CoStar Group (CSGP) Generated Good Results in Q2

Investment management company Vulcan Value Partners recently released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all gained positive absolute returns in the second quarter. The fund’s Large Cap Composite returned 10.0% net of fees and expenses, the Small Cap Composite returned 4.4% net, the Focus Composite returned 11.1% net, the Focus Plus composite returned 10.6%, and the All-Cap Composite returned 6.0% net. You can check the top 5 holdings of the fund to know its best picks in 2023.

Vulcan Value Partners highlighted stocks like CoStar Group, Inc. (NASDAQ:CSGP) in the second 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 August 22, 2023, CoStar Group, Inc. (NASDAQ:CSGP) stock closed at $79.08 per share. One-month return of CoStar Group, Inc. (NASDAQ:CSGP) was -6.28%, and its shares gained 11.30% of their value over the last 52 weeks. CoStar Group, Inc. (NASDAQ:CSGP) has a market capitalization of $32.291 billion.

Vulcan Value Partners made the following comment about CoStar Group, Inc. (NASDAQ:CSGP) in its second quarter 2023 investor letter:

“There were four material contributors to performance: Amazon.com, Inc., TransDigm Group Inc., CoStar Group, Inc. (NASDAQ:CSGP), and Microsoft Corp. CoStar was one of our best performing investments in 2022, and that trend continued throughout the first half of this year. CoStar reported good results with a 13% increase in revenue, earnings ahead of guidance, and strong free cash flow. They continue to be excited about the progress they are making in terms of growing market share across their suite of products. We expect that the investments that they are making will result in long-term earnings growth and margin expansion. The downward volatility in its stock price in early 2023 gave us an opportunity to add to our position. We are seeing the benefits of that decision, and we continue to be very excited about the company’s prospects.”

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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 Conestoga Capital Advisors’ views on the company. In addition, please check out our hedge fund investor letters Q2 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.