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

CoStar Group (NASDAQ:CSGP) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 0.670-0.690 for the period, compared to the consensus earnings per share estimate of 0.660. The company issued revenue guidance of $2.7 billion-$2.7 billion, compared to the consensus revenue estimate of $2.7 billion. CoStar Group also updated its FY24 guidance to $0.67 to $0.69 EPS.

Analyst Upgrades and Downgrades

CSGP has been the subject of a number of recent research reports. JPMorgan Chase & Co. raised their price target on shares of CoStar Group from $102.00 to $108.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Robert W. Baird reduced their target price on CoStar Group from $105.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. JMP Securities restated a “market outperform” rating and set a $90.00 target price on shares of CoStar Group in a report on Friday, September 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $96.00 price target on shares of CoStar Group in a report on Tuesday, September 10th. Finally, Bank of America decreased their price objective on shares of CoStar Group from $111.00 to $89.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, CoStar Group has an average rating of “Moderate Buy” and an average target price of $96.38.

CoStar Group Stock Performance

NASDAQ CSGP traded down $0.49 during trading hours on Tuesday, hitting $76.87. 2,880,341 shares of the company’s stock traded hands, compared to its average volume of 2,252,289. CoStar Group has a 52 week low of $67.35 and a 52 week high of $100.38. The firm has a market capitalization of $31.50 billion, a P/E ratio of 145.97 and a beta of 0.81. The company has a current ratio of 9.27, a quick ratio of 9.27 and a debt-to-equity ratio of 0.13. The business’s fifty day moving average price is $76.40 and its two-hundred day moving average price is $79.37.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings results on Tuesday, July 23rd. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.06. CoStar Group had a return on equity of 3.99% and a net margin of 8.19%. The business had revenue of $677.80 million during the quarter, compared to analyst estimates of $677.18 million. During the same quarter in the previous year, the company posted $0.27 earnings per share. CoStar Group’s revenue for the quarter was up 11.9% on a year-over-year basis. Equities research analysts predict that CoStar Group will post 0.49 EPS for the current year.

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.