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 $0.58-0.62 for the period, compared to the consensus 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 FY 2024 guidance to 0.580-0.620 EPS.

CoStar Group Stock Up 2.8 %

CSGP traded up $2.53 during trading on Friday, hitting $92.87. The stock had a trading volume of 477,847 shares, compared to its average volume of 2,179,712. The company has a market capitalization of $37.93 billion, a PE ratio of 123.75, a PEG ratio of 10.57 and a beta of 0.84. CoStar Group has a twelve month low of $67.35 and a twelve month high of $100.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 12.01 and a current ratio of 9.09. The stock has a 50 day simple moving average of $89.55 and a two-hundred day simple moving average of $84.68.

CoStar Group (NASDAQ:CSGP) last announced its earnings results on Tuesday, February 20th. The technology company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01. The company had revenue of $640.00 million during the quarter, compared to the consensus estimate of $634.27 million. CoStar Group had a net margin of 11.64% and a return on equity of 4.95%. CoStar Group’s revenue was up 11.7% compared to the same quarter last year. During the same period last year, the firm earned $0.35 earnings per share. On average, research analysts predict that CoStar Group will post 0.44 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. BMO Capital Markets lifted their price objective on shares of CoStar Group from $84.00 to $88.00 and gave the stock a market perform rating in a research note on Thursday. Stephens reiterated an overweight rating and set a $105.00 price objective on shares of CoStar Group in a research note on Wednesday. JMP Securities reiterated a market outperform rating and set a $110.00 price objective on shares of CoStar Group in a research note on Friday, April 12th. Royal Bank of Canada lifted their price objective on shares of CoStar Group from $95.00 to $109.00 and gave the stock an outperform rating in a research note on Monday, March 25th. Finally, William Blair restated an outperform rating on shares of CoStar Group in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, CoStar Group has an average rating of Moderate Buy and an average price target of $102.46.

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.