Cogent Communications (NASDAQ:CCOI) Lifted to Hold at StockNews.com

Cogent Communications (NASDAQ:CCOI) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report released on Wednesday.

CCOI has been the subject of a number of other reports. JPMorgan Chase & Co. decreased their price target on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating for the company in a research note on Wednesday, March 6th. KeyCorp boosted their price target on Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a research note on Thursday, February 29th. TD Cowen lifted their price objective on Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Finally, Bank of America cut Cogent Communications from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $85.00 to $75.00 in a report on Thursday, March 7th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cogent Communications presently has a consensus rating of “Hold” and an average target price of $77.57.

Cogent Communications Trading Down 1.6 %

Cogent Communications stock traded down $1.00 during mid-day trading on Wednesday, hitting $61.95. The stock had a trading volume of 416,090 shares, compared to its average volume of 414,134. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.24. Cogent Communications has a 12 month low of $57.35 and a 12 month high of $86.00. The stock has a market capitalization of $2.94 billion, a PE ratio of 2.32 and a beta of 0.39. The stock has a 50-day simple moving average of $69.35 and a two-hundred day simple moving average of $69.38.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.79. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. The company had revenue of $272.10 million for the quarter, compared to analyst estimates of $275.82 million. As a group, sell-side analysts forecast that Cogent Communications will post -3.35 EPS for the current year.

Insider Buying and Selling

In other Cogent Communications news, CEO Dave Schaeffer sold 26,174 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $64.21, for a total value of $1,680,632.54. Following the transaction, the chief executive officer now owns 4,653,203 shares in the company, valued at $298,782,164.63. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $73.47, for a total value of $176,328.00. Following the completion of the transaction, the vice president now directly owns 41,000 shares in the company, valued at $3,012,270. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Dave Schaeffer sold 26,174 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $64.21, for a total value of $1,680,632.54. Following the transaction, the chief executive officer now owns 4,653,203 shares of the company’s stock, valued at $298,782,164.63. The disclosure for this sale can be found here. Insiders sold 69,320 shares of company stock valued at $4,669,997 over the last 90 days. Company insiders own 11.00% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Cogent Communications by 1.8% during the third quarter. Vanguard Group Inc. now owns 5,172,729 shares of the technology company’s stock worth $269,811,000 after purchasing an additional 90,137 shares during the last quarter. State Street Corp lifted its stake in shares of Cogent Communications by 0.6% in the 2nd quarter. State Street Corp now owns 1,772,398 shares of the technology company’s stock valued at $119,265,000 after acquiring an additional 10,259 shares during the last quarter. Brown Advisory Inc. lifted its stake in shares of Cogent Communications by 2.7% in the 3rd quarter. Brown Advisory Inc. now owns 1,359,910 shares of the technology company’s stock valued at $84,178,000 after acquiring an additional 35,449 shares during the last quarter. Harspring Capital Management LLC lifted its stake in shares of Cogent Communications by 3.6% in the 4th quarter. Harspring Capital Management LLC now owns 1,019,500 shares of the technology company’s stock valued at $77,543,000 after acquiring an additional 35,500 shares during the last quarter. Finally, Copeland Capital Management LLC lifted its stake in shares of Cogent Communications by 0.7% in the 3rd quarter. Copeland Capital Management LLC now owns 969,139 shares of the technology company’s stock valued at $59,990,000 after acquiring an additional 6,550 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.