21Vianet Group Inc. (VNET) Upgraded at Zacks Investment Research
21Vianet Group Inc. (NASDAQ:VNET) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “21Vianet Group, Inc. operates as a carrier-neutral Internet data center services provider in China. It provides hosting and related services, managed network services and cloud computing infrastructure. The Company’s infrastructure is interconnected with the networks operated by all of China’s telecommunications carriers, major non-carriers and local Internet service providers, or ISPs. 21Vianet Group, Incorporation. Its customers include Internet companies, government entities, blue-chip enterprises, and small-to mid-sized enterprises. 21Vianet Group, Inc. is headquartered in Beijing, the Peoples’ Republic of China. “
VNET has been the subject of several other reports. JPMorgan Chase & Co. cut 21Vianet Group from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $21.00 to $5.60 in a report on Wednesday, August 17th. Morgan Stanley started coverage on 21Vianet Group in a report on Friday, July 8th. They set an “underweight” rating and a $8.00 price objective for the company.
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Shares of 21Vianet Group (NASDAQ:VNET) opened at 7.03 on Wednesday. 21Vianet Group has a one year low of $6.77 and a one year high of $21.32. The firm has a 50-day moving average price of $8.22 and a 200 day moving average price of $12.11. The stock’s market capitalization is $800.36 million.
21Vianet Group (NASDAQ:VNET) last posted its quarterly earnings results on Tuesday, August 16th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.09) by $0.08. The business earned $137.10 million during the quarter, compared to analyst estimates of $127.83 million. 21Vianet Group had a negative net margin of 11.56% and a negative return on equity of 5.56%. The firm’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.02) earnings per share. On average, equities analysts expect that 21Vianet Group will post ($0.59) EPS for the current fiscal year.
Institutional investors have recently modified their holdings of the company. First Manhattan Co. purchased a new position in shares of 21Vianet Group during the second quarter valued at about $14,071,000. UBS Asset Management Americas Inc. purchased a new position in shares of 21Vianet Group during the first quarter valued at about $14,656,000. Renaissance Technologies LLC boosted its position in shares of 21Vianet Group by 764.6% in the first quarter. Renaissance Technologies LLC now owns 640,700 shares of the company’s stock valued at $12,795,000 after buying an additional 566,600 shares in the last quarter. Top Ace Asset Management Ltd boosted its position in shares of 21Vianet Group by 63.9% in the second quarter. Top Ace Asset Management Ltd now owns 900,000 shares of the company’s stock valued at $9,189,000 after buying an additional 351,006 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new position in shares of 21Vianet Group during the second quarter valued at about $3,428,000. 28.64% of the stock is owned by hedge funds and other institutional investors.
About 21Vianet Group
21Vianet Group, Inc is a carrier-neutral Internet data center services provider. The Company hosts its customers’ servers and networking equipment and provides interconnectivity. The Company also provides managed network services to enable customers to deliver data across the Internet through its data transmission network and smart routing technology.
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