CoStar Group (NASDAQ:CSGP) Updates Q3 2024 Earnings Guidance

CoStar Group (NASDAQ:CSGP) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.150-0.160 for the period, compared to the consensus earnings per share estimate of 0.180. The company issued revenue guidance of $692.0 million-$697.0 million, compared to the consensus revenue estimate of $704.1 million. CoStar Group also updated its FY 2024 guidance to 0.640-0.660 EPS.

CoStar Group Price Performance

Shares of NASDAQ:CSGP traded up $3.90 on Wednesday, reaching $78.74. The company’s stock had a trading volume of 5,773,517 shares, compared to its average volume of 2,296,082. CoStar Group has a 52-week low of $67.35 and a 52-week high of $100.38. The company has a market cap of $32.15 billion, a P/E ratio of 108.67, a PEG ratio of 11.24 and a beta of 0.81. The company has a 50-day simple moving average of $77.44 and a 200 day simple moving average of $84.11. 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 issued its quarterly earnings data on Tuesday, April 23rd. The technology company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.05. CoStar Group had a net margin of 11.64% and a return on equity of 4.95%. The business had revenue of $656.40 million during the quarter, compared to analysts’ expectations of $649.27 million. As a group, equities research analysts anticipate that CoStar Group will post 0.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CSGP has been the subject of a number of recent research reports. Needham & Company LLC reissued a buy rating and issued a $107.00 price objective on shares of CoStar Group in a research note on Wednesday. Bank of America dropped 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 note on Monday. Robert W. Baird dropped their price target on shares of CoStar Group from $105.00 to $100.00 and set an outperform rating for the company in a research note on Wednesday. The Goldman Sachs Group dropped their price target on shares of CoStar Group from $108.00 to $93.00 and set a buy rating for the company in a research note on Wednesday. Finally, Stephens reaffirmed an overweight rating and set a $105.00 price target on shares of CoStar Group in a research note on Wednesday, April 24th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $96.08.

Insiders Place Their Bets

In other news, insider Michael J. Desmarais sold 3,800 shares of the firm’s stock in a transaction on Friday, April 26th. The stock was 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 of the company’s stock, valued at $5,938,942.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Scott T. Wheeler sold 122,736 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 303,417 shares in the company, valued at $28,099,448.37. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Michael J. Desmarais sold 3,800 shares of CoStar Group 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 completion of 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 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.