CoreSite Realty (NYSE:COR) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of CoreSite Realty (NYSE:COR) from a hold rating to a sell rating in a research report report published on Monday morning, 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. “

Several other research analysts also recently issued reports on the stock. Credit Suisse Group dropped their price objective on shares of CoreSite Realty from $111.00 to $103.00 and set a neutral rating on the stock in a report on Friday, July 26th. Raymond James dropped their price objective on shares of CoreSite Realty from $120.00 to $110.00 and set an outperform rating on the stock in a report on Tuesday, July 30th. Stifel Nicolaus set a $110.00 price objective on shares of CoreSite Realty and gave the stock a hold rating in a report on Friday, July 26th. BMO Capital Markets restated a hold rating and set a $112.00 price objective on shares of CoreSite Realty in a report on Thursday, July 25th. Finally, ValuEngine downgraded shares of CoreSite Realty from a buy rating to a hold rating in a report on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $112.20.

CoreSite Realty stock opened at $113.48 on Monday. The firm has a market cap of $4.19 billion, a price-to-earnings ratio of 22.43, a P/E/G ratio of 1.71 and a beta of 0.55. The company has a debt-to-equity ratio of 4.74, a current ratio of 0.18 and a quick ratio of 0.18. CoreSite Realty has a fifty-two week low of $82.64 and a fifty-two week high of $121.64. The firm has a fifty day moving average price of $112.98 and a two-hundred day moving average price of $110.34.

CoreSite Realty (NYSE:COR) last released its earnings results on Wednesday, July 24th. The real estate investment trust reported $0.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.28 by ($0.75). The firm had revenue of $142.91 million for the quarter, compared to analyst estimates of $142.85 million. CoreSite Realty had a return on equity of 24.19% and a net margin of 13.82%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.28 EPS. As a group, sell-side analysts expect that CoreSite Realty will post 5.09 earnings per share for the current year.

In related news, SVP Brian Warren sold 2,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $108.56, for a total value of $217,120.00. Following the sale, the senior vice president now owns 24,406 shares of the company’s stock, valued at $2,649,515.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Derek Mccandless sold 6,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $114.30, for a total transaction of $685,800.00. Following the completion of the sale, the senior vice president now directly owns 29,531 shares in the company, valued at approximately $3,375,393.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 815,795 shares of company stock worth $90,404,100. Insiders own 1.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of COR. Geode Capital Management LLC increased its stake in CoreSite Realty by 7.6% in the fourth quarter. Geode Capital Management LLC now owns 345,559 shares of the real estate investment trust’s stock valued at $30,143,000 after acquiring an additional 24,276 shares during the period. Virtu Financial LLC bought a new stake in CoreSite Realty in the first quarter valued at about $227,000. Retirement Systems of Alabama increased its stake in CoreSite Realty by 0.4% in the first quarter. Retirement Systems of Alabama now owns 47,787 shares of the real estate investment trust’s stock valued at $5,114,000 after acquiring an additional 204 shares during the period. Nisa Investment Advisors LLC increased its stake in CoreSite Realty by 32.2% in the first quarter. Nisa Investment Advisors LLC now owns 13,195 shares of the real estate investment trust’s stock valued at $1,412,000 after acquiring an additional 3,215 shares during the period. Finally, Oakbrook Investments LLC bought a new stake in CoreSite Realty in the first quarter valued at about $238,000. 91.34% 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 and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,350 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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