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

Zacks Investment Research cut shares of CoreSite Realty (NYSE:COR) from a hold rating to a sell rating in a research note released 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 equities analysts have also recently issued reports on COR. ValuEngine cut CoreSite Realty from a buy rating to a hold rating in a report on Friday, July 26th. BMO Capital Markets restated a hold rating and set a $112.00 target price on shares of CoreSite Realty in a report on Thursday, July 25th. Credit Suisse Group reduced their target price on CoreSite Realty from $111.00 to $103.00 and set a neutral rating on the stock in a report on Friday, July 26th. Stifel Nicolaus set a $110.00 target price on CoreSite Realty and gave the stock a hold rating in a report on Friday, July 26th. Finally, Raymond James reduced their target price on CoreSite Realty from $120.00 to $110.00 and set an outperform rating on the stock in a report on Tuesday, July 30th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $112.20.

CoreSite Realty stock opened at $114.19 on Monday. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 4.74. CoreSite Realty has a 12-month low of $82.64 and a 12-month high of $121.64. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of 22.47, a P/E/G ratio of 1.70 and a beta of 0.55. The business’s 50-day simple moving average is $112.87 and its 200 day simple moving average is $110.42.

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

In other news, CAO Mark R. Jones sold 750 shares of CoreSite Realty stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $107.79, for a total transaction of $80,842.50. Following the transaction, the chief accounting officer now owns 14,632 shares in the company, valued at approximately $1,577,183.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Derek Mccandless sold 6,000 shares of CoreSite Realty stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $114.30, for a total value of $685,800.00. Following the transaction, the senior vice president now owns 29,531 shares in the company, valued at approximately $3,375,393.30. The disclosure for this sale can be found here. Insiders have sold a total of 815,795 shares of company stock worth $90,404,100 in the last quarter. 1.20% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of CoreSite Realty by 0.8% during the 2nd quarter. BlackRock Inc. now owns 3,907,508 shares of the real estate investment trust’s stock valued at $450,027,000 after purchasing an additional 30,895 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of CoreSite Realty by 21.1% during the 1st quarter. JPMorgan Chase & Co. now owns 1,519,234 shares of the real estate investment trust’s stock valued at $162,588,000 after purchasing an additional 264,542 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of CoreSite Realty by 4.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,131,000 shares of the real estate investment trust’s stock valued at $130,257,000 after purchasing an additional 52,400 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of CoreSite Realty by 888.7% during the 2nd quarter. Invesco Ltd. now owns 955,548 shares of the real estate investment trust’s stock valued at $110,050,000 after purchasing an additional 858,903 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of CoreSite Realty by 5.8% during the 2nd quarter. Bank of America Corp DE now owns 807,275 shares of the real estate investment trust’s stock valued at $92,974,000 after purchasing an additional 44,131 shares in the last quarter. Institutional investors and hedge funds own 91.34% of the company’s stock.

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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