CoreSite Realty (NYSE:COR) Downgraded by Zacks Investment Research to Sell

CoreSite Realty (NYSE:COR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday, Zacks.com reports.

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. “

A number of other brokerages also recently commented on COR. Cowen upgraded CoreSite Realty from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $132.00 to $152.00 in a research note on Tuesday, February 2nd. Evercore ISI initiated coverage on CoreSite Realty in a research report on Thursday, March 18th. They issued an “in-line” rating and a $130.00 price objective on the stock. Mizuho decreased their price objective on CoreSite Realty from $135.00 to $120.00 and set a “neutral” rating for the company in a report on Thursday, March 18th. Finally, Credit Suisse Group reduced their price target on CoreSite Realty from $161.00 to $156.00 and set an “outperform” rating for the company in a report on Friday, February 5th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $131.56.

Shares of COR stock traded up $1.34 during trading hours on Monday, reaching $125.68. 170,719 shares of the stock were exchanged, compared to its average volume of 339,467. The business’s fifty day moving average is $118.55 and its two-hundred day moving average is $122.89. The company has a debt-to-equity ratio of 16.41, a current ratio of 0.22 and a quick ratio of 0.22. The firm has a market capitalization of $5.40 billion, a P/E ratio of 62.53, a P/E/G ratio of 1.04 and a beta of 0.23. CoreSite Realty has a 12-month low of $107.23 and a 12-month high of $141.50.

CoreSite Realty (NYSE:COR) last released its quarterly earnings data on Thursday, February 4th. The real estate investment trust reported $0.46 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.86). The firm had revenue of $154.90 million during the quarter, compared to analyst estimates of $153.71 million. CoreSite Realty had a net margin of 13.19% and a return on equity of 51.47%. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.30 earnings per share. As a group, equities research analysts predict that CoreSite Realty will post 5.29 earnings per share for the current fiscal year.

In other CoreSite Realty news, CEO Paul E. Szurek sold 14,788 shares of the firm’s stock in a transaction on Thursday, March 4th. The shares were sold at an average price of $108.68, for a total value of $1,607,159.84. Following the completion of the transaction, the chief executive officer now directly owns 202,998 shares of the company’s stock, valued at approximately $22,061,822.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Brian Warren sold 1,425 shares of the firm’s stock in a transaction on Thursday, March 4th. The shares were sold at an average price of $109.67, for a total transaction of $156,279.75. Following the sale, the senior vice president now owns 22,826 shares in the company, valued at approximately $2,503,327.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,657 shares of company stock valued at $4,708,727. Company insiders own 1.50% of the company’s stock.

A number of institutional investors have recently made changes to their positions in COR. Norges Bank bought a new stake in CoreSite Realty in the 4th quarter worth $100,427,000. Lord Abbett & CO. LLC bought a new stake in shares of CoreSite Realty during the 4th quarter valued at about $37,086,000. BlackRock Inc. boosted its stake in CoreSite Realty by 4.7% during the fourth quarter. BlackRock Inc. now owns 4,080,674 shares of the real estate investment trust’s stock worth $511,227,000 after acquiring an additional 185,036 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in CoreSite Realty by 145.8% during the fourth quarter. Russell Investments Group Ltd. now owns 179,003 shares of the real estate investment trust’s stock worth $22,330,000 after acquiring an additional 106,164 shares in the last quarter. Finally, M&G Investment Management Ltd. raised its holdings in shares of CoreSite Realty by 14.3% during the fourth quarter. M&G Investment Management Ltd. now owns 670,628 shares of the real estate investment trust’s stock valued at $83,829,000 after purchasing an additional 83,689 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CoreSite Realty Company Profile

CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center, cloud access and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,375 of the world's leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads.

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