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

CoStar Group (NASDAQ:CSGP) updated its second quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 0.090-0.100 for the period, compared to the consensus earnings per share 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 Up 8.4 %

Shares of CSGP stock traded up $7.15 during trading hours on Wednesday, hitting $91.77. 3,307,574 shares of the company were exchanged, compared to its average volume of 2,173,804. CoStar Group has a 52 week low of $67.35 and a 52 week high of $100.38. 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 business has a 50 day moving average of $89.21 and a two-hundred day moving average of $84.59. The company has a market capitalization of $37.48 billion, a PE ratio of 98.21, a PEG ratio of 9.81 and a beta of 0.84.

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Royal Bank of Canada boosted their target price on CoStar Group from $95.00 to $109.00 and gave the company an outperform rating in a research note on Monday, March 25th. Stephens reissued an overweight rating and issued a $105.00 price objective on shares of CoStar Group in a research report on Wednesday. BMO Capital Markets raised their target price on shares of CoStar Group from $79.00 to $84.00 and gave the company a market perform rating in a research report on Friday, April 19th. Citigroup boosted their price target on shares of CoStar Group from $90.00 to $97.00 and gave the stock a buy rating in a research report on Wednesday, February 7th. Finally, Jefferies Financial Group increased their price objective on shares of CoStar Group from $85.00 to $95.00 and gave the stock a hold rating in a research note on Friday, April 12th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, CoStar Group currently has a consensus rating of Moderate Buy and an average target price 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.