Cogent Communications (NASDAQ:CCOI) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Friday.
Several other research analysts also recently commented on the company. Zacks Investment Research upgraded Cogent Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 8th. Guggenheim restated a “hold” rating and issued a $47.00 price target on shares of Cogent Communications in a research note on Friday, August 3rd. Oppenheimer boosted their price target on Cogent Communications from $51.00 to $57.00 and gave the company an “outperform” rating in a research note on Monday, June 11th. Royal Bank of Canada downgraded Cogent Communications from an “outperform” rating to a “sector perform” rating and set a $51.00 price target for the company. in a research note on Tuesday, May 29th. They noted that the move was a valuation call. Finally, TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a research note on Thursday, May 17th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $47.89.
Shares of NASDAQ CCOI opened at $52.70 on Friday. The company has a quick ratio of 3.96, a current ratio of 3.96 and a debt-to-equity ratio of -6.22. Cogent Communications has a 12 month low of $35.75 and a 12 month high of $57.65. The company has a market cap of $2.35 billion, a PE ratio of 138.68, a price-to-earnings-growth ratio of 7.73 and a beta of 0.50.
Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, August 2nd. The technology company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.04). Cogent Communications had a negative return on equity of 22.38% and a net margin of 2.13%. The business had revenue of $129.30 million for the quarter, compared to the consensus estimate of $131.13 million. During the same quarter in the prior year, the firm posted $0.10 earnings per share. The business’s revenue was up 7.9% compared to the same quarter last year. research analysts expect that Cogent Communications will post 0.66 EPS for the current year.
In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,500 shares of Cogent Communications stock in a transaction on Monday, June 4th. The stock was sold at an average price of $51.12, for a total value of $230,040.00. Following the completion of the transaction, the chief financial officer now directly owns 73,550 shares of the company’s stock, valued at approximately $3,759,876. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Timothy G. Oneill sold 1,000 shares of Cogent Communications stock in a transaction on Friday, June 1st. The shares were sold at an average price of $51.30, for a total value of $51,300.00. Following the completion of the transaction, the vice president now directly owns 42,652 shares of the company’s stock, valued at $2,188,047.60. The disclosure for this sale can be found here. Insiders sold a total of 15,600 shares of company stock valued at $820,636 over the last 90 days. 10.21% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CCOI. Brown Advisory Inc. raised its holdings in Cogent Communications by 39.0% in the 1st quarter. Brown Advisory Inc. now owns 2,014,310 shares of the technology company’s stock valued at $87,421,000 after acquiring an additional 564,940 shares in the last quarter. BlackRock Inc. raised its holdings in Cogent Communications by 4.7% in the 2nd quarter. BlackRock Inc. now owns 6,421,881 shares of the technology company’s stock valued at $342,928,000 after acquiring an additional 287,668 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Cogent Communications by 9.5% in the 2nd quarter. Renaissance Technologies LLC now owns 3,289,400 shares of the technology company’s stock valued at $175,654,000 after acquiring an additional 285,400 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Cogent Communications by 56.6% in the 2nd quarter. Advisors Asset Management Inc. now owns 473,524 shares of the technology company’s stock valued at $25,286,000 after acquiring an additional 171,113 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Cogent Communications by 1,375.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 139,980 shares of the technology company’s stock valued at $7,476,000 after acquiring an additional 130,490 shares in the last quarter. 90.00% of the stock is owned by hedge funds and other institutional investors.
Cogent Communications Company Profile
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.
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