CoStar Group (NASDAQ:CSGP) Updates Q3 Earnings Guidance

CoStar Group (NASDAQ:CSGP) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.15-0.16 for the period, compared to the consensus earnings per share estimate of $0.18. The company issued revenue guidance of $692-697 million, compared to the consensus revenue estimate of $703.53 million. CoStar Group also updated its FY 2024 guidance to 0.640-0.660 EPS.

CoStar Group Stock Performance

Shares of CoStar Group stock traded up $0.48 during midday trading on Friday, hitting $78.32. The company had a trading volume of 154,982 shares, compared to its average volume of 2,310,196. The stock has a market cap of $31.98 billion, a price-to-earnings ratio of 106.63, a PEG ratio of 13.28 and a beta of 0.81. The company has a quick ratio of 9.09, a current ratio of 9.27 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $76.99 and a 200 day simple moving average of $84.02. CoStar Group has a 12-month low of $67.35 and a 12-month high of $100.38.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.09 by $0.06. The firm had revenue of $677.80 million during the quarter, compared to analyst estimates of $677.18 million. CoStar Group had a net margin of 8.19% and a return on equity of 3.99%. CoStar Group’s revenue was up 11.9% on a year-over-year basis. During the same period last year, the firm posted $0.27 EPS. As a group, analysts predict that CoStar Group will post 0.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CSGP shares. Needham & Company LLC reaffirmed a buy rating and issued a $107.00 price objective on shares of CoStar Group in a research report on Wednesday. Robert W. Baird cut their price target on shares of CoStar Group from $105.00 to $100.00 and set an outperform rating on the stock in a report on Wednesday. Jefferies Financial Group increased their price target on shares of CoStar Group from $85.00 to $95.00 and gave the stock a hold rating in a report on Friday, April 12th. BMO Capital Markets raised 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, April 25th. Finally, Bank of America dropped their price objective on shares of CoStar Group from $111.00 to $89.00 and set a buy rating on the stock in a research note on Monday. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, CoStar Group has a consensus rating of Moderate Buy and an average price target of $96.08.

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.