Cogent Communications (NASDAQ:CCOI) Downgraded to Hold at BidaskClub

Cogent Communications (NASDAQ:CCOI) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Tuesday, BidAskClub reports.

Other analysts have also issued research reports about the company. ValuEngine lowered Cogent Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Zacks Investment Research downgraded shares of Cogent Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, October 9th. Wells Fargo & Co restated a “hold” rating on shares of Cogent Communications in a report on Friday. TheStreet upgraded shares of Cogent Communications from a “c+” rating to a “b-” rating in a report on Thursday, November 21st. Finally, Royal Bank of Canada raised their price target on shares of Cogent Communications from $54.00 to $65.00 and gave the stock a “sector perform” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $64.40.

CCOI stock opened at $60.04 on Tuesday. The stock’s 50 day moving average price is $60.74 and its 200 day moving average price is $59.44. The firm has a market cap of $2.81 billion, a P/E ratio of 95.30, a PEG ratio of 8.90 and a beta of 0.57. Cogent Communications has a 1 year low of $42.40 and a 1 year high of $64.91.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 7th. The technology company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.12. Cogent Communications had a negative return on equity of 21.84% and a net margin of 6.91%. The company had revenue of $136.94 million during the quarter, compared to the consensus estimate of $136.50 million. During the same quarter last year, the business posted $0.18 earnings per share. Cogent Communications’s revenue was up 5.2% compared to the same quarter last year. On average, analysts anticipate that Cogent Communications will post 0.87 EPS for the current year.

In other news, VP Timothy G. Oneill sold 2,500 shares of Cogent Communications stock in a transaction on Monday, November 11th. The stock was sold at an average price of $63.29, for a total value of $158,225.00. Following the completion of the sale, the vice president now owns 34,752 shares of the company’s stock, valued at $2,199,454.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Thaddeus Gerard Weed sold 5,000 shares of Cogent Communications stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $61.74, for a total value of $308,700.00. Following the completion of the sale, the chief financial officer now directly owns 62,550 shares of the company’s stock, valued at approximately $3,861,837. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,670 shares of company stock worth $1,094,164. Corporate insiders own 10.17% of the company’s stock.

A number of large investors have recently modified their holdings of CCOI. Usca Ria LLC purchased a new position in shares of Cogent Communications during the 3rd quarter worth about $27,000. Point72 Asset Management L.P. acquired a new stake in shares of Cogent Communications in the second quarter worth approximately $30,000. Meeder Asset Management Inc. acquired a new stake in shares of Cogent Communications in the third quarter worth approximately $39,000. Tower Research Capital LLC TRC grew its holdings in Cogent Communications by 4,287.9% in the third quarter. Tower Research Capital LLC TRC now owns 1,448 shares of the technology company’s stock valued at $80,000 after purchasing an additional 1,415 shares during the period. Finally, Advisor Group Inc. grew its holdings in Cogent Communications by 22.4% in the second quarter. Advisor Group Inc. now owns 2,359 shares of the technology company’s stock valued at $141,000 after purchasing an additional 432 shares during the period. 85.14% of the stock is currently owned by hedge funds and other institutional investors.

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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