Cogent Communications (NASDAQ:CCOI – Get Rating) was downgraded by research analysts at TheStreet from a “b-” rating to a “c” rating in a note issued to investors on Friday, TheStreetRatingsTable reports.
Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company cut Cogent Communications from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $75.00 to $65.00 in a research note on Wednesday, January 12th. Credit Suisse Group cut their target price on Cogent Communications from $89.00 to $80.00 and set an “outperform” rating on the stock in a research note on Monday, January 24th. JPMorgan Chase & Co. raised Cogent Communications from a “neutral” rating to an “overweight” rating and set a $82.00 target price on the stock in a research note on Thursday, February 10th. The Goldman Sachs Group cut Cogent Communications from a “neutral” rating to a “sell” rating and cut their target price for the stock from $70.00 to $57.00 in a research note on Tuesday, January 11th. Finally, Citigroup lowered their price target on Cogent Communications from $73.00 to $70.00 in a report on Monday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $75.38.
Shares of CCOI stock opened at $60.08 on Friday. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 93.88 and a beta of 0.31. The business’s fifty day moving average is $64.37 and its 200 day moving average is $68.84. Cogent Communications has a twelve month low of $56.53 and a twelve month high of $80.50.
Cogent Communications (NASDAQ:CCOI – Get Rating) last issued its quarterly earnings results on Friday, April 29th. The technology company reported $0.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.22). The firm had revenue of $149.20 million during the quarter, compared to analysts’ expectations of $149.10 million. Cogent Communications had a negative return on equity of 6.63% and a net margin of 5.15%. Cogent Communications’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.41 earnings per share. As a group, equities research analysts predict that Cogent Communications will post 0.91 earnings per share for the current year.
In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the stock in a transaction dated Tuesday, March 1st. The stock was sold at an average price of $62.94, for a total value of $120,844.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP John B. Chang sold 600 shares of the stock in a transaction dated Thursday, March 17th. The shares were sold at an average price of $62.96, for a total value of $37,776.00. The disclosure for this sale can be found here. In the last three months, insiders sold 3,170 shares of company stock worth $201,846. 11.00% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. NN Investment Partners Holdings NV purchased a new stake in Cogent Communications in the third quarter worth about $34,000. Tyler Stone Wealth Management purchased a new stake in Cogent Communications in the fourth quarter worth about $51,000. Rosenberg Matthew Hamilton purchased a new stake in Cogent Communications in the first quarter worth about $53,000. Exchange Traded Concepts LLC purchased a new stake in Cogent Communications in the fourth quarter worth about $59,000. Finally, Huntington National Bank increased its position in Cogent Communications by 3,905.0% in the fourth quarter. Huntington National Bank now owns 801 shares of the technology company’s stock worth $59,000 after buying an additional 781 shares in the last quarter. Institutional investors and hedge funds 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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