Zegona Communications (LON:ZEG) Given New GBX 2,150 Price Target at Canaccord Genuity Group

Zegona Communications (LON:ZEG) had its price objective increased by Canaccord Genuity Group from GBX 1,500 to GBX 2,150 in a research note issued to investors on Monday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 45.27% from the stock’s current price.

Separately, Berenberg Bank reiterated a “buy” rating and set a GBX 1,350 target price on shares of Zegona Communications in a report on Tuesday, November 25th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Zegona Communications has an average rating of “Buy” and an average price target of GBX 1,683.33.

Zegona Communications Stock Up 10.4%

Shares of Zegona Communications stock traded up GBX 139.14 during trading on Monday, reaching GBX 1,480. 2,925,582 shares of the company were exchanged, compared to its average volume of 2,462,225. The firm has a market capitalization of £11.22 billion, a price-to-earnings ratio of 134.55 and a beta of 2.80. The business has a 50-day moving average price of GBX 1,326.84 and a 200-day moving average price of GBX 1,156.39. Zegona Communications has a twelve month low of GBX 390 and a twelve month high of GBX 1,495.

Zegona Communications announced that its Board of Directors has authorized a share repurchase plan on Friday, December 12th that authorizes the company to repurchase 0 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

About Zegona Communications

Zegona is a British company investing strategically across the Europe with the objective of acquiring businesses in the European TMT sector, using a “Buy-Fix-Sell” strategy to deliver attractive shareholder returns.

The first acquisition made by Zegona was of Asturian telecommunications operator Telecable in 2015. Telecable was later sold to Euskaltel in 2017, at which point Zegona acquired a 15% ownership of Euskaltel.

Zegona has subsequently increased its disclosable interest in Euskaltel to over 20%, becoming the largest shareholder in the company.