Cogent Communications (NASDAQ:CCOI) Upgraded at BidaskClub

BidaskClub upgraded shares of Cogent Communications (NASDAQ:CCOI) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning, BidAskClub reports.

A number of other research analysts have also recently issued reports on CCOI. ValuEngine cut shares of Zagg from a sell rating to a strong sell rating in a research note on Thursday, March 14th. Credit Suisse Group set a €100.00 ($116.28) price objective on shares of Safran and gave the company a sell rating in a research note on Friday, May 31st. Deutsche Bank cut shares of Cogent Communications from a buy rating to a hold rating in a research note on Thursday, May 2nd. Zacks Investment Research cut shares of GALP ENERGIA SG/ADR from a hold rating to a sell rating in a research note on Monday, May 6th. Finally, CIBC lifted their price objective on shares of Quebecor from C$34.00 to C$35.00 in a research note on Friday, May 10th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $53.57.

Shares of CCOI opened at $62.37 on Tuesday. Cogent Communications has a 12 month low of $42.40 and a 12 month high of $62.66. The stock’s 50 day simple moving average is $59.38. The company has a market capitalization of $2.85 billion, a PE ratio of 99.00, a PEG ratio of 8.60 and a beta of 0.56.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, May 2nd. The technology company reported $0.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.01. Cogent Communications had a net margin of 5.92% and a negative return on equity of 22.47%. The company had revenue of $134.20 million for the quarter, compared to analysts’ expectations of $135.21 million. During the same period last year, the firm earned $0.15 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. Research analysts predict that Cogent Communications will post 0.89 earnings per share for the current fiscal year.

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $57.11, for a total value of $85,665.00. Following the sale, the chief financial officer now owns 78,950 shares in the company, valued at $4,508,834.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Raymond B. Kummer sold 2,440 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $58.40, for a total transaction of $142,496.00. Following the completion of the sale, the vice president now owns 46,800 shares in the company, valued at approximately $2,733,120. The disclosure for this sale can be found here. Insiders sold 33,425 shares of company stock worth $1,949,397 in the last 90 days. Company insiders own 10.17% of the company’s stock.

Several large investors have recently modified their holdings of CCOI. Prudential Financial Inc. grew its stake in shares of Cogent Communications by 4.1% in the fourth quarter. Prudential Financial Inc. now owns 77,299 shares of the technology company’s stock valued at $3,495,000 after buying an additional 3,014 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Cogent Communications by 8.6% in the fourth quarter. New York State Common Retirement Fund now owns 57,778 shares of the technology company’s stock valued at $2,612,000 after buying an additional 4,553 shares in the last quarter. BlackRock Inc. grew its stake in shares of Cogent Communications by 3.2% in the fourth quarter. BlackRock Inc. now owns 6,865,395 shares of the technology company’s stock valued at $310,385,000 after buying an additional 210,635 shares in the last quarter. Texas Permanent School Fund grew its stake in shares of Cogent Communications by 4.0% in the fourth quarter. Texas Permanent School Fund now owns 27,370 shares of the technology company’s stock valued at $1,237,000 after buying an additional 1,064 shares in the last quarter. Finally, Advisor Group Inc. grew its stake in shares of Cogent Communications by 43.3% in the fourth quarter. Advisor Group Inc. now owns 1,609 shares of the technology company’s stock valued at $72,000 after buying an additional 486 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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