BidaskClub Lowers Cogent Communications (NASDAQ:CCOI) to Hold

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BidaskClub lowered shares of Cogent Communications (NASDAQ:CCOI) from a buy rating to a hold rating in a research note issued to investors on Friday morning, BidAskClub reports.

A number of other analysts have also issued reports on CCOI. Credit Suisse Group assumed coverage on Cogent Communications in a research report on Friday, May 31st. They set an outperform rating and a $68.00 target price on the stock. Zacks Investment Research downgraded Cogent Communications from a buy rating to a hold rating in a research note on Tuesday, August 6th. CIBC reiterated a market perform rating on shares of Cogent Communications in a research note on Friday, May 10th. Oppenheimer downgraded Cogent Communications from an outperform rating to a market perform rating in a research note on Friday, May 10th. Finally, ValuEngine downgraded Cogent Communications from a buy rating to a hold rating in a research note on Thursday. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $58.17.

Shares of NASDAQ CCOI opened at $56.45 on Friday. Cogent Communications has a 1 year low of $42.40 and a 1 year high of $64.24. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of 89.60, a price-to-earnings-growth ratio of 7.90 and a beta of 0.56. The stock’s 50-day simple moving average is $61.46.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 8th. The technology company reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.06). Cogent Communications had a negative return on equity of 21.65% and a net margin of 5.97%. The business had revenue of $134.79 million for the quarter, compared to analysts’ expectations of $136.12 million. During the same period in the previous year, the firm posted $0.14 earnings per share. The firm’s revenue was up 4.2% compared to the same quarter last year. As a group, equities research analysts predict that Cogent Communications will post 0.86 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Friday, August 23rd will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 4.39%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Thursday, August 22nd. Cogent Communications’s dividend payout ratio (DPR) is 380.95%.

In other Cogent Communications news, VP Raymond B. Kummer sold 2,400 shares of Cogent Communications stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $61.24, for a total value of $146,976.00. Following the completion of the transaction, the vice president now directly owns 41,400 shares in the company, valued at $2,535,336. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Thaddeus Gerard Weed sold 1,400 shares of Cogent Communications stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $60.84, for a total value of $85,176.00. Following the completion of the transaction, the chief financial officer now owns 72,550 shares of the company’s stock, valued at $4,413,942. The disclosure for this sale can be found here. Insiders sold 21,925 shares of company stock valued at $1,284,932 over the last quarter. Insiders own 10.17% of the company’s stock.

A number of hedge funds have recently modified their holdings of CCOI. Royce & Associates LP boosted its position in shares of Cogent Communications by 29.2% during the first quarter. Royce & Associates LP now owns 810 shares of the technology company’s stock worth $44,000 after buying an additional 183 shares during the period. Arbor Wealth Management LLC acquired a new position in shares of Cogent Communications during the second quarter worth approximately $59,000. Quadrant Capital Group LLC boosted its position in shares of Cogent Communications by 296.4% during the first quarter. Quadrant Capital Group LLC now owns 1,328 shares of the technology company’s stock worth $70,000 after buying an additional 993 shares during the period. Winslow Evans & Crocker Inc. boosted its position in shares of Cogent Communications by 163.6% during the second quarter. Winslow Evans & Crocker Inc. now owns 1,476 shares of the technology company’s stock worth $88,000 after buying an additional 916 shares during the period. Finally, Advisor Group Inc. boosted its position in shares of Cogent Communications by 43.3% during the fourth quarter. Advisor Group Inc. now owns 1,609 shares of the technology company’s stock worth $72,000 after buying an additional 486 shares during the period. Institutional investors own 88.72% of the company’s stock.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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