CoStar Group (NASDAQ:CSGP) Releases Q3 2024 Earnings Guidance

CoStar Group (NASDAQ:CSGP) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.150-0.160 for the period, compared to the consensus estimate of 0.180. The company issued revenue guidance of $692.0 million-$697.0 million, compared to the consensus revenue estimate of $704.1 million. CoStar Group also updated its FY 2024 guidance to 0.640-0.660 EPS.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. JMP Securities lowered their price objective on CoStar Group from $110.00 to $90.00 and set a market outperform rating on the stock in a report on Wednesday. BMO Capital Markets upped their target price on shares of CoStar Group from $84.00 to $88.00 and gave the stock a market perform rating in a report on Thursday, April 25th. Royal Bank of Canada decreased their price target on shares of CoStar Group from $109.00 to $96.00 and set an outperform rating on the stock in a research note on Wednesday. Stephens reissued an overweight rating and issued a $105.00 target price on shares of CoStar Group in a research note on Wednesday, April 24th. Finally, The Goldman Sachs Group dropped their price target on CoStar Group from $108.00 to $93.00 and set a buy rating for the company in a research report on Wednesday. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, CoStar Group presently has an average rating of Moderate Buy and a consensus target price of $96.08.

CoStar Group Price Performance

CoStar Group stock traded up $1.55 during midday trading on Thursday, reaching $77.90. The company’s stock had a trading volume of 1,237,457 shares, compared to its average volume of 2,307,933. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.09 and a current ratio of 9.09. 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 $31.81 billion, a PE ratio of 104.59, a P/E/G ratio of 13.02 and a beta of 0.81. The stock’s 50 day simple moving average is $77.19 and its 200 day simple moving average is $84.06.

CoStar Group (NASDAQ:CSGP) last released its quarterly earnings data on Tuesday, July 23rd. The technology company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.06. CoStar Group had a net margin of 8.19% and a return on equity of 4.01%. The firm had revenue of $677.80 million for the quarter, compared to the consensus estimate of $677.18 million. During the same quarter in the previous year, the firm earned $0.27 earnings per share. The firm’s revenue was up 11.9% on a year-over-year basis. On average, equities research analysts forecast that CoStar Group will post 0.44 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Scott T. Wheeler sold 122,736 shares of CoStar Group stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $92.61, for a total transaction of $11,366,580.96. Following the sale, 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 document filed with the SEC, which is available through the SEC website. In other CoStar Group news, CFO Scott T. Wheeler sold 122,736 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $92.61, for a total transaction of $11,366,580.96. Following the completion of the sale, the chief financial officer now directly owns 303,417 shares of the company’s stock, valued at $28,099,448.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $92.67, for a total transaction of $352,146.00. Following the sale, the insider now owns 64,087 shares in the company, valued at approximately $5,938,942.29. The disclosure for this sale can be found here. 1.57% of the stock is owned by company insiders.

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.