According to Zacks, “Cogent Communications Holdings Inc. specializes in providing businesses with high speed Internet access, Ethernet transport, and colocation services. It offers on-net Internet access services to bandwidth-intensive users and on-net services in carrier-neutral co-location facilities, company controlled data centers, and single-tenant office buildings. In addition, it offers off-net services to businesses that are connected to its network primarily by means of ‘last mile’ access service lines obtained from other carriers primarily in the form of point-to-point carrier Ethernet, TDM, POS, SDH, and/or carrier Ethernet circuits. Cogent Communications Holdings Inc., formerly known as Cogent Communications Group, Inc., is headquartered in Washington, the District of Columbia. “
A number of other equities analysts have also weighed in on CCOI. Citigroup Inc. boosted their price objective on shares of Cogent Communications Group from $40.00 to $45.00 and gave the stock a neutral rating in a report on Wednesday, July 27th. Off Wall Street initiated coverage on shares of Cogent Communications Group in a report on Monday, June 20th. They issued a sell rating for the company. Oppenheimer Holdings Inc. restated an outperform rating and issued a $45.00 price objective on shares of Cogent Communications Group in a report on Wednesday, August 10th. Drexel Hamilton set a $44.00 price objective on shares of Cogent Communications Group and gave the stock a buy rating in a report on Friday, August 5th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Cogent Communications Group in a report on Monday, September 26th. They issued a neutral rating for the company. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. The company has an average rating of Hold and an average target price of $42.70.
Cogent Communications Group (NASDAQ:CCOI) opened at 35.41 on Wednesday. The stock has a 50 day moving average price of $36.08 and a 200-day moving average price of $38.75. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 119.63 and a beta of 0.98. Cogent Communications Group has a 12-month low of $28.77 and a 12-month high of $43.61.
Cogent Communications Group (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.09 EPS for the quarter, hitting analysts’ consensus estimates of $0.09. Cogent Communications Group had a negative return on equity of 89.73% and a net margin of 3.10%. The firm had revenue of $110 million for the quarter, compared to analysts’ expectations of $110.88 million. During the same period in the previous year, the firm posted $0.02 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. Equities analysts predict that Cogent Communications Group will post $0.40 EPS for the current fiscal year.
In other news, Director Tim Weingarten sold 2,822 shares of the company’s stock in a transaction on Friday, September 16th. The stock was sold at an average price of $35.57, for a total value of $100,378.54. Following the completion of the sale, the director now directly owns 21,479 shares in the company, valued at approximately $764,008.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Timothy G. Oneill sold 1,000 shares of the company’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $42.64, for a total value of $42,640.00. The disclosure for this sale can be found here. 9.17% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the company. Renaissance Technologies LLC increased its position in shares of Cogent Communications Group by 5.6% in the first quarter. Renaissance Technologies LLC now owns 1,597,900 shares of the company’s stock valued at $62,366,000 after buying an additional 84,400 shares in the last quarter. Aperio Group LLC increased its position in shares of Cogent Communications Group by 8.0% in the first quarter. Aperio Group LLC now owns 9,508 shares of the company’s stock valued at $371,000 after buying an additional 706 shares in the last quarter. Prudential Financial Inc. purchased a new position in shares of Cogent Communications Group during the first quarter valued at $3,887,000. PineBridge Investments L.P. increased its position in shares of Cogent Communications Group by 3.9% in the second quarter. PineBridge Investments L.P. now owns 5,220 shares of the company’s stock valued at $210,000 after buying an additional 194 shares in the last quarter. Finally, BlackRock Fund Advisors increased its position in shares of Cogent Communications Group by 133.3% in the first quarter. BlackRock Fund Advisors now owns 2,741,988 shares of the company’s stock valued at $107,020,000 after buying an additional 1,566,875 shares in the last quarter. Hedge funds and other institutional investors own 98.24% of the company’s stock.
About Cogent Communications Group
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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