Zayo Group (ZAYO) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Zayo Group (NYSE:ZAYO) from a hold rating to a buy rating in a research note issued to investors on Saturday. The firm currently has $41.00 target price on the technology company’s stock.
According to Zacks, “Zayo Group Holdings, Inc. is a provider of bandwidth infrastructure services, including dark fiber, wavelengths, SONET, Ethernet, IP services, and carrier-neutral colocation and interconnection. Its customers include wireline and wireless carriers, and high-bandwidth enterprises from disaster recovery, media content, educational, financial, government, healthcare, and other industries. Zayo Group Holdings, Inc. is headquartered in Boulder, Colorado. “
Several other research analysts have also recently commented on ZAYO. Royal Bank of Canada restated a buy rating on shares of Zayo Group in a research report on Friday, February 9th. Morgan Stanley upped their target price on shares of Zayo Group from $40.00 to $43.00 and gave the stock an overweight rating in a research report on Thursday, February 8th. SunTrust Banks upped their target price on shares of Zayo Group to $45.00 and gave the stock a buy rating in a research report on Thursday, February 8th. TheStreet upgraded shares of Zayo Group from a c rating to a b- rating in a research report on Tuesday, October 17th. Finally, Barclays restated a buy rating and issued a $41.00 target price on shares of Zayo Group in a research report on Friday, January 19th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $41.09.
In related news, COO Andrew Crouch sold 19,537 shares of the stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $36.14, for a total transaction of $706,067.18. Following the completion of the sale, the chief operating officer now directly owns 76,647 shares of the company’s stock, valued at $2,770,022.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Fund X/A Lp Gtcr sold 4,700,000 shares of the stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $35.90, for a total transaction of $168,730,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,992,882 shares of company stock valued at $179,430,128. Company insiders own 5.20% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in ZAYO. Ameriprise Financial Inc. acquired a new stake in Zayo Group during the second quarter valued at approximately $899,000. Northern Trust Corp lifted its stake in Zayo Group by 11.1% during the second quarter. Northern Trust Corp now owns 877,850 shares of the technology company’s stock valued at $27,126,000 after purchasing an additional 87,827 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in Zayo Group by 90.0% during the second quarter. Parametric Portfolio Associates LLC now owns 299,898 shares of the technology company’s stock valued at $9,267,000 after purchasing an additional 142,082 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Zayo Group during the second quarter valued at approximately $13,130,000. Finally, Dimensional Fund Advisors LP lifted its stake in Zayo Group by 44.9% during the second quarter. Dimensional Fund Advisors LP now owns 794,031 shares of the technology company’s stock valued at $24,536,000 after purchasing an additional 246,126 shares during the last quarter. 84.74% of the stock is owned by institutional investors and hedge funds.
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About Zayo Group
Zayo Group Holdings, Inc provides communications infrastructure services, including fiber and bandwidth connectivity, colocation and cloud infrastructure to a range of businesses. The Company operates in five segments: Dark Fiber Solutions, Network Connectivity, Colocation and Cloud Infrastructure, Zayo Canada and Other.
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