Cogent Communications (NASDAQ:CCOI – Get Rating) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Friday.
Other equities research analysts have also issued research reports about the company. Citigroup dropped their price target on Cogent Communications from $73.00 to $70.00 in a research report on Monday, May 2nd. TheStreet lowered Cogent Communications from a “b-” rating to a “c” rating in a research report on Friday, April 29th. Two research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $70.80.
NASDAQ:CCOI opened at $56.00 on Friday. Cogent Communications has a 1-year low of $55.16 and a 1-year high of $80.50. The business’s 50-day moving average price is $60.99 and its two-hundred day moving average price is $64.99. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of 87.50 and a beta of 0.31.
Cogent Communications (NASDAQ:CCOI – Get Rating) last released its earnings results on Friday, April 29th. The technology company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.18). The company had revenue of $149.20 million during the quarter, compared to analyst estimates of $149.10 million. Cogent Communications had a net margin of 5.15% and a negative return on equity of 6.39%. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 EPS. As a group, sell-side analysts expect that Cogent Communications will post 0.78 EPS for the current year.
In related news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $59.20, for a total transaction of $142,080.00. Following the completion of the transaction, the vice president now directly owns 33,600 shares in the company, valued at $1,989,120. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $60.49, for a total value of $293,376.50. Following the transaction, the chief financial officer now owns 58,400 shares of the company’s stock, valued at $3,532,616. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,520 shares of company stock valued at $635,798. 11.00% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of CCIO. Morgan Stanley grew its stake in Cogent Communications by 46.3% in the second quarter. Morgan Stanley now owns 171,957 shares of the technology company’s stock valued at $13,223,000 after purchasing an additional 54,446 shares in the last quarter. Franklin Resources Inc. bought a new position in Cogent Communications in the third quarter valued at approximately $646,000. Dimensional Fund Advisors LP grew its stake in Cogent Communications by 5.8% in the third quarter. Dimensional Fund Advisors LP now owns 953,137 shares of the technology company’s stock valued at $67,521,000 after purchasing an additional 52,573 shares in the last quarter. Voya Investment Management LLC grew its stake in Cogent Communications by 1.2% in the third quarter. Voya Investment Management LLC now owns 38,027 shares of the technology company’s stock valued at $2,693,000 after purchasing an additional 440 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Cogent Communications by 2.3% in the third quarter. Invesco Ltd. now owns 244,997 shares of the technology company’s stock valued at $17,356,000 after purchasing an additional 5,418 shares in the last quarter. Hedge funds and other institutional investors own 86.06% of the company’s stock.
Cogent Communications Company Profile (Get Rating)
Cogent Communications Holdings, Inc., through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.
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