Is CoStar Group Inc (CSGP) a Good Buy?

As one would reasonably expect, key money managers were leading the bulls’ herd. Renaissance Technologies, managed by Jim Simons, created the most valuable position in CoStar Group Inc (NASDAQ:CSGP). Renaissance Technologies had $10.9 million invested in the company at the end of the quarter. Neil Chriss’s Hutchin Hill Capital also initiated a $0.4 million position during the quarter. The following funds were also among the new CSGP investors: Michael Platt and William Reeves’s BlueCrest Capital Mgmt., Benjamin A. Smith’s Laurion Capital Management, and Peter Muller’s PDT Partners.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as CoStar Group Inc (NASDAQ:CSGP) but similarly valued. We will take a look at Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC), RPM International Inc. (NYSE:RPM), Jack Henry & Associates, Inc. (NASDAQ:JKHY), and DDR Corp (NYSE:DDR). This group of stocks’ market caps are similar to CSGP’s market cap.

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $126 million. That figure was $140 million in CSGP’s case. RPM International Inc. (NYSE:RPM) is the most popular stock in this table. On the other hand Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC) is the least popular one with only 5 bullish hedge fund positions. CoStar Group Inc (NASDAQ:CSGP) is the most popular stock in this group which makes it worth a closer look.