Cogent Communications (CCOI) Rating Increased to Buy at BidaskClub

Cogent Communications (NASDAQ:CCOI) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Thursday.

Several other equities research analysts have also weighed in on the company. Macquarie lowered Cogent Communications from a “neutral” rating to an “underperform” rating in a research report on Friday, November 3rd. Jefferies Group raised their target price on Cogent Communications from $39.00 to $43.00 and gave the stock a “hold” rating in a research report on Friday, November 3rd. Raymond James Financial reissued an “underperform” rating on shares of Cogent Communications in a research report on Friday, November 3rd. SunTrust Banks lowered Cogent Communications from a “buy” rating to a “hold” rating and set a $43.00 target price on the stock. in a research report on Friday, November 3rd. Finally, Citigroup lowered Cogent Communications from a “neutral” rating to a “sell” rating and cut their target price for the stock from $43.00 to $39.00 in a research report on Thursday, November 2nd. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $43.77.

Shares of Cogent Communications (NASDAQ:CCOI) opened at $46.95 on Thursday. The company has a debt-to-equity ratio of -8.84, a quick ratio of 4.22 and a current ratio of 4.22. Cogent Communications has a 12-month low of $37.85 and a 12-month high of $54.85. The firm has a market capitalization of $2,118.52, a PE ratio of 128.06, a PEG ratio of 12.03 and a beta of 0.58.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 2nd. The technology company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.06). Cogent Communications had a negative return on equity of 23.86% and a net margin of 3.37%. The business had revenue of $123.00 million for the quarter, compared to analyst estimates of $123.60 million. During the same period last year, the business posted $0.08 EPS. Cogent Communications’s revenue was up 8.8% on a year-over-year basis. research analysts forecast that Cogent Communications will post 0.38 earnings per share for the current fiscal year.

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 2,000 shares of Cogent Communications stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $45.81, for a total transaction of $91,620.00. Following the transaction, the chief financial officer now owns 67,650 shares of the company’s stock, valued at $3,099,046.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Henry W. Kilmer sold 3,000 shares of Cogent Communications stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $44.54, for a total value of $133,620.00. Following the transaction, the vice president now directly owns 33,600 shares in the company, valued at approximately $1,496,544. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,250 shares of company stock worth $473,935. 9.48% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CCOI. Goldman Sachs Group Inc. grew its stake in shares of Cogent Communications by 71.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 299,065 shares of the technology company’s stock valued at $11,992,000 after purchasing an additional 124,594 shares during the last quarter. Aperio Group LLC grew its stake in shares of Cogent Communications by 1.1% in the 2nd quarter. Aperio Group LLC now owns 9,168 shares of the technology company’s stock valued at $368,000 after purchasing an additional 99 shares during the last quarter. BlackRock Inc. grew its stake in shares of Cogent Communications by 3.5% in the 2nd quarter. BlackRock Inc. now owns 5,128,950 shares of the technology company’s stock valued at $205,670,000 after purchasing an additional 172,987 shares during the last quarter. Boston Financial Mangement LLC grew its stake in shares of Cogent Communications by 6.2% in the 3rd quarter. Boston Financial Mangement LLC now owns 359,770 shares of the technology company’s stock valued at $17,593,000 after purchasing an additional 21,123 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Cogent Communications by 11.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,133 shares of the technology company’s stock valued at $59,513,000 after purchasing an additional 150,328 shares during the last quarter. 95.63% of the stock is currently owned by institutional investors.

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Cogent Communications Company Profile

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.

Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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