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

CoStar Group (NASDAQ:CSGP) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.090-0.100 for the period, compared to the consensus 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 Price Performance

Shares of NASDAQ CSGP traded up $2.33 during midday trading on Friday, hitting $92.67. The company had a trading volume of 681,177 shares, compared to its average volume of 2,182,433. The firm has a market capitalization of $37.85 billion, a price-to-earnings ratio of 123.75, a price-to-earnings-growth ratio of 10.57 and a beta of 0.84. The company has a quick ratio of 12.01, a current ratio of 9.09 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $89.55 and a two-hundred day simple moving average of $84.68. CoStar Group has a twelve month low of $67.35 and a twelve month high of $100.38.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CSGP shares. BTIG Research initiated coverage on CoStar Group in a research note on Friday, January 19th. They set a neutral rating for the company. Citigroup upped their price target on shares of CoStar Group from $90.00 to $97.00 and gave the company a buy rating in a report on Wednesday, February 7th. Needham & Company LLC increased their target price on CoStar Group from $90.00 to $107.00 and gave the company a buy rating in a report on Wednesday. Jefferies Financial Group upped their target price on CoStar Group from $85.00 to $95.00 and gave the stock a hold rating in a research report on Friday, April 12th. Finally, Robert W. Baird raised their price target on shares of CoStar Group from $90.00 to $105.00 and gave the company an outperform rating in a report on Monday, March 18th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CoStar Group currently has an average rating of Moderate Buy and an average target price of $102.46.

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.