CoStar Group (NASDAQ:CSGP) Releases FY 2022 Earnings Guidance

CoStar Group (NASDAQ:CSGPGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.09-$1.13 for the period, compared to the consensus estimate of $1.02. The company issued revenue guidance of $2.17 billion-$2.18 billion, compared to the consensus revenue estimate of $2.17 billion. CoStar Group also updated its Q3 2022 guidance to $0.23-$0.25 EPS.

CoStar Group Price Performance

CoStar Group stock opened at $72.87 on Friday. The stock has a market capitalization of $28.85 billion, a price-to-earnings ratio of 86.75 and a beta of 0.92. CoStar Group has a 52-week low of $49.00 and a 52-week high of $101.05. The stock’s 50 day moving average price is $61.95 and its two-hundred day moving average price is $62.73. The company has a debt-to-equity ratio of 0.17, a quick ratio of 11.95 and a current ratio of 11.95.

CoStar Group (NASDAQ:CSGPGet Rating) last issued its earnings results on Tuesday, July 26th. The technology company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.11. CoStar Group had a return on equity of 7.31% and a net margin of 16.03%. During the same quarter last year, the business earned $0.22 EPS. On average, equities analysts predict that CoStar Group will post 0.97 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Truist Financial increased their price target on CoStar Group to $75.00 and gave the company an outperform rating in a research report on Wednesday, July 27th. Needham & Company LLC raised their target price on CoStar Group from $77.00 to $80.00 and gave the stock a buy rating in a research note on Wednesday, July 27th. Royal Bank of Canada raised their target price on CoStar Group from $60.00 to $65.00 and gave the stock an outperform rating in a research note on Monday, April 11th. Finally, Citigroup raised their target price on CoStar Group from $65.00 to $70.00 in a research note on Wednesday, April 27th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, CoStar Group has a consensus rating of Moderate Buy and an average price target of $79.88.

Insider Activity

In other news, insider Michael J. Desmarais sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $72.51, for a total value of $145,020.00. Following the completion of the sale, the insider now directly owns 39,619 shares of the company’s stock, valued at approximately $2,872,773.69. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Michael J. Desmarais sold 2,000 shares of CoStar Group stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $72.51, for a total transaction of $145,020.00. Following the sale, the insider now directly owns 39,619 shares in the company, valued at $2,872,773.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John W. Hill sold 1,750 shares of the company’s stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $57.07, for a total value of $99,872.50. Following the completion of the sale, the director now directly owns 21,998 shares in the company, valued at $1,255,425.86. The disclosure for this sale can be found here. Insiders own 1.36% of the company’s stock.

Hedge Funds Weigh In On CoStar Group

Large investors have recently made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of CoStar Group by 504.5% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,874 shares of the technology company’s stock valued at $125,000 after buying an additional 1,564 shares during the last quarter. Parkside Financial Bank & Trust raised its position in CoStar Group by 38.1% in the 1st quarter. Parkside Financial Bank & Trust now owns 2,762 shares of the technology company’s stock worth $184,000 after buying an additional 762 shares during the last quarter. Cibc World Market Inc. purchased a new stake in shares of CoStar Group during the 1st quarter valued at about $217,000. Fund Management at Engine No. 1 LLC bought a new position in CoStar Group during the first quarter valued at approximately $223,000. Finally, Proficio Capital Partners LLC purchased a new stake in CoStar Group in the first quarter worth approximately $274,000. 94.52% of the stock is currently owned by hedge funds and other institutional investors.

About CoStar Group

(Get Rating)

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. It offers CoStar Property that provides inventory of office, industrial, retail, multifamily, hospitality, and student housing properties and land; CoStar COMPS, 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.

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Earnings History and Estimates for CoStar Group (NASDAQ:CSGP)

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