CoStar Group, Inc. (CSGP), headquartered in Washington, the District of Columbia, is a provider of online real estate marketplaces, information, and analytics in the property markets. Valued at $29.66 billion by market cap, the company conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. The leading commercial real estate information, analytics, and news platform is expected to announce its fiscal second-quarter earnings for 2024 after the market closes on Tuesday, July 23.
Ahead of the event, analysts expect CSGP to report a profit of $0.04 per share on a diluted basis, down 85.2% from $0.27 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing on one other occasion. During the previous quarter, the company reported its highest-ever quarterly net new bookings of $86 million.
For fiscal 2024, analysts expect CSGP to report EPS of $0.45, down 57.9% from $1.07 in fiscal 2023.
CSGP stock has underperformed the S&P 500’s ($SPX) 16.8% gains on a YTD basis, with shares down 16.9% during this period. Similarly, it has underperformed the S&P 500 Real Estate Sector SPDR’s (XLRE) 4.2% losses over the same time frame.
On Apr. 24, CSGP shares closed up more than 8% after reporting Q1 results. The company’s revenue was $656 million, surpassing the Wall Street estimates of $649.5 million. For the current quarter, CSGP expects non-GAAP EPS to be between $0.09 and $0.10 and revenue to be between $674 million and $679 million. For the full year, the company expects non-GAAP EPS to be between $0.58 and $0.62 and revenue to be between $2.76 billion and $2.77 billion. Since reporting its Q1 results on Apr.23, CSGP shares have been on a downtrend.
On Mar. 15, CSGP shares closed up more than 8% after the National Association of Realtors agreed to a $418 million settlement to settle several lawsuits over commission rules for U.S. real estate agents.
Analysts’ consensus opinion on CSGP stock is bullish, with a “Moderate Buy” rating overall. Out of 14 analysts covering the stock, eight advise a “Strong Buy” rating, three have a “Moderate Buy” rating, and three recommend a “Hold.” The average analyst price target for CSGP is $104.08, indicating a 43.3% potential upside from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
