Cogent Communications Group Inc. (NASDAQ:CCOI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
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. “
CCOI has been the topic of several other reports. JPMorgan Chase & Co. assumed coverage on Cogent Communications Group in a research report on Monday, September 26th. They issued a “neutral” rating on the stock. Citigroup Inc. increased their target price on Cogent Communications Group from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 27th. Raymond James Financial Inc. lowered Cogent Communications Group from an “outperform” rating to a “market perform” rating in a research report on Monday, August 8th. William Blair reaffirmed an “outperform” rating on shares of Cogent Communications Group in a research report on Friday. Finally, BTIG Research reaffirmed a “buy” rating and issued a $43.00 target price on shares of Cogent Communications Group in a research report on Monday, August 8th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Cogent Communications Group currently has a consensus rating of “Hold” and an average price target of $42.70.
Shares of Cogent Communications Group (NASDAQ:CCOI) traded down 0.23% during mid-day trading on Monday, reaching $34.96. The company’s stock had a trading volume of 199,584 shares. Cogent Communications Group has a 52 week low of $29.20 and a 52 week high of $43.61. The firm has a 50-day moving average of $35.91 and a 200-day moving average of $38.65. The firm has a market capitalization of $1.56 billion, a PE ratio of 118.11 and a beta of 0.98.
Cogent Communications Group (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.09 earnings per share 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 company had revenue of $110 million for the quarter, compared to analyst estimates of $110.88 million. During the same quarter in the prior year, the company posted $0.02 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. Equities research analysts forecast that Cogent Communications Group will post $0.40 earnings per share for the current fiscal year.
In other news, VP Timothy G. Oneill sold 1,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $42.64, for a total transaction of $42,640.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Tim Weingarten sold 2,822 shares of the firm’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $35.57, for a total value of $100,378.54. Following the sale, the director now owns 21,479 shares of the company’s stock, valued at $764,008.03. The disclosure for this sale can be found here. Insiders own 9.17% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Cogent Communications Group by 115.5% in the first quarter. BlackRock Inc. now owns 3,205 shares of the company’s stock valued at $126,000 after buying an additional 1,718 shares during the last quarter. US Bancorp DE boosted its position in shares of Cogent Communications Group by 2.8% in the second quarter. US Bancorp DE now owns 3,427 shares of the company’s stock valued at $137,000 after buying an additional 93 shares during the last quarter. Gilder Gagnon Howe & Co. LLC boosted its position in shares of Cogent Communications Group by 113.6% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 3,546 shares of the company’s stock valued at $142,000 after buying an additional 1,886 shares during the last quarter. Riverhead Capital Management LLC bought a new position in shares of Cogent Communications Group during the first quarter valued at approximately $165,000. Finally, O Shaughnessy Asset Management LLC boosted its position in shares of Cogent Communications Group by 306.9% in the second quarter. O Shaughnessy Asset Management LLC now owns 5,025 shares of the company’s stock valued at $201,000 after buying an additional 3,790 shares during the last quarter. Institutional investors own 98.09% 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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