Is CoStar Group (CSGP) a High Growth Potential Stock?
Baron Funds, an investment management company, released its “Baron Real Estate Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 4.86% (Institutional Shares) compared to a 4.99% decline for its primary benchmark, the MSCI USA IMI Extended Real Estate Index. At the same time, the fund outperformed the MSCI US REIT Index, which fell 10.28% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds highlighted stocks like CoStar Group, Inc. (NASDAQ:CSGP) in the Q3 2022 investor letter. Headquartered in Washington, the District of Columbia, CoStar Group, Inc. (NASDAQ:CSGP) provides information, analytics, and marketplace services to commercial real estate. On November 21, 2022, CoStar Group, Inc. (NASDAQ:CSGP) stock closed at $80.56 per share. One-month return of CoStar Group, Inc. (NASDAQ:CSGP) was 8.13% and its shares gained 0.37% of their value over the last 52 weeks. CoStar Group, Inc. (NASDAQ:CSGP) has a market capitalization of $32.763 billion.
Baron Funds made the following comment about CoStar Group, Inc. (NASDAQ:CSGP) in its Q3 2022 investor letter:
"The shares of CoStar Group, Inc. (NASDAQ:CSGP) performed well in the third quarter following strong quarterly business results. The company is the leading provider of information, analytics, and marketing services to the real estate industry. Based on the current valuation of its shares and our expectation for future growth, we believe CoStar’s shares have the potential to appreciate by 100% in the next three to four years. A more complete discussion of CoStar can be found earlier in this letter in the “Portfolio Composition and Key Investment Themes” section.
CoStar, a top holding in the Fund, is well positioned to capitalize on this burgeoning secular growth trend.
CoStar is the leading provider of information, analytics, and marketing services to the real estate industry. CoStar initially focused on serving the domestic commercial real estate industry and built a comprehensive proprietary database of essential data to help participants buy, sell, and lease properties. The company has since expanded its focus to offer products and services to multi-family, industrial, commercial land, mixed-use and hospitality end-markets across North America and Western Europe…” (Click here to read the full text)
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CoStar Group, Inc. (NASDAQ:CSGP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held CoStar Group, Inc. (NASDAQ:CSGP) at the end of the third quarter which was 47 in the previous quarter.
We discussed CoStar Group, Inc. (NASDAQ:CSGP) in another article and shared Lakehouse Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
