Zacks Investment Research lowered shares of Cogent Communications (NASDAQ:CCOI) from a buy rating to a hold rating in a report issued on Tuesday morning.
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 a number of other research reports. BidaskClub lowered shares of Cogent Communications from a buy rating to a hold rating in a report on Friday, December 22nd. KeyCorp reaffirmed a hold rating on shares of Cogent Communications in a research note on Wednesday, October 11th. Macquarie cut shares of Cogent Communications from a neutral rating to an underperform rating in a research note on Friday, November 3rd. Royal Bank of Canada reaffirmed a buy rating and issued a $48.00 price objective on shares of Cogent Communications in a research note on Monday, September 18th. Finally, SunTrust Banks cut shares of Cogent Communications from a buy rating to a hold rating and set a $43.00 price objective for the company. in a research note on Friday, November 3rd. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $42.18.
Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.08 EPS for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.06). The company had revenue of $123.00 million during the quarter, compared to the consensus estimate of $123.60 million. Cogent Communications had a negative return on equity of 23.86% and a net margin of 3.37%. Cogent Communications’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.08 EPS. research analysts forecast that Cogent Communications will post 0.38 earnings per share for the current fiscal year.
In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 2,000 shares of the stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $45.81, for a total transaction of $91,620.00. Following the completion of the sale, the chief financial officer now owns 67,650 shares of the company’s stock, valued at approximately $3,099,046.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Henry W. Kilmer sold 3,000 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $44.54, for a total transaction of $133,620.00. Following the completion of the transaction, the vice president now owns 33,600 shares of the company’s stock, valued at $1,496,544. The disclosure for this sale can be found here. Insiders have sold a total of 13,250 shares of company stock valued at $611,435 in the last three months. 9.48% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Flinton Capital Management LLC raised its holdings in Cogent Communications by 63.4% in the 2nd quarter. Flinton Capital Management LLC now owns 2,640 shares of the technology company’s stock worth $106,000 after purchasing an additional 1,024 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Cogent Communications by 1,919.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,776 shares of the technology company’s stock worth $151,000 after purchasing an additional 3,589 shares in the last quarter. Riverhead Capital Management LLC raised its holdings in Cogent Communications by 66.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,163 shares of the technology company’s stock worth $167,000 after purchasing an additional 1,663 shares in the last quarter. Sei Investments Co. raised its holdings in Cogent Communications by 42.4% in the 3rd quarter. Sei Investments Co. now owns 4,163 shares of the technology company’s stock worth $203,000 after purchasing an additional 1,240 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in Cogent Communications by 225.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 4,762 shares of the technology company’s stock worth $232,000 after purchasing an additional 3,300 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.
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Cogent Communications Company Profile
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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