CoStar Group (NASDAQ:CSGP) Issues FY24 Earnings Guidance

CoStar Group (NASDAQ:CSGP) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.58-0.62 for the period, compared to the consensus EPS estimate of $0.60. The company issued revenue guidance of $2.76-2.77 billion, compared to the consensus revenue estimate of $2.77 billion. CoStar Group also updated its Q2 guidance to $0.09-0.10 EPS.

CoStar Group Stock Down 0.8 %

NASDAQ:CSGP traded down $0.69 during trading hours on Tuesday, reaching $84.62. The company’s stock had a trading volume of 3,015,847 shares, compared to its average volume of 2,147,600. The company has a market cap of $34.56 billion, a price-to-earnings ratio of 92.60, a price-to-earnings-growth ratio of 9.69 and a beta of 0.84. CoStar Group has a one year low of $67.35 and a one year high of $100.38. The business’s 50-day moving average is $89.15 and its 200-day moving average is $84.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 12.01 and a quick ratio of 12.01.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings data on Tuesday, February 20th. The technology company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The firm had revenue of $640.00 million during the quarter, compared to analysts’ expectations of $634.27 million. CoStar Group had a net margin of 15.26% and a return on equity of 6.08%. CoStar Group’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 earnings per share. Equities research analysts predict that CoStar Group will post 0.44 EPS for the current year.

Wall Street Analysts Forecast Growth

CSGP has been the subject of a number of recent research reports. Citigroup upped their price objective on shares of CoStar Group from $90.00 to $97.00 and gave the stock a buy rating in a report on Wednesday, February 7th. The Goldman Sachs Group boosted their target price on shares of CoStar Group from $96.00 to $107.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. BMO Capital Markets boosted their target price on shares of CoStar Group from $79.00 to $84.00 and gave the stock a market perform rating in a research report on Friday. BTIG Research initiated coverage on shares of CoStar Group in a research report on Friday, January 19th. They set a neutral rating for the company. Finally, Jefferies Financial Group boosted their target price 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 investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $100.50.

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.