Norges Bank purchased a new stake in CoStar Group, Inc. (NASDAQ: CSGP) during the fourth quarter, according to a recent disclosure with the Securities and Exchange Commission.
The fund acquired 7,090,495 shares of the technology company’s stock, valued at approximately $476,765,000.
The purchase represents a brand-new position for Norges Bank in the NASDAQ-listed technology firm.
The disclosure was filed with the Securities and Exchange Commission, as required for institutional investment managers of significant size.
CoStar Group, Inc. trades on the NASDAQ exchange under the ticker symbol CSGP.
The acquisition of more than seven million shares signals a substantial commitment by Norges Bank to the technology company.
Norges Bank made the investment during the fourth quarter, reflecting a deliberate decision to establish exposure in CoStar Group.
The filing with the Securities and Exchange Commission provides transparency into the holdings of major institutional investors like Norges Bank.
A position valued at nearly $477 million underscores the scale at which Norges Bank operates in global equity markets.
The new stake in CoStar Group, Inc. (NASDAQ: CSGP) adds the technology company to Norges Bank’s disclosed portfolio of holdings.