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 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.

Analyst Ratings Changes

CSGP has been the topic of several analyst reports. The Goldman Sachs Group upped their price target on CoStar Group from $96.00 to $107.00 and gave the company a buy rating in a research report on Wednesday, March 20th. Royal Bank of Canada increased their target price on shares of CoStar Group from $95.00 to $109.00 and gave the stock an outperform rating in a research note on Monday, March 25th. Needham & Company LLC increased 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. Robert W. Baird lifted their price objective on CoStar Group from $90.00 to $105.00 and gave the company an outperform rating in a research note on Monday, March 18th. Finally, BTIG Research began coverage on CoStar Group in a research report on Friday, January 19th. They set a neutral rating for the company. 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, the company has an average rating of Moderate Buy and an average price target of $102.15.

CoStar Group Price Performance

CSGP traded up $7.15 during midday trading on Wednesday, hitting $91.77. The stock had a trading volume of 3,307,574 shares, compared to its average volume of 2,173,804. CoStar Group has a 1 year low of $67.35 and a 1 year high of $100.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 12.01 and a current ratio of 12.01. The business has a fifty day moving average of $89.21 and a 200 day moving average of $84.59. The company has a market cap of $37.48 billion, a P/E ratio of 98.21, a price-to-earnings-growth ratio of 9.81 and a beta of 0.84.

CoStar Group (NASDAQ:CSGP) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $634.27 million. CoStar Group had a net margin of 15.26% and a return on equity of 6.08%. The firm’s revenue was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 EPS. As a group, equities analysts forecast that CoStar Group will post 0.44 earnings per share for the current fiscal year.

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.