CoStar's (CSGP) Homes.com Surpasses 100 Million Visitors
CoStar Group CSGP recently announced a significant achievement for Homes.com, which surpassed a remarkable 100 million unique visitors in September. This milestone solidifies Homes.com as one of the top two real estate portals in the United States, outpacing competitors like Realtor.com and Redfin.
Homes.com's distinction lies in its innovative "your listing, your lead" approach, facilitating direct connections between home shoppers and listing agents for a more informative and personalized experience. Its user-friendly interface, free from distracting ads and neighborhood guides, redefines how people discover their dream homes.
Expanding Portfolio & Partner Base Aids Prospects
CoStar Group shares have declined 1.7% year to date, underperforming the Zacks Computer and Technology sector’s growth of 33.8%.
CoStar Group, Inc. Price and Consensus
CoStar Group, Inc. price-consensus-chart | CoStar Group, Inc. Quote
CoStar Group has been riding on an expanding partner base. In August, CSGP partnered with Richmond Public Schools, spearheading the Ultimate Backpack Supply Drive, a program providing over 35,000 backpacks filled with school essentials to students, furthering their commitment to education and community support.
As part of CSGP’s ongoing business expansion, CoStar Group is enriching the content on Homes.com with immersive neighborhood videos, informative articles, and captivating photographs, enhancing the user experience.
CSGP has introduced the Smith Travel Research ("STR") product within CoStar, with more than 60 customer migrations already completed and an additional 250 customer transitions underway. This transition is expected to be completed in around one year, encompassing over 900 corporate accounts and 6,000 independent hotels.
CoStar Group enhances agent engagement by connecting with their vast network of 1.1 million real estate agents via Homesnap Pro. This involves merging Homesnap Pro's features into Homes.com and shifting agents to Homes Pro, providing them unique benefits and improved tools in a user-friendly "your listing, your lead" system.
For the third quarter of fiscal 2023, CSGP anticipates revenues between $622 million and $627 million, indicating growth of approximately 12% year over year at the midpoint. The Zacks Consensus Estimate for the current quarter is pegged at $625.27 million, suggesting a 12.27% growth year over year.
For fiscal 2023, CSGP anticipates total revenues between $2.45 billion to $2.46 billion, indicating a year-over-year growth of 13% at the midpoint.
Zacks Rank & Stocks to Consider
Currently, CSGP has a Zacks Rank #2 (Buy).
Dell Technologies DELL, NVIDIA NVDA and Splunk SPLK are some other top-ranked stocks that investors can consider in the broader sector, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
DELL, NVDA and SPLK shares have returned 68.3%, 206.5% and 69.7%, respectively, year to date.
Long-term earnings growth rates for Dell Technologies, NVIDIA and SPLUNK are pegged at 12%,13.5% and 26.6%, respectively.
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