Costar Group, Inc. [NASDAQ: CSGP] price surged by 3.37 percent to reach at $2.74. The company report on February 20, 2024 at 4:30 PM that CoStar Group 2023 Revenue Increased 13%, Apartments.com Crosses $1 Billion in Annualized Run Rate Revenue in January 2024, and Homes.com Crosses $1 Million in Annualized Daily Net New Sales Bookings in February 2024.
CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, and analytics in the property markets, announced today that revenue for the year ended December 31, 2023 was $2.46 billion, an increase of 13% over revenue of $2.18 billion for the full year of 2022. Revenue for the fourth quarter of 2023 was $640 million, an increase of 12% over revenue of $573 million for the fourth quarter of 2022. Net income was $375 million for the year ended December 31, 2023, compared to $369 million for the year ended December 31, 2022, and net income was $96 million for the fourth quarter of 2023.
“Once again CoStar Group delivered exceptional results in our commercial information and marketplace businesses1 for the full year 2023, while at the same time devoting major time and resources towards launching the new Homes.com,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “Our commercial information and marketplace businesses grew revenue by 14% in 2023 in the worst commercial real estate market in decades and delivered 40% profit margins in 2023, our highest profit levels ever. For the full year of 2023, we generated strong net new bookings totaling $286 million.”.
The one-year CSGP stock forecast points to a potential upside of 8.8. The average equity rating for CSGP stock is currently 1.50, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on Costar Group, Inc. [CSGP]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CSGP shares is $92.08 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CSGP stock is a recommendation set at 1.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Citigroup have made an estimate for Costar Group, Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on February 07, 2024. While these analysts kept the previous recommendation, BTIG Research raised their target price to Neutral. The new note on the price target was released on January 19, 2024, representing the official price target for Costar Group, Inc. stock. Previously, the target price had yet another raise to $98, while Goldman analysts kept a Buy rating on CSGP stock. On October 16, 2023, analysts increased their price target for CSGP shares from 80 to 82.
The Average True Range (ATR) for Costar Group, Inc. is set at 2.02, with the Price to Sales ratio for CSGP stock in the period of the last 12 months amounting to 13.97. The Price to Book ratio for the last quarter was 4.75, with the Price to Cash per share for the same quarter was set at 12.77. Price to Free Cash Flow for CSGP in the course of the last twelve months was 68.12 with Quick ratio for the last quarter at 13.31.
CSGP Stock Performance Analysis:
Costar Group, Inc. [CSGP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.87. With this latest performance, CSGP shares gained by 0.83% in over the last four-week period, additionally plugging by 6.95% over the last 6 months – not to mention a rise of 8.28% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CSGP stock in for the last two-week period is set at 52.56, with the RSI for the last a single of trading hit 55.11, and the three-weeks RSI is set at 51.68 for Costar Group, Inc. [CSGP]. The present Moving Average for the last 50 days of trading for this stock 84.21, while it was recorded at 82.38 for the last single week of trading, and 81.93 for the last 200 days.
Insight into Costar Group, Inc. Fundamentals:
Costar Group, Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 13.31 and a Current Ratio set at 12.01.
CSGP Stock EPS
With the latest financial reports released by the company, Costar Group, Inc. posted 0.38/share EPS, while the average EPS was predicted by analysts to be reported at 0.36/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 5.60%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CSGP. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Costar Group, Inc. go to 20.00%.
Costar Group, Inc. [CSGP] Institutonal Ownership Details
The top three institutional holders of CSGP stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in CSGP stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in CSGP stock with ownership which is approximately 5.8325%.
