Cogent Communications (NASDAQ:CCOI – Get Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Friday.
CCOI has been the topic of a number of other reports. Citigroup lowered their price target on Cogent Communications from $73.00 to $70.00 in a research report on Monday, May 2nd. TheStreet cut 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 given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $70.80.
Cogent Communications Price Performance
Shares of CCOI traded down $3.15 on Friday, reaching $58.97. 340,119 shares of the stock traded hands, compared to its average volume of 277,712. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 92.14 and a beta of 0.30. Cogent Communications has a 12 month low of $55.16 and a 12 month high of $80.50. The stock’s 50-day moving average price is $60.80 and its 200-day moving average price is $62.28.
Cogent Communications (NASDAQ:CCOI – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The business had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $150.68 million. Cogent Communications had a negative return on equity of 6.39% and a net margin of 5.15%. Cogent Communications’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.05) earnings per share. As a group, equities research analysts forecast that Cogent Communications will post 0.78 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $59.20, for a total value of $142,080.00. Following the transaction, the vice president now owns 33,600 shares of the company’s stock, valued at $1,989,120. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Lewis H. Ferguson sold 950 shares of the company’s stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $60.72, for a total transaction of $57,684.00. Following the transaction, the director now owns 12,887 shares of the company’s stock, valued at $782,498.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $59.20, for a total value of $142,080.00. Following the transaction, the vice president now directly owns 33,600 shares in the company, valued at approximately $1,989,120. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,120 shares of company stock valued at $608,398. 11.00% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Cogent Communications
Several large investors have recently made changes to their positions in CCOI. Allspring Global Investments Holdings LLC acquired a new position in Cogent Communications in the fourth quarter valued at about $2,174,000. Yousif Capital Management LLC acquired a new position in Cogent Communications in the fourth quarter valued at about $2,862,000. Qube Research & Technologies Ltd lifted its stake in Cogent Communications by 412.5% in the fourth quarter. Qube Research & Technologies Ltd now owns 20,789 shares of the technology company’s stock valued at $1,521,000 after buying an additional 16,733 shares during the period. Assenagon Asset Management S.A. lifted its stake in Cogent Communications by 1,363.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 116,726 shares of the technology company’s stock valued at $8,542,000 after buying an additional 108,751 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cogent Communications by 90.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,185 shares of the technology company’s stock valued at $965,000 after buying an additional 6,279 shares during the period. Institutional investors and hedge funds own 86.06% 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, 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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