Cogent Communications (CCOI) Lowered to “Sell” at BidaskClub

Cogent Communications (NASDAQ:CCOI) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Friday.

A number of other equities research analysts also recently weighed in on CCOI. Wells Fargo & Co downgraded shares of Cogent Communications from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $46.00 to $48.00 in a research note on Monday, October 9th. Zacks Investment Research raised shares of Cogent Communications from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Monday, October 9th. Deutsche Bank boosted their price objective on shares of Cogent Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, October 10th. KeyCorp restated a “hold” rating on shares of Cogent Communications in a report on Wednesday, October 11th. Finally, Citigroup cut shares of Cogent Communications from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $43.00 to $39.00 in a report on Thursday, November 2nd. Six analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Cogent Communications presently has a consensus rating of “Hold” and an average target price of $42.27.

Cogent Communications (NASDAQ:CCOI) traded down $0.25 on Friday, hitting $44.75. 329,654 shares of the company were exchanged, compared to its average volume of 222,127. The company has a debt-to-equity ratio of -8.84, a quick ratio of 4.22 and a current ratio of 4.22. The company has a market capitalization of $2,040.00, a P/E ratio of 127.86, a price-to-earnings-growth ratio of 6.41 and a beta of 0.58. Cogent Communications has a twelve month low of $37.85 and a twelve month high of $54.85.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.08 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.06). The business had revenue of $123.00 million for 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%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the firm earned $0.08 earnings per share. equities analysts anticipate that Cogent Communications will post 0.38 earnings per share for the current fiscal year.

In other news, Director Marc Montagner sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $47.00, for a total value of $235,000.00. Following the completion of the transaction, the director now owns 40,000 shares in the company, valued at $1,880,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thaddeus Gerard Weed sold 2,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 67,650 shares of the company’s stock, valued at approximately $3,099,046.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,250 shares of company stock valued at $611,435. Corporate insiders own 9.48% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Flinton Capital Management LLC boosted its holdings in shares of Cogent Communications by 63.4% in the second quarter. Flinton Capital Management LLC now owns 2,640 shares of the technology company’s stock valued at $106,000 after buying an additional 1,024 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Cogent Communications by 1,919.3% in the second quarter. PNC Financial Services Group Inc. now owns 3,776 shares of the technology company’s stock valued at $151,000 after buying an additional 3,589 shares during the period. Riverhead Capital Management LLC boosted its holdings in shares of Cogent Communications by 66.5% in the second quarter. Riverhead Capital Management LLC now owns 4,163 shares of the technology company’s stock valued at $167,000 after buying an additional 1,663 shares during the period. Sei Investments Co. boosted its holdings in shares of Cogent Communications by 42.4% in the third quarter. Sei Investments Co. now owns 4,163 shares of the technology company’s stock valued at $203,000 after buying an additional 1,240 shares during the period. Finally, Pinebridge Investments L.P. boosted its holdings in shares of Cogent Communications by 1.0% in the second quarter. Pinebridge Investments L.P. now owns 5,395 shares of the technology company’s stock valued at $217,000 after buying an additional 53 shares during the period. Institutional investors own 95.22% 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.

Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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