Here are Several Notable Events of CoStar Group (CSGP)

Andvari Associates, an investment management firm, released its first quarter 2024 investor letter, a copy of which can be downloaded here. Andvari is slowly but steadily improving its performance after it declined in 2022. In the initial quarter of 2024, Andvari saw a 12.1% net of fees increase, while the SPDR S&P 500 ETF grew 13%. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2024.

Andvari Associates featured stocks like CoStar Group, Inc. (NASDAQ:CSGP) in the first 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 April 16, 2024, CoStar Group, Inc. (NASDAQ:CSGP) stock closed at $86.29 per share. One-month return of CoStar Group, Inc. (NASDAQ:CSGP) was -10.40%, and its shares gained 23.82% of their value over the last 52 weeks. CoStar Group, Inc. (NASDAQ:CSGP) has a market capitalization of $35.242 billion.

Andvari Associates stated the following regarding CoStar Group, Inc. (NASDAQ:CSGP) in its first quarter 2024 investor letter:

“We have two holdings on which we can report several notable events. CoStar Group, Inc. (NASDAQ:CSGP) is the second holding with significant news. As a reminder, CoStar is commercial real estate’s leading provider of information, analytics, and online marketplaces. Sensing an opening to compete against Zillow, the leading residential real estate portal in the U.S., CoStar acquired Homes.com in 2021. CoStar is now planning to invest a cumulative $1 billion into this new business segment. Part of this investment will include the largest marketing campaign in the history of the residential real estate industry. If you watched the Super Bowl this year, you likely saw one of their four commercials. Homes.com will be a big advertiser at other major events in 2024.

Thus far, these investments have resulted in Homes.com going from an insignificant player to the second-most trafficked homebuying portal. CoStar announced the Homes.com Residential Network reached more than 149 million unique visitors in February. Further, Homes.com itself had a 567% year-over-year increase in traffic. As it did with Apartments.com, CoStar believes it can grow the unaided awareness from the low single digits to more than 50%…” (Click here to read the full text)

An elegant residential building set against the modern skyline.

CoStar Group, Inc. (NASDAQ:CSGP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, CoStar Group, Inc. (NASDAQ:CSGP) was held by 36 hedge fund portfolios, compared to 36 in the previous quarter, according to our database.

We previously discussed CoStar Group, Inc. (NASDAQ:CSGP) in another article, where we shared the top stock picks of Bares Capital. In addition, please check out our hedge fund investor letters Q1 2024 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.