Zayo Group (ZAYO) Price Target Lowered to $34.00 at Wells Fargo & Co

Zayo Group (NYSE:ZAYO) had its price target reduced by Wells Fargo & Co from $42.00 to $34.00 in a research note published on Thursday, The Fly reports. Wells Fargo & Co currently has an outperform rating on the technology company’s stock.

Other equities research analysts also recently issued reports about the company. BTIG Research downgraded Zayo Group from a buy rating to a neutral rating in a report on Thursday. UBS Group downgraded Zayo Group from a buy rating to a neutral rating and reduced their price objective for the stock from $45.00 to $32.00 in a report on Thursday. Moffett Nathanson upgraded Zayo Group from a neutral rating to a buy rating in a report on Monday, October 15th. ValuEngine downgraded Zayo Group from a buy rating to a hold rating in a report on Thursday, August 23rd. Finally, Zacks Investment Research cut Zayo Group from a hold rating to a sell rating in a research report on Thursday, August 16th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and fifteen have given a buy rating to the stock. The company has an average rating of Buy and an average price target of $38.64.

NYSE ZAYO traded up $0.70 during trading hours on Thursday, hitting $23.26. The company’s stock had a trading volume of 10,041,145 shares, compared to its average volume of 2,637,620. Zayo Group has a 12 month low of $22.00 and a 12 month high of $39.66. The company has a market capitalization of $7.42 billion, a price-to-earnings ratio of 38.13, a PEG ratio of 11.28 and a beta of 0.64. The company has a debt-to-equity ratio of 3.90, a quick ratio of 1.02 and a current ratio of 1.02.

Zayo Group (NYSE:ZAYO) last released its quarterly earnings data on Wednesday, November 7th. The technology company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.03). Zayo Group had a return on equity of 9.97% and a net margin of 3.91%. The business had revenue of $641.10 million during the quarter, compared to the consensus estimate of $647.21 million. During the same quarter in the previous year, the business posted $0.09 earnings per share. Zayo Group’s quarterly revenue was down .3% compared to the same quarter last year. On average, equities analysts predict that Zayo Group will post 0.53 earnings per share for the current fiscal year.

In other news, CEO Daniel Caruso sold 337,079 shares of Zayo Group stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $29.67, for a total transaction of $10,001,133.93. Following the transaction, the chief executive officer now directly owns 471,851 shares of the company’s stock, valued at approximately $13,999,819.17. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard W. Connor sold 1,038 shares of Zayo Group stock in a transaction dated Tuesday, October 2nd. The shares were sold at an average price of $33.95, for a total value of $35,240.10. The disclosure for this sale can be found here. Insiders sold 609,250 shares of company stock worth $20,215,335 over the last three months. Insiders own 4.50% of the company’s stock.

Several hedge funds have recently bought and sold shares of ZAYO. Canada Pension Plan Investment Board lifted its position in shares of Zayo Group by 60.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 7,871,578 shares of the technology company’s stock valued at $287,155,000 after buying an additional 2,971,505 shares in the last quarter. Hunt Lane Capital LP purchased a new position in shares of Zayo Group during the 2nd quarter valued at about $63,110,000. BlackRock Inc. lifted its position in shares of Zayo Group by 11.8% during the 3rd quarter. BlackRock Inc. now owns 14,857,145 shares of the technology company’s stock valued at $515,841,000 after buying an additional 1,568,218 shares in the last quarter. Morgan Stanley lifted its position in shares of Zayo Group by 141.2% during the 2nd quarter. Morgan Stanley now owns 1,837,250 shares of the technology company’s stock valued at $67,025,000 after buying an additional 1,075,453 shares in the last quarter. Finally, Senator Investment Group LP lifted its position in shares of Zayo Group by 11.3% during the 2nd quarter. Senator Investment Group LP now owns 10,000,000 shares of the technology company’s stock valued at $364,800,000 after buying an additional 1,015,000 shares in the last quarter. 94.97% of the stock is currently owned by hedge funds and other institutional investors.

About Zayo Group

Zayo Group Holdings, Inc, through its subsidiaries, provides bandwidth infrastructure solutions for the communications industry in the United States, Canada, and Europe. The company operates in six segments: Fiber Solutions, Transport, Enterprise Networks, Zayo Colocation (zColo), Allstream, and Other.

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