CoStar Group (NASDAQ:CSGP) Updates Q2 Earnings Guidance

CoStar Group (NASDAQ:CSGP) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.09-0.10 for the period, compared to the consensus earnings per share estimate of $0.09. The company issued revenue guidance of $674-679 million, compared to the consensus revenue estimate of $678.70 million. CoStar Group also updated its FY 2024 guidance to 0.580-0.620 EPS.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CSGP. Royal Bank of Canada boosted their price target on shares of CoStar Group from $95.00 to $109.00 and gave the company an outperform rating in a research report on Monday, March 25th. BTIG Research initiated coverage on shares of CoStar Group in a research report on Friday, January 19th. They issued a neutral rating on the stock. JMP Securities reaffirmed a market outperform rating and issued a $110.00 target price on shares of CoStar Group in a research report on Friday, April 12th. Keefe, Bruyette & Woods upped their target price on shares of CoStar Group from $96.00 to $109.00 and gave the company an outperform rating in a research report on Wednesday, April 10th. Finally, Bank of America upped their target price on shares of CoStar Group from $97.00 to $111.00 and gave the company a buy rating in a research report on Monday, March 18th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $102.46.

CoStar Group Stock Up 2.8 %

NASDAQ:CSGP traded up $2.53 during mid-day trading on Friday, hitting $92.87. The stock had a trading volume of 477,847 shares, compared to its average volume of 2,179,712. The stock has a 50-day simple moving average of $89.55 and a two-hundred day simple moving average of $84.68. The company has a market capitalization of $37.93 billion, a PE ratio of 123.75, a PEG ratio of 10.57 and a beta of 0.84. CoStar Group has a twelve month low of $67.35 and a twelve month high of $100.38. The company has a current ratio of 9.09, a quick ratio of 12.01 and a debt-to-equity ratio of 0.13.

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