CoStar Group (NASDAQ:CSGP) Issues 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 Stock Performance

CoStar Group stock traded down $0.69 during trading hours on Tuesday, reaching $84.62. 3,026,050 shares of the company were exchanged, compared to its average volume of 2,161,467. The firm has a market cap of $34.56 billion, a price-to-earnings ratio of 92.60, a PEG ratio of 9.69 and a beta of 0.84. The company has a current ratio of 12.01, a quick ratio of 12.01 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average of $89.15 and a 200 day moving average of $84.56. CoStar Group has a 12 month low of $67.35 and a 12 month high of $100.38.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Tuesday, February 20th. The technology company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. CoStar Group had a return on equity of 6.08% and a net margin of 15.26%. The company had revenue of $640.00 million during the quarter, compared to analyst estimates of $634.27 million. During the same period in the previous year, the company earned $0.35 earnings per share. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. As a group, research analysts anticipate that CoStar Group will post 0.44 earnings per share for the current year.

Analyst Ratings Changes

CSGP has been the subject of a number of research analyst reports. BMO Capital Markets upped their price target on CoStar Group from $79.00 to $84.00 and gave the stock a market perform rating in a report on Friday. JMP Securities reiterated a market outperform rating and set a $110.00 price target on shares of CoStar Group in a report on Friday, April 12th. Royal Bank of Canada upped their price target on CoStar Group from $95.00 to $109.00 and gave the stock an outperform rating in a report on Monday, March 25th. Citigroup upped their target price on CoStar Group from $90.00 to $97.00 and gave the company a buy rating in a research note on Wednesday, February 7th. Finally, Needham & Company LLC cut their target price on CoStar Group from $105.00 to $90.00 and set a buy rating for the company in a research note on Wednesday, February 21st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, CoStar Group currently has an average rating of Moderate Buy and an average target price of $100.50.

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.