now owns 303,417 shares of the company’s stock, valued at $28,099,448.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael J. Desmarais sold 3,800 shares of the company’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $92.67, for a total transaction of $352,146.00. Following the transaction, the insider now directly owns 64,087 shares in the company, valued at approximately $5,938,942.29. The disclosure for this sale can be found here. 1.57% of the stock is owned by insiders.

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.