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Should You Hold CoStar Group (CSGP)?

Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite declined 8.01% net of fees in the third quarter, trailing the Russell Midcap Growth Index’s -5.22% return. A combination of negative stock selection and sector allocation effects resulted in the underperformance of the strategy in the quarter.  In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Mid Cap Composite highlighted stocks like CoStar Group, Inc. (NASDAQ:CSGP) in the third quarter 2023 investor letter. Headquartered in Washington, the District of Columbia, CoStar Group, Inc. (NASDAQ:CSGP) provides information, analytics, and online marketplace services to commercial and residential property markets. On November 15, 2023, CoStar Group, Inc. (NASDAQ:CSGP) stock closed at $82.26 per share. One-month return of CoStar Group, Inc. (NASDAQ:CSGP) was 11.97%, and its shares lost 2.53% of their value over the last 52 weeks. CoStar Group, Inc. (NASDAQ:CSGP) has a market capitalization of $33.825 billion.

Conestoga Mid Cap Composite made the following comment about CoStar Group, Inc. (NASDAQ:CSGP) in its Q3 2023 investor letter:

"CoStar Group, Inc. (NASDAQ:CSGP): This company serves the commercial real estate and apartments markets with software services to brokers and other industry participants. CSGP’s extensive database of properties around world holds a dominant position as the go-to resource for information to analyze and evaluate offices, industrial and commercial properties, as well as rental apartment buildings. The company reported 2Q23 results that missed expectations on revenues but beat on earnings. Further, CSGP guided for lower revenues in the full fiscal year as higher interest rates are expected to impact the commercial real estate market and create uncertainty."

Speedcurve Performance Analytics

CoStar Group, Inc. (NASDAQ:CSGP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held CoStar Group, Inc. (NASDAQ:CSGP) at the end of second quarter which was 43 in the previous quarter.

We discussed CoStar Group, Inc. (NASDAQ:CSGP) in another article and shared Baron Asset Fund's views on the company. In addition, please check out our hedge fund investor letters Q3 2023 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.

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