BidaskClub downgraded shares of Cogent Communications (NASDAQ:CCOI) from a buy rating to a hold rating in a research report sent to investors on Friday, December 22nd.
Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada restated a buy rating and set a $48.00 price objective on shares of Cogent Communications in a research report on Monday, September 18th. Deutsche Bank raised their target price on shares of Cogent Communications from $48.00 to $51.00 and gave the stock a buy rating in a report on Tuesday, October 10th. Zacks Investment Research raised shares of Cogent Communications from a hold rating to a buy rating and set a $57.00 target price on the stock in a report on Monday, October 9th. Jefferies Group raised their target price on shares of Cogent Communications from $39.00 to $43.00 and gave the stock a hold rating in a report on Friday, November 3rd. Finally, SunTrust Banks cut shares of Cogent Communications from a buy rating to a hold rating and set a $43.00 target price on the stock. in a report on Friday, November 3rd. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $43.77.
Shares of Cogent Communications (NASDAQ CCOI) traded up $0.30 during trading hours on Friday, reaching $45.30. 161,842 shares of the company traded hands, compared to its average volume of 278,969. Cogent Communications has a twelve month low of $37.85 and a twelve month high of $54.85. The firm has a market cap of $2,067.97, a P/E ratio of 125.83, a P/E/G ratio of 6.36 and a beta of 0.58. The company has a debt-to-equity ratio of -8.84, a current ratio of 4.22 and a quick ratio of 4.22.
Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, November 2nd. The technology company reported $0.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.06). The company had revenue of $123.00 million for the quarter, compared to analyst estimates of $123.60 million. Cogent Communications had a negative return on equity of 23.86% and a net margin of 3.37%. The company’s revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the business earned $0.08 earnings per share. equities research analysts anticipate that Cogent Communications will post 0.38 earnings per share for the current year.
In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $45.81, for a total value of $91,620.00. Following the sale, the chief financial officer now owns 67,650 shares in the company, valued at $3,099,046.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Marc Montagner sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $47.00, for a total transaction of $235,000.00. Following the completion of the sale, the director now owns 40,000 shares in the company, valued at approximately $1,880,000. The disclosure for this sale can be found here. Insiders sold 13,250 shares of company stock worth $611,435 over the last three months. 9.48% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of CCOI. Aperio Group LLC boosted its position in Cogent Communications by 1.1% in the second quarter. Aperio Group LLC now owns 9,168 shares of the technology company’s stock valued at $368,000 after buying an additional 99 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Cogent Communications by 36.4% during the second quarter. Russell Investments Group Ltd. now owns 112,098 shares of the technology company’s stock worth $4,496,000 after purchasing an additional 29,900 shares during the period. Municipal Employees Retirement System of Michigan lifted its holdings in shares of Cogent Communications by 4.0% during the second quarter. Municipal Employees Retirement System of Michigan now owns 9,670 shares of the technology company’s stock worth $388,000 after purchasing an additional 370 shares during the period. Sei Investments Co. lifted its holdings in shares of Cogent Communications by 29.7% during the second quarter. Sei Investments Co. now owns 2,923 shares of the technology company’s stock worth $117,000 after purchasing an additional 670 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of Cogent Communications by 10.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 186,866 shares of the technology company’s stock worth $7,494,000 after purchasing an additional 17,340 shares during the period. Hedge funds and other institutional investors own 95.49% of the company’s stock.
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About Cogent Communications
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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