CoreSite Realty Corporation (COR) Lowered to Sell at Zacks Investment Research
CoreSite Realty Corporation (NYSE:COR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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 topic of several other research reports. Credit Suisse Group began coverage on shares of CoreSite Realty Corporation in a research report on Friday, June 30th. They set a “neutral” rating and a $103.00 price target on the stock. BidaskClub cut shares of CoreSite Realty Corporation from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 28th. Wells Fargo & Company began coverage on shares of CoreSite Realty Corporation in a research report on Wednesday, May 17th. They set a “market perform” rating and a $94.00 price target on the stock. Citigroup Inc. cut shares of CoreSite Realty Corporation from a “buy” rating to a “neutral” rating and set a $103.00 price target on the stock. in a research report on Wednesday, May 3rd. Finally, Macquarie began coverage on shares of CoreSite Realty Corporation in a research report on Thursday, April 6th. They set a “neutral” rating and a $84.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. CoreSite Realty Corporation currently has a consensus rating of “Hold” and a consensus target price of $97.45.
CoreSite Realty Corporation (NYSE COR) remained flat at $104.21 during mid-day trading on Monday. The stock had a trading volume of 277,925 shares. The stock has a market capitalization of $3.56 billion, a PE ratio of 63.16 and a beta of 0.57. The stock has a 50 day moving average of $104.83 and a 200 day moving average of $92.00. CoreSite Realty Corporation has a 52-week low of $64.81 and a 52-week high of $113.55.
CoreSite Realty Corporation (NYSE:COR) last issued its quarterly earnings results on Thursday, April 27th. The real estate investment trust reported $1.13 EPS for the quarter, topping the consensus estimate of $1.07 by $0.06. CoreSite Realty Corporation had a net margin of 15.08% and a return on equity of 13.09%. The business had revenue of $114.92 million for the quarter, compared to analysts’ expectations of $114.48 million. During the same quarter last year, the company posted $0.86 earnings per share. The company’s quarterly revenue was up 26.4% compared to the same quarter last year. Equities research analysts forecast that CoreSite Realty Corporation will post $1.77 EPS for the current fiscal year.
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In other CoreSite Realty Corporation news, SVP Steven James Smith sold 2,000 shares of the firm’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $95.00, for a total value of $190,000.00. Following the transaction, the senior vice president now owns 55,040 shares of the company’s stock, valued at $5,228,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction of $1,054,800.00. Following the completion of the transaction, the senior vice president now directly owns 49,713 shares in the company, valued at approximately $5,243,727.24. The disclosure for this sale can be found here. Insiders sold 21,152 shares of company stock worth $2,150,000 in the last three months. 3.10% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Creative Planning boosted its position in shares of 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 worth $206,000 after buying an additional 1,292 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in shares of CoreSite Realty Corporation during the first quarter worth about $722,000. Norges Bank acquired a new position in shares of CoreSite Realty Corporation during the fourth quarter worth about $26,679,000. State of Tennessee Treasury Department boosted its position in shares of CoreSite Realty Corporation by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 31,850 shares of the real estate investment trust’s stock worth $2,868,000 after buying an additional 4,807 shares in the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD acquired a new position in shares of CoreSite Realty Corporation during the first quarter worth about $6,154,000.
About CoreSite Realty Corporation
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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