CoreSite Realty (NYSE:COR) Upgraded at Zacks Investment Research

CoreSite Realty (NYSE:COR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, 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 equities research analysts also recently weighed in on the stock. Evercore ISI started coverage on shares of CoreSite Realty in a research note on Thursday, March 18th. They set an “in-line” rating and a $130.00 target price for the company. Mizuho increased their target price on shares of CoreSite Realty from $120.00 to $130.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 21st. Cowen upgraded shares of CoreSite Realty from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $132.00 to $152.00 in a research note on Tuesday, February 2nd. Credit Suisse Group raised their price objective on shares of CoreSite Realty from $156.00 to $157.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Barclays raised their price objective on shares of CoreSite Realty from $113.00 to $116.00 and gave the company an “underweight” rating in a research report on Tuesday, April 27th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $133.44.

NYSE COR traded down $1.90 during trading hours on Tuesday, hitting $119.10. The company had a trading volume of 497,025 shares, compared to its average volume of 343,748. The company has a debt-to-equity ratio of 16.41, a quick ratio of 0.22 and a current ratio of 0.22. CoreSite Realty has a 1-year low of $107.23 and a 1-year high of $141.50. The company has a market cap of $5.12 billion, a PE ratio of 59.25, a price-to-earnings-growth ratio of 1.04 and a beta of 0.23. The business has a 50 day moving average of $121.58 and a 200-day moving average of $122.86.

CoreSite Realty (NYSE:COR) last released its quarterly earnings data on Thursday, April 29th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.82). CoreSite Realty had a net margin of 13.19% and a return on equity of 51.47%. The company had revenue of $157.60 million during the quarter, compared to analyst estimates of $156.63 million. During the same quarter in the prior year, the company earned $1.29 EPS. The business’s revenue was up 6.9% on a year-over-year basis. Sell-side analysts expect 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 stock in a transaction dated 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 $22,061,822.64. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Aleksandra Krusko sold 301 shares of the firm’s stock in a transaction that occurred on Wednesday, March 17th. The stock was sold at an average price of $115.89, for a total transaction of $34,882.89. Following the transaction, the senior vice president now directly owns 8,165 shares of the company’s stock, valued at $946,241.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,657 shares of company stock valued at $4,708,727. 1.50% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of COR. CWM LLC increased its stake in shares of CoreSite Realty by 98.1% during the 4th quarter. CWM LLC now owns 212 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 105 shares in the last quarter. Meeder Asset Management Inc. boosted its position in CoreSite Realty by 50.0% during the fourth quarter. Meeder Asset Management Inc. now owns 306 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 102 shares during the last quarter. Graves Light Private Wealth Management Inc. acquired a new stake in CoreSite Realty during the fourth quarter worth approximately $40,000. Creative Financial Designs Inc. ADV acquired a new stake in CoreSite Realty during the first quarter worth approximately $40,000. Finally, CI Investments Inc. boosted its position in CoreSite Realty by 30.0% during the fourth quarter. CI Investments Inc. now owns 360 shares of the real estate investment trust’s stock worth $45,000 after acquiring an additional 83 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

About CoreSite Realty

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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