Cogent Communications (NASDAQ:CCOI) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a research report issued on Monday.
Several other equities research analysts also recently weighed in on CCOI. BidaskClub upgraded shares of Cogent Communications from a “sell” rating to a “hold” rating in a research note on Wednesday, March 14th. Guggenheim began coverage on shares of Cogent Communications in a research note on Tuesday, March 13th. They issued a “neutral” rating and a $45.00 target price for the company. Deutsche Bank lowered their target price on shares of Cogent Communications from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, February 23rd. Finally, Zacks Investment Research upgraded shares of Cogent Communications from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a research note on Thursday, January 25th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $44.20.
Shares of Cogent Communications stock traded down $1.00 on Monday, reaching $42.80. 212,218 shares of the company’s stock traded hands, compared to its average volume of 299,664. The firm has a market capitalization of $2,013.41, a P/E ratio of 329.26, a price-to-earnings-growth ratio of 5.87 and a beta of 0.53. Cogent Communications has a 52 week low of $35.75 and a 52 week high of $54.85. The company has a current ratio of 4.11, a quick ratio of 4.11 and a debt-to-equity ratio of -6.93.
Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, February 22nd. The technology company reported $0.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.01). The firm had revenue of $125.20 million during the quarter, compared to analyst estimates of $126.27 million. Cogent Communications had a net margin of 1.21% and a negative return on equity of 21.64%. Cogent Communications’s revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the business earned $0.09 earnings per share. research analysts anticipate that Cogent Communications will post 0.75 earnings per share for the current fiscal year.
In other Cogent Communications news, Director Tim Weingarten sold 1,700 shares of the firm’s stock in a transaction on Friday, March 16th. The shares were sold at an average price of $43.60, for a total value of $74,120.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Thaddeus Gerard Weed sold 6,000 shares of the firm’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $45.17, for a total transaction of $271,020.00. Following the completion of the transaction, the chief financial officer now directly owns 81,050 shares of the company’s stock, valued at approximately $3,661,028.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,000 shares of company stock valued at $617,633. Corporate insiders own 9.48% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Xact Kapitalforvaltning AB purchased a new position in shares of Cogent Communications in the fourth quarter worth $323,000. Slow Capital Inc. purchased a new position in shares of Cogent Communications during the fourth quarter worth $788,000. MetLife Investment Advisors LLC purchased a new position in shares of Cogent Communications during the fourth quarter worth $887,000. Gotham Asset Management LLC raised its holdings in shares of Cogent Communications by 80.5% during the fourth quarter. Gotham Asset Management LLC now owns 26,524 shares of the technology company’s stock worth $1,202,000 after purchasing an additional 11,831 shares during the last quarter. Finally, Vident Investment Advisory LLC raised its holdings in shares of Cogent Communications by 74.9% during the fourth quarter. Vident Investment Advisory LLC now owns 17,245 shares of the technology company’s stock worth $781,000 after purchasing an additional 7,385 shares during the last quarter. 95.61% of the stock is owned by institutional investors and hedge funds.
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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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