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 (EPS) guidance of 0.640-0.660 for the period, compared to the consensus 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.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. William Blair reissued an outperform rating 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 price objective on shares of CoStar Group in a report on Friday, June 7th. Keefe, Bruyette & Woods lowered their price objective on CoStar Group from $109.00 to $100.00 and set an outperform rating for the company in a report on Wednesday, July 17th. Jefferies Financial Group boosted their price objective on CoStar Group from $85.00 to $95.00 and gave the company a hold rating in a report on Friday, April 12th. Finally, Bank of America lowered their price objective on CoStar Group from $111.00 to $89.00 and set a buy rating for the company in a report on Monday. 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 company has an average rating of Moderate Buy and an average price target of $100.08.

CoStar Group Stock Performance

CSGP stock traded down $0.67 during midday trading on Tuesday, reaching $74.84. The company had a trading volume of 3,548,925 shares, compared to its average volume of 2,271,220. The company has a quick ratio of 9.09, a current ratio of 9.09 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $77.69 and a 200 day moving average price of $84.16. CoStar Group has a fifty-two week low of $67.35 and a fifty-two week high of $100.38. The firm has a market capitalization of $30.56 billion, a PE ratio of 103.89, a P/E/G ratio of 11.08 and a beta of 0.81.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings data on Tuesday, April 23rd. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Analysts anticipate that CoStar Group will post 0.45 earnings per share for the current year.

Insider Transactions at CoStar Group

In other news, CFO Scott T. Wheeler sold 122,736 shares of the business’s 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 in the company, valued at $28,099,448.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Scott T. Wheeler sold 122,736 shares of the business’s 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 in the company, valued at $28,099,448.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael J. Desmarais sold 3,800 shares of the business’s 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 owns 64,087 shares of the company’s stock, valued at $5,938,942.29. The disclosure for this sale can be found here. 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.