CoStar Group (NASDAQ:CSGP) Updates 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

NASDAQ CSGP traded down $0.69 on Tuesday, hitting $84.62. 3,026,050 shares of the company traded hands, compared to its average volume of 2,161,467. The business’s 50 day moving average price is $89.15 and its 200-day moving average price is $84.56. 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 company has a market capitalization of $34.56 billion, a price-to-earnings ratio of 92.60, a P/E/G ratio of 9.69 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, beating 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 firm had revenue of $640.00 million for the quarter, compared to analysts’ expectations of $634.27 million. During the same period in the previous year, the firm earned $0.35 EPS. The business’s quarterly revenue was up 11.7% on a year-over-year basis. Equities analysts expect that CoStar Group will post 0.44 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently weighed in on CSGP shares. Keefe, Bruyette & Woods increased their price target on CoStar Group from $96.00 to $109.00 and gave the stock an outperform rating in a research note on Wednesday, April 10th. JMP Securities reissued a market outperform rating and issued a $110.00 price target on shares of CoStar Group in a report on Friday, April 12th. Robert W. Baird raised their target price on shares of CoStar Group from $90.00 to $105.00 and gave the company an outperform rating in a research note on Monday, March 18th. BMO Capital Markets boosted their price target on shares of CoStar Group from $79.00 to $84.00 and gave the stock a market perform rating in a research note on Friday. Finally, Jefferies Financial Group raised their price objective on CoStar Group from $85.00 to $95.00 and gave the company a hold rating in a research report on Friday, April 12th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $100.50.

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.