Cogent Communications Holdings, Inc. (CCOI) Upgraded by Zacks Investment Research to “Buy”

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm currently has a $57.00 price objective on the technology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 17.77% from the stock’s current price.

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. “

A number of other research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Cogent Communications Holdings from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Royal Bank Of Canada boosted their target price on shares of Cogent Communications Holdings from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Monday, August 7th. Wells Fargo & Company downgraded shares of Cogent Communications Holdings from an “outperform” rating to a “market perform” rating and boosted their target price for the company from $46.00 to $48.00 in a research report on Monday. Cowen and Company restated a “hold” rating and set a $42.00 target price on shares of Cogent Communications Holdings in a research report on Friday, July 28th. Finally, Deutsche Bank AG restated a “buy” rating and set a $48.00 target price (up from $47.00) on shares of Cogent Communications Holdings in a research report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. Cogent Communications Holdings presently has a consensus rating of “Hold” and an average target price of $44.00.

Cogent Communications Holdings (CCOI) traded down 4.82% during trading on Monday, hitting $48.40. The stock had a trading volume of 473,915 shares. The firm has a 50 day moving average of $46.86 and a 200-day moving average of $43.11. Cogent Communications Holdings has a 12 month low of $34.23 and a 12 month high of $51.85. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 138.29 and a beta of 0.66.

Cogent Communications Holdings (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The company had revenue of $119.80 million for 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 quarterly revenue was up 9.0% compared to the same quarter last year. During the same period last year, the firm earned $0.09 earnings per share. Equities analysts predict that Cogent Communications Holdings will post $0.47 earnings per share for the current year.

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In other Cogent Communications Holdings news, CFO Thaddeus Gerard Weed sold 2,250 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $43.51, for a total value of $97,897.50. Following the completion of the transaction, the chief financial officer now owns 72,650 shares in the company, valued at $3,161,001.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Steven D. Brooks sold 10,000 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $43.25, for a total transaction of $432,500.00. Following the completion of the transaction, the director now owns 26,400 shares of the company’s stock, valued at approximately $1,141,800. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,466 shares of company stock valued at $1,422,354. Insiders own 9.48% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in shares of Cogent Communications Holdings by 3.5% during the 2nd quarter. BlackRock Inc. now owns 5,128,950 shares of the technology company’s stock worth $205,670,000 after purchasing an additional 172,987 shares during the last quarter. FMR LLC raised its position in shares of Cogent Communications Holdings by 5.9% during the 1st quarter. FMR LLC now owns 3,118,604 shares of the technology company’s stock worth $134,256,000 after purchasing an additional 173,379 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Cogent Communications Holdings by 13.5% during the 2nd quarter. Renaissance Technologies LLC now owns 2,058,600 shares of the technology company’s stock worth $82,550,000 after purchasing an additional 245,100 shares during the last quarter. Jennison Associates LLC raised its position in shares of Cogent Communications Holdings by 13.1% during the 2nd quarter. Jennison Associates LLC now owns 1,867,749 shares of the technology company’s stock worth $74,897,000 after purchasing an additional 215,940 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Cogent Communications Holdings by 11.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,133 shares of the technology company’s stock worth $59,513,000 after purchasing an additional 150,328 shares during the last quarter. Hedge funds and other institutional investors own 93.48% of the company’s stock.

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.

Analyst Recommendations for Cogent Communications Holdings (NASDAQ:CCOI)

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