Is CoStar Group (CSGP) A Great Buy?

Weitz Investment Management, an investment management firm, published its “Value Fund” third quarter 2021 investor letter – a copy of which can be downloaded here. A return of +2.47% was recorded by the fund in the third quarter of 2021, compared to +0.58% for the S&P 500 and +0.21% for the Russell 1000. Year-to-date, the Fund’s Institutional Class has returned +20.22% compared to +15.92% for the S&P 500 and +15.19% for the Russell 1000. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

Weitz Investment Management Value Fund, in its Q3 2021 investor letter, mentioned CoStar Group, Inc. (NASDAQ: CSGP) and discussed its stance on the firm. CoStar Group, Inc. is a Washington, D.C.-based commercial property company with a $31.6 billion market capitalization. CSGP delivered a -13.36% return since the beginning of the year, while its 12-month returns are down by -9.80%. The stock closed at $80.08 per share on November 22, 2021.

Here is what Weitz Investment Management Value Fund has to say about CoStar Group, Inc.  in its Q3 2021 investor letter:

“The Weitz Quality at a Discount (QuaD) investing framework means owning a collection of high-quality businesses, purchased at sensible prices, with a longer time horizon than most investors. Turnover is low almost by definition, yet our team strives to continually improve the portfolio. We increased the Fund’s position in CoStar Group when the stock traded into the low $80s, which was below our estimate of intrinsic value.”

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Based on our calculations, CoStar Group, Inc. (NASDAQ: CSGP) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. CSGP was in 29 hedge fund portfolios at the end of the third quarter of 2021, compared to 49 funds in the previous quarter. CoStar Group, Inc. (NASDAQ: CSGP) delivered a -4.16% return in the past 3 months.

Disclosure: None. This article is originally published at Insider Monkey.