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CoStar's (CSGP) Homes.com Hits 149M Unique Visitors in February
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CoStar Group (CSGP - Free Report) is benefiting from a robust portfolio of marketplaces, which includes Apartments.com, LoopNet and Homes.com. It has witnessed terrific growth in traffic across its portfolio of marketplaces in recent times.
CoStar’s Homes.com have been a frontrunner in this regard. According to Google Analytics, it achieved a milestone in 2023 with 43 million unique visitors. In September last year, it crossed 100 million unique visitors.
CoStar recently announced a significant achievement for Homes.com, which witnessed more than 149 million unique visitors in February, positioning it as the second-most trafficked homebuying portal. This achievement underscores the platform's growing influence in the real estate market.
Homes.com witnessed a remarkable 567% year-over-year traffic jump in February.
The surge is attributed to Homes.com’s innovative "Your Listing, Your Lead" model, which directly connects buyers with property agents, ensuring transparency and convenience while preserving agents’ commissions.
Expanding Portfolio Aids Prospects
CoStar shares have gained 8.9% in the year-to-date period, outperforming the Zacks Computer & Technology sector’s growth of 8.7%. Apart from growing traffic, acquisitions (contributed 22% of revenues in 2023) have played an important part in driving growth.
In 2023, CSGP acquired OnTheMarket in the U.K., aiming to enhance its appeal to homebuyers and sellers. Since the acquisition, the company observed substantial growth in traffic and leads.
In Feb, management announced the acquisition of 1201 Wilson Boulevard in Arlington, VA, with plans to relocate its Washington, D.C. workforce and capitalize on substantial tax incentives, leveraging CSGP’s expertise in commercial real estate.
CoStar’s strong portfolio of marketplaces and acquisitions is contributing to its growth prospects continuously, thereby driving top-line growth.
It expects first-quarter 2024 revenues to be between $645 million and $650 million, indicating growth of approximately 11% at the midpoint from a year ago. The Zacks Consensus Estimate is pegged at $649.71 million, indicating 11.09% growth from the prior-year levels.
CSGP’s first-quarter 2024 earnings per share are expected to be between 6 cents and 7 cents. The Zacks Consensus Estimate is pegged at 11 cents, indicating a decline of 62.07% from the year-earlier tally.
Image: Bigstock
CoStar's (CSGP) Homes.com Hits 149M Unique Visitors in February
CoStar Group (CSGP - Free Report) is benefiting from a robust portfolio of marketplaces, which includes Apartments.com, LoopNet and Homes.com. It has witnessed terrific growth in traffic across its portfolio of marketplaces in recent times.
CoStar’s Homes.com have been a frontrunner in this regard. According to Google Analytics, it achieved a milestone in 2023 with 43 million unique visitors. In September last year, it crossed 100 million unique visitors.
CoStar recently announced a significant achievement for Homes.com, which witnessed more than 149 million unique visitors in February, positioning it as the second-most trafficked homebuying portal. This achievement underscores the platform's growing influence in the real estate market.
Homes.com witnessed a remarkable 567% year-over-year traffic jump in February.
CoStar Group, Inc. Price and Consensus
CoStar Group, Inc. price-consensus-chart | CoStar Group, Inc. Quote
The surge is attributed to Homes.com’s innovative "Your Listing, Your Lead" model, which directly connects buyers with property agents, ensuring transparency and convenience while preserving agents’ commissions.
Expanding Portfolio Aids Prospects
CoStar shares have gained 8.9% in the year-to-date period, outperforming the Zacks Computer & Technology sector’s growth of 8.7%. Apart from growing traffic, acquisitions (contributed 22% of revenues in 2023) have played an important part in driving growth.
In 2023, CSGP acquired OnTheMarket in the U.K., aiming to enhance its appeal to homebuyers and sellers. Since the acquisition, the company observed substantial growth in traffic and leads.
In Feb, management announced the acquisition of 1201 Wilson Boulevard in Arlington, VA, with plans to relocate its Washington, D.C. workforce and capitalize on substantial tax incentives, leveraging CSGP’s expertise in commercial real estate.
CoStar’s strong portfolio of marketplaces and acquisitions is contributing to its growth prospects continuously, thereby driving top-line growth.
It expects first-quarter 2024 revenues to be between $645 million and $650 million, indicating growth of approximately 11% at the midpoint from a year ago. The Zacks Consensus Estimate is pegged at $649.71 million, indicating 11.09% growth from the prior-year levels.
CSGP’s first-quarter 2024 earnings per share are expected to be between 6 cents and 7 cents. The Zacks Consensus Estimate is pegged at 11 cents, indicating a decline of 62.07% from the year-earlier tally.
Zacks Rank & Stocks to Consider
CoStar currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader Zacks Computer & Technology sector are Bill Holdings (BILL - Free Report) , Bentley Systems (BSY - Free Report) and Cadence Design Systems (CDNS - Free Report) . BILL and BSY sport a Zacks Rank #1 (Strong Buy) each, and CDNS has a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Bill Holdings shares have declined 20.08% in the year-to-date period. BILL’s long-term earnings growth rate is currently projected at 23.64%.
Bentley Systems shares have declined 6.5% in the year-to-date period. BSY’s long-term earnings growth rate is currently projected at 12%.
Cadence Design Systems shares have gained 9.6% in the year-to-date period. CDNS’ long-term earnings growth rate is currently projected at 17.07%.