CoStar Group (NASDAQ:CSGP) Issues 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.

CoStar Group Trading Up 7.5 %

Shares of CSGP stock traded up $6.31 during mid-day trading on Wednesday, hitting $90.93. The company’s stock had a trading volume of 2,808,109 shares, compared to its average volume of 2,168,185. The company’s fifty day simple moving average is $89.21 and its 200-day simple moving average is $84.59. CoStar Group has a 52 week low of $67.35 and a 52 week 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 company has a market cap of $37.14 billion, a PE ratio of 98.21, a P/E/G ratio of 9.81 and a beta of 0.84.

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CSGP shares. The Goldman Sachs Group raised their target price on CoStar Group from $96.00 to $107.00 and gave the company a buy rating in a research note on Wednesday, March 20th. JMP Securities reiterated a market outperform rating and set a $110.00 price target on shares of CoStar Group in a research note on Friday, April 12th. Citigroup lifted their price target on CoStar Group from $90.00 to $97.00 and gave the company a buy rating in a research note on Wednesday, February 7th. Keefe, Bruyette & Woods lifted their price target on CoStar Group from $96.00 to $109.00 and gave the company an outperform rating in a research note on Wednesday, April 10th. Finally, Jefferies Financial Group lifted their price target on CoStar Group from $85.00 to $95.00 and gave the company a hold rating in a research note on Friday, April 12th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, CoStar Group has an average rating of Moderate Buy and an average price target of $102.15.

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.