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CoStar (CSGP) Moves 7.5% Higher: Will This Strength Last?
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CoStar Group (CSGP - Free Report) shares rallied 7.5% in the last trading session to close at $76.20. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.7% loss over the past four weeks.
The recent surge in CoStar’s share price can be attributed to solid growth in its three main products, namely CoStar, Apartments.com and LoopNet. CoStar’s net new sales bookings are continuously increasing as a result of the development of new products like hospitality data addition, integrated CMBS data and analytics, and the new lender product, which are attracting new customers. As a result, CSGP is expecting its top line to grow in the coming quarters.
This commercial real estate information and marketing provider is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of -4%. Revenues are expected to be $554.97 million, up 11.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For CoStar, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CSGP going forward to see if this recent jump can turn into more strength down the road.
CoStar is a member of the Zacks Computers - IT Services industry. One other stock in the same industry, Dynatrace (DT - Free Report) , finished the last trading session 3.9% higher at $38.18. DT has returned -12.6% over the past month.
Dynatrace's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.18. Compared to the company's year-ago EPS, this represents no change. Dynatrace currently boasts a Zacks Rank of #3 (Hold).
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CoStar (CSGP) Moves 7.5% Higher: Will This Strength Last?
CoStar Group (CSGP - Free Report) shares rallied 7.5% in the last trading session to close at $76.20. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.7% loss over the past four weeks.
The recent surge in CoStar’s share price can be attributed to solid growth in its three main products, namely CoStar, Apartments.com and LoopNet. CoStar’s net new sales bookings are continuously increasing as a result of the development of new products like hospitality data addition, integrated CMBS data and analytics, and the new lender product, which are attracting new customers. As a result, CSGP is expecting its top line to grow in the coming quarters.
This commercial real estate information and marketing provider is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of -4%. Revenues are expected to be $554.97 million, up 11.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For CoStar, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CSGP going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
CoStar is a member of the Zacks Computers - IT Services industry. One other stock in the same industry, Dynatrace (DT - Free Report) , finished the last trading session 3.9% higher at $38.18. DT has returned -12.6% over the past month.
Dynatrace's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.18. Compared to the company's year-ago EPS, this represents no change. Dynatrace currently boasts a Zacks Rank of #3 (Hold).