CoStar Group (NASDAQ:CSGP) Issues Q2 2024 Earnings Guidance

CoStar Group (NASDAQ:CSGP) updated its second quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 0.090-0.100 for the period, compared to the consensus EPS estimate of 0.090. The company issued revenue guidance of $674.0 million-$679.0 million, compared to the consensus revenue estimate of $682.2 million. CoStar Group also updated its FY 2024 guidance to 0.580-0.620 EPS.

CoStar Group Stock Up 2.6 %

Shares of CSGP stock traded up $2.33 during mid-day trading on Friday, hitting $92.67. The company’s stock had a trading volume of 681,177 shares, compared to its average volume of 2,182,433. The business has a 50-day moving average price of $89.55 and a 200 day moving average price of $84.68. CoStar Group has a 52-week low of $67.35 and a 52-week high of $100.38. The stock has a market cap of $37.85 billion, a price-to-earnings ratio of 123.75, a PEG ratio of 10.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.13, a quick ratio of 12.01 and a current ratio of 9.09.

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

Analyst Ratings Changes

CSGP has been the topic of a number of recent analyst reports. William Blair restated an outperform rating on shares of CoStar Group in a report on Wednesday. BMO Capital Markets increased their price objective on shares of CoStar Group from $84.00 to $88.00 and gave the company a market perform rating in a report on Thursday. Stephens reiterated an overweight rating and set a $105.00 price target on shares of CoStar Group in a research report on Wednesday. Needham & Company LLC raised their target price on shares of CoStar Group from $90.00 to $107.00 and gave the stock a buy rating in a research note on Wednesday. Finally, Robert W. Baird lifted their target price on shares of CoStar Group from $90.00 to $105.00 and gave the stock an outperform rating in a research note on Monday, March 18th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, CoStar Group currently has an average rating of Moderate Buy and an average price target of $102.46.

CoStar Group Company Profile

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.