Cogent Communications (NASDAQ:CCOI) Stock Rating Lowered by BidaskClub

BidaskClub cut shares of Cogent Communications (NASDAQ:CCOI) from a buy rating to a hold rating in a report released on Tuesday, BidAskClub reports.

Other equities research analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Cogent Communications from a sell rating to a hold rating in a research note on Monday, May 6th. Deutsche Bank lowered shares of Cogent Communications from a buy rating to a hold rating in a research note on Thursday, May 2nd. Credit Suisse Group began coverage on shares of Cogent Communications in a research note on Friday, May 31st. They set an outperform rating and a $68.00 price objective on the stock. CIBC reiterated a market perform rating on shares of Cogent Communications in a research note on Friday, May 10th. Finally, Oppenheimer cut shares of Cogent Communications from an outperform rating to a market perform rating in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. Cogent Communications presently has a consensus rating of Hold and a consensus target price of $51.71.

CCOI opened at $59.96 on Tuesday. The stock has a market cap of $2.81 billion, a P/E ratio of 95.17, a price-to-earnings-growth ratio of 8.49 and a beta of 0.57. Cogent Communications has a fifty-two week low of $42.40 and a fifty-two week high of $61.43.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, May 2nd. The technology company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.01. The firm had revenue of $134.20 million for the quarter, compared to analyst estimates of $135.21 million. Cogent Communications had a net margin of 5.92% and a negative return on equity of 22.47%. Cogent Communications’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.15 earnings per share. Analysts expect that Cogent Communications will post 0.89 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 17th were given a $0.60 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $0.58. The ex-dividend date was Thursday, May 16th. This represents a $2.40 annualized dividend and a yield of 4.00%. Cogent Communications’s dividend payout ratio is 380.95%.

In other Cogent Communications news, VP Raymond B. Kummer sold 2,400 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $61.24, for a total value of $146,976.00. Following the completion of the transaction, the vice president now owns 41,400 shares in the company, valued at approximately $2,535,336. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Raymond B. Kummer sold 3,000 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $52.30, for a total transaction of $156,900.00. Following the completion of the transaction, the vice president now owns 46,440 shares of the company’s stock, valued at approximately $2,428,812. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,425 shares of company stock valued at $2,273,209. 10.17% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of CCOI. FMR LLC boosted its holdings in Cogent Communications by 33.2% during the first quarter. FMR LLC now owns 1,488,748 shares of the technology company’s stock worth $80,764,000 after buying an additional 370,945 shares in the last quarter. BlueMountain Capital Management LLC bought a new stake in Cogent Communications during the first quarter worth approximately $42,000. CWM Advisors LLC bought a new stake in Cogent Communications during the first quarter worth approximately $209,000. MIG Capital LLC boosted its holdings in Cogent Communications by 13.0% during the first quarter. MIG Capital LLC now owns 989,801 shares of the technology company’s stock worth $53,697,000 after buying an additional 113,801 shares in the last quarter. Finally, Zebra Capital Management LLC boosted its holdings in Cogent Communications by 5.3% during the first quarter. Zebra Capital Management LLC now owns 5,393 shares of the technology company’s stock worth $293,000 after buying an additional 271 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Cogent Communications Company Profile

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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