Zacks Investment Research Lowers CoreSite Realty Corporation (COR) to Sell
CoreSite Realty Corporation (NYSE:COR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.
According to Zacks, “Coresite Realty Corporation provides data center products and interconnection services. The data centers include ample and redundant power and advanced cooling and security systems, and many are points of dense network interconnection. The company’s data centers are located in Los Angeles, the San Francisco Bay and northern Virginia areas, Chicago, Boston, New York City, and Miami. It serves telecommunications carriers, content and media entertainment providers, cloud providers, enterprise customers, financial and educational institutions, and government agencies. CoreSite Realty Corporation is headquartered in Denver, Colorado. “
COR has been the subject of a number of other research reports. Royal Bank Of Canada reiterated a “buy” rating and set a $110.00 price objective on shares of CoreSite Realty Corporation in a research report on Thursday, June 8th. Credit Suisse Group initiated coverage on CoreSite Realty Corporation in a research report on Friday, June 30th. They set a “neutral” rating and a $103.00 price objective for the company. Citigroup Inc. cut CoreSite Realty Corporation from a “buy” rating to a “neutral” rating and set a $103.00 price objective for the company. in a research report on Wednesday, May 3rd. Wells Fargo & Company initiated coverage on CoreSite Realty Corporation in a research report on Wednesday, May 17th. They set a “market perform” rating and a $94.00 price objective for the company. Finally, Macquarie initiated coverage on CoreSite Realty Corporation in a research report on Thursday, April 6th. They set a “neutral” rating and a $84.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $97.45.
Shares of CoreSite Realty Corporation (NYSE:COR) remained flat at $104.21 on Monday. 277,925 shares of the stock traded hands. CoreSite Realty Corporation has a 12 month low of $64.81 and a 12 month high of $113.55. The stock’s 50 day moving average is $104.83 and its 200 day moving average is $92.00. The stock has a market cap of $3.56 billion, a P/E ratio of 63.16 and a beta of 0.57.
CoreSite Realty Corporation (NYSE:COR) last posted its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.06. The firm had revenue of $114.92 million during the quarter, compared to analysts’ expectations of $114.48 million. CoreSite Realty Corporation had a return on equity of 13.09% and a net margin of 15.08%. The firm’s quarterly revenue was up 26.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.86 EPS. On average, equities analysts predict that CoreSite Realty Corporation will post $1.77 EPS for the current year.
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In other CoreSite Realty Corporation news, CFO Jeffrey S. Finnin sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $98.75, for a total value of $790,000.00. Following the sale, the chief financial officer now directly owns 113,268 shares of the company’s stock, valued at approximately $11,185,215. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Derek Mccandless sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $105.48, for a total value of $1,054,800.00. Following the completion of the sale, the senior vice president now directly owns 49,713 shares in the company, valued at $5,243,727.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,152 shares of company stock worth $2,150,000. 3.10% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the company. IFP Advisors Inc raised its position in CoreSite Realty Corporation by 203.8% in the first quarter. IFP Advisors Inc now owns 1,188 shares of the real estate investment trust’s stock valued at $107,000 after buying an additional 797 shares in the last quarter. Creative Planning raised its position in CoreSite Realty Corporation by 129.2% in the first quarter. Creative Planning now owns 2,292 shares of the real estate investment trust’s stock valued at $206,000 after buying an additional 1,292 shares in the last quarter. Covenant Asset Management LLC purchased a new position in CoreSite Realty Corporation during the second quarter valued at $207,000. Pitcairn Co. purchased a new position in CoreSite Realty Corporation during the first quarter valued at $216,000. Finally, Everence Capital Management Inc. purchased a new position in CoreSite Realty Corporation during the first quarter valued at $221,000.
CoreSite Realty Corporation Company Profile
CoreSite Realty Corporation (CoreSite) is an integrated, self-administered and self-managed real estate investment trust. The Company, through its controlling interest in CoreSite, L.P., is engaged in the business of ownership, acquisition, construction and operation of data centers across a range of markets in the United States, including the Northern Virginia, New York and San Francisco Bay areas, Chicago, Los Angeles, Boston, Miami and Denver.
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