NEW YORK (

TheStreet

) --

Abovenet

(NYSE:

ABVT

) hit a new 52-week high Friday as it traded at $65.50 compared with its previous 52-Week high of $64.74. Abovenet is changing hands at $64.58 with 13,014 shares traded as of 9:32 a.m. ET. Average volume has been 97,600 shares over the past 30 days.

Abovenet has a market cap of $1.5 billion and is part of the

technology

sector and

internet

industry. Shares are up 5.7% year to date as of the close of trading on Thursday.

AboveNet, Inc., together with its subsidiaries, provides high-bandwidth connectivity solutions to corporate enterprise clients and communication carriers primarily in the United States and the United Kingdom. The company has a P/E ratio of six, equal to the average internet industry P/E ratio and below the S&P 500 P/E ratio of 22.6.

TheStreet Ratings rates Abovenet as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full

Abovenet Ratings Report

.

See all

52-week high stocks

or get investment ideas from our

investment research center

.

null