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 morning. The brokerage currently has $41.00 price objective 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 brokerages also recently weighed in on ZAYO. Barclays upped their target price on Zayo Group from $36.00 to $40.00 and gave the stock an overweight rating in a research note on Wednesday, October 18th. Morgan Stanley upped their target price on Zayo Group from $40.00 to $43.00 and gave the stock an overweight rating in a research note on Thursday, February 8th. Citigroup reaffirmed a buy rating on shares of Zayo Group in a research note on Thursday, December 14th. Oppenheimer reaffirmed a buy rating and set a $42.00 target price on shares of Zayo Group in a research note on Tuesday, November 7th. Finally, TheStreet downgraded Zayo Group from a b- rating to a c+ rating in a research note on Monday, November 13th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $41.09.

Zayo Group (ZAYO) opened at $35.50 on Friday. The company has a debt-to-equity ratio of 3.73, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market capitalization of $8,739.30, a P/E ratio of 104.41, a PEG ratio of 18.47 and a beta of 0.47. Zayo Group has a 52 week low of $29.73 and a 52 week high of $37.95.

In related news, major shareholder Fund X/A Lp Gtcr sold 4,700,000 shares of the stock in a transaction on Monday, November 20th. The stock was sold at an average price of $35.90, for a total value of $168,730,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Emily White acquired 43,095 shares of Zayo Group stock in a transaction that occurred on Monday, December 11th. The stock was purchased at an average cost of $34.99 per share, with a total value of $1,507,894.05. Following the completion of the purchase, the director now owns 3,906 shares in the company, valued at approximately $136,670.94. The disclosure for this purchase can be found here. Over the last three months, insiders sold 4,992,882 shares of company stock valued at $179,430,128. 5.20% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its holdings in Zayo Group by 9.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,018 shares of the technology company’s stock valued at $280,000 after buying an additional 775 shares in the last quarter. Navellier & Associates Inc grew its holdings in Zayo Group by 9.7% in the 2nd quarter. Navellier & Associates Inc now owns 14,261 shares of the technology company’s stock valued at $441,000 after buying an additional 1,262 shares in the last quarter. Macquarie Group Ltd. grew its holdings in Zayo Group by 2.6% in the 2nd quarter. Macquarie Group Ltd. now owns 59,400 shares of the technology company’s stock valued at $1,835,000 after buying an additional 1,500 shares in the last quarter. Congress Asset Management Co. MA grew its holdings in Zayo Group by 0.8% in the 4th quarter. Congress Asset Management Co. MA now owns 203,004 shares of the technology company’s stock valued at $7,471,000 after buying an additional 1,605 shares in the last quarter. Finally, Aperio Group LLC grew its holdings in Zayo Group by 5.8% in the 4th quarter. Aperio Group LLC now owns 29,806 shares of the technology company’s stock valued at $1,097,000 after buying an additional 1,628 shares in the last quarter. 84.74% of the stock is owned by hedge funds and other institutional investors.

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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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