Top Hedge Funds are Selling These 5 Stocks

4. CoStar Group, Inc. (NASDAQ:CSGP)

Number of Hedge Fund Holders in Q3: 29  

Number of Hedge Fund Holders in Q2: 49  

CoStar Group, Inc. (NASDAQ:CSGP) provides information, analytics and other services. Although the firm beat market estimates on earnings per share and revenue for the third quarter, it lowered guidance for the fiscal year. 

Analysts have viewed the drop in share price of CoStar Group, Inc. (NASDAQ:CSGP) after the earnings report as a buying opportunity. Truist analyst Andrew Jeffrey has a Buy rating on the stock with a price target of $110. 

At the end of the third quarter of 2021, 29 hedge funds in the database of Insider Monkey held stakes worth $2.5 billion in CoStar Group, Inc. (NASDAQ:CSGP), down from 49 in the preceding quarter worth $2.8 billion. 

In its Q3 2021 investor letter, Weitz Investment Management, an asset management firm, highlighted a few stocks and CoStar Group, Inc. (NASDAQ:CSGP) was one of them. Here is what the fund said:

“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.”