CoStar Group (NASDAQ:CSGP) Releases FY24 Earnings Guidance

CoStar Group (NASDAQ:CSGP) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.64-0.66 for the period, compared to the consensus estimate of $0.62. The company issued revenue guidance of $2.735-2.745 billion, compared to the consensus revenue estimate of $2.77 billion. CoStar Group also updated its FY 2024 guidance to 0.640-0.660 EPS.

CoStar Group Trading Up 6.1 %

NASDAQ CSGP traded up $4.53 during mid-day trading on Wednesday, hitting $79.37. The company’s stock had a trading volume of 5,435,610 shares, compared to its average volume of 2,293,685. The firm has a market capitalization of $32.41 billion, a P/E ratio of 108.73, a price-to-earnings-growth ratio of 11.24 and a beta of 0.81. The stock’s fifty day simple moving average is $77.44 and its two-hundred day simple moving average is $84.11. 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 9.09 and a quick ratio of 9.09.

CoStar Group (NASDAQ:CSGP) last posted its quarterly earnings data on Tuesday, April 23rd. The technology company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.05. The company had revenue of $656.40 million for the quarter, compared to analyst estimates of $649.27 million. CoStar Group had a net margin of 11.64% and a return on equity of 4.95%. Research analysts expect that CoStar Group will post 0.45 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CSGP. William Blair reiterated an outperform rating on shares of CoStar Group in a research note on Wednesday, April 24th. BMO Capital Markets increased their target price on shares of CoStar Group from $84.00 to $88.00 and gave the stock a market perform rating in a report on Thursday, April 25th. Jefferies Financial Group increased their target price on shares of CoStar Group from $85.00 to $95.00 and gave the stock a hold rating in a report on Friday, April 12th. Bank of America dropped their target price on shares of CoStar Group from $111.00 to $89.00 and set a buy rating on the stock in a report on Monday. Finally, JMP Securities dropped their target price on shares of CoStar Group from $110.00 to $90.00 and set a market outperform rating on the stock in a report on Wednesday. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $96.08.

Insider Transactions at CoStar Group

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

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.