CoreSite Realty (NYSE:COR) has been given a $111.00 price objective by stock analysts at Credit Suisse Group in a note issued to investors on Wednesday. The brokerage presently has a “hold” rating on the real estate investment trust’s stock. Credit Suisse Group’s target price would indicate a potential upside of 3.17% from the company’s previous close.
The analysts wrote, “We generally view CoreSite as a very well executed company in the data center space but remain on the sidelines for two main reasons: 1) Valuation and trading multiples remain above peers in an increasingly competitive data center market; 2) Beyond CoreSite’s data center expansions into Reston, VA, we have little visibility into the other strategies the company might be pursuing.””
Other equities analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of CoreSite Realty from a “hold” rating to a “buy” rating and set a $122.00 price target on the stock in a research note on Wednesday, September 27th. Citigroup upped their price target on shares of CoreSite Realty from $109.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. Cowen reaffirmed a “buy” rating and set a $111.00 price target on shares of CoreSite Realty in a research note on Thursday, October 19th. SunTrust Banks reaffirmed a “buy” rating and set a $121.00 price target on shares of CoreSite Realty in a research note on Friday, November 17th. Finally, ValuEngine raised shares of CoreSite Realty from a “hold” rating to a “buy” rating in a research note on Thursday, November 9th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $110.75.
Shares of CoreSite Realty (NYSE COR) traded up $0.80 during trading on Wednesday, reaching $107.59. 362,700 shares of the company’s stock were exchanged, compared to its average volume of 376,442. The stock has a market cap of $5,190.00, a P/E ratio of 58.47, a P/E/G ratio of 1.25 and a beta of 0.44. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.29 and a current ratio of 0.29. CoreSite Realty has a 52 week low of $83.82 and a 52 week high of $120.85.
CoreSite Realty (NYSE:COR) last posted its quarterly earnings results on Thursday, October 26th. The real estate investment trust reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.10 by ($0.64). CoreSite Realty had a return on equity of 15.35% and a net margin of 15.21%. The company had revenue of $123.07 million for the quarter, compared to analyst estimates of $121.27 million. During the same period last year, the company earned $0.90 earnings per share. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. equities analysts anticipate that CoreSite Realty will post 4.48 EPS for the current year.
In related news, SVP Steven James Smith sold 7,121 shares of the stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $112.73, for a total value of $802,750.33. Following the sale, the senior vice president now directly owns 48,137 shares of the company’s stock, valued at approximately $5,426,484.01. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Derek Mccandless sold 5,000 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $109.37, for a total transaction of $546,850.00. Following the completion of the sale, the senior vice president now directly owns 36,613 shares in the company, valued at $4,004,363.81. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,121 shares of company stock worth $2,224,720. 1.50% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Profund Advisors LLC grew its stake in CoreSite Realty by 0.6% in the 2nd quarter. Profund Advisors LLC now owns 7,163 shares of the real estate investment trust’s stock valued at $742,000 after acquiring an additional 45 shares during the last quarter. Pinebridge Investments L.P. grew its stake in CoreSite Realty by 1.8% in the 2nd quarter. Pinebridge Investments L.P. now owns 4,505 shares of the real estate investment trust’s stock valued at $467,000 after acquiring an additional 80 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in CoreSite Realty by 2.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,282 shares of the real estate investment trust’s stock valued at $444,000 after acquiring an additional 104 shares during the last quarter. Global Endowment Management LP grew its stake in CoreSite Realty by 1.3% in the 2nd quarter. Global Endowment Management LP now owns 31,990 shares of the real estate investment trust’s stock valued at $3,312,000 after acquiring an additional 410 shares during the last quarter. Finally, Whittier Trust Co. grew its stake in CoreSite Realty by 1.4% in the 3rd quarter. Whittier Trust Co. now owns 38,953 shares of the real estate investment trust’s stock valued at $4,359,000 after acquiring an additional 551 shares during the last quarter. 98.02% of the stock is currently owned by hedge funds and other institutional investors.
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About CoreSite Realty
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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