Zacks Investment Research upgraded shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) from a hold rating to a buy rating in a report released on Monday morning. They currently have $57.00 price objective on the technology company’s stock.
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. “
Other analysts have also issued research reports about the company. BidaskClub upgraded Cogent Communications Holdings from a hold rating to a buy rating in a report on Monday, July 24th. Royal Bank Of Canada reaffirmed a buy rating and issued a $45.00 price target on shares of Cogent Communications Holdings in a research note on Sunday, July 9th. Cowen and Company reaffirmed a hold rating and issued a $46.00 price target on shares of Cogent Communications Holdings in a research note on Friday, August 4th. Off Wall Street began coverage on shares of Cogent Communications Holdings in a research note on Monday, July 31st. They issued a sell rating and a $29.00 price target on the stock. Finally, Wells Fargo & Company downgraded shares of Cogent Communications Holdings from an outperform rating to a market perform rating and upped their price target for the stock from $46.00 to $48.00 in a research note on Monday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. Cogent Communications Holdings currently has an average rating of Hold and an average target price of $44.23.
Shares of Cogent Communications Holdings (CCOI) traded up 0.70% during midday trading on Monday, hitting $50.25. The stock had a trading volume of 16,701 shares. Cogent Communications Holdings has a 12-month low of $34.45 and a 12-month high of $51.85. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of 143.57 and a beta of 0.66. The company’s 50-day moving average price is $47.62 and its 200-day moving average price is $43.32.
Cogent Communications Holdings (NASDAQ:CCOI) last released its earnings results on Thursday, August 3rd. The technology company reported $0.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.02). The business had revenue of $119.80 million during the quarter, compared to analysts’ expectations of $120.23 million. Cogent Communications Holdings had a net margin of 3.39% and a negative return on equity of 27.66%. Cogent Communications Holdings’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.09 EPS. Equities research analysts forecast that Cogent Communications Holdings will post $0.47 EPS for the current year.
In other Cogent Communications Holdings news, VP Timothy G. Oneill sold 2,000 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $48.75, for a total transaction of $97,500.00. Following the transaction, the vice president now directly owns 39,052 shares of the company’s stock, valued at $1,903,785. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Timothy G. Oneill sold 1,000 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $41.95, for a total transaction of $41,950.00. Following the transaction, the vice president now directly owns 42,052 shares in the company, valued at $1,764,081.40. The disclosure for this sale can be found here. Insiders have sold 31,466 shares of company stock worth $1,422,354 over the last three months. Company insiders own 9.48% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. Piedmont Investment Advisors LLC acquired a new position in Cogent Communications Holdings during the second quarter worth $355,000. DF Dent & Co. Inc. increased its position in Cogent Communications Holdings by 76.4% during the second quarter. DF Dent & Co. Inc. now owns 27,518 shares of the technology company’s stock worth $1,103,000 after buying an additional 11,920 shares during the last quarter. Osterweis Capital Management Inc. increased its position in Cogent Communications Holdings by 121.1% during the second quarter. Osterweis Capital Management Inc. now owns 72,120 shares of the technology company’s stock worth $2,892,000 after buying an additional 39,495 shares during the last quarter. MIG Capital LLC increased its position in Cogent Communications Holdings by 7.3% during the second quarter. MIG Capital LLC now owns 1,425,000 shares of the technology company’s stock worth $57,143,000 after buying an additional 97,160 shares during the last quarter. Finally, State Street Corp increased its position in Cogent Communications Holdings by 5.2% during the second quarter. State Street Corp now owns 1,081,902 shares of the technology company’s stock worth $43,377,000 after buying an additional 53,562 shares during the last quarter. 93.48% of the stock is currently owned by hedge funds and other institutional investors.
About Cogent Communications Holdings
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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