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.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Stephens reiterated an overweight rating and issued a $105.00 price objective on shares of CoStar Group in a report on Wednesday, April 24th. Royal Bank of Canada reissued an outperform rating and issued a $109.00 target price on shares of CoStar Group in a research report on Friday, June 7th. Bank of America decreased their target price on CoStar Group from $111.00 to $89.00 and set a buy rating for the company in a research report on Monday. Needham & Company LLC upped their target price on CoStar Group from $90.00 to $107.00 and gave the company a buy rating in a research report on Wednesday, April 24th. Finally, JMP Securities reissued a market outperform rating and issued a $110.00 target price on shares of CoStar Group in a research report on Tuesday, June 18th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $100.08.

CoStar Group Stock Performance

CoStar Group stock traded down $0.67 during mid-day trading on Tuesday, reaching $74.84. 3,548,925 shares of the company were exchanged, compared to its average volume of 2,271,220. CoStar Group has a twelve month low of $67.35 and a twelve month high of $100.38. The firm’s 50-day simple moving average is $77.69 and its two-hundred day simple moving average is $84.16. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.09 and a current ratio of 9.09. The firm has a market cap of $30.56 billion, a PE ratio of 103.89, a price-to-earnings-growth ratio of 11.08 and a beta of 0.81.

CoStar Group (NASDAQ:CSGP) last issued its earnings results on Tuesday, April 23rd. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.05. The business had revenue of $656.40 million during the quarter, compared to the consensus estimate of $649.27 million. CoStar Group had a return on equity of 4.95% and a net margin of 11.64%. Equities analysts predict that CoStar Group will post 0.45 earnings per share for the current fiscal year.

Insider Transactions at CoStar Group

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

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.