Cogent Communications (NASDAQ:CCOI) Lifted to Hold at StockNews.com

Cogent Communications (NASDAQ:CCOI) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

CCOI has been the topic of a number of other reports. Bank of America lowered Cogent Communications from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $85.00 to $75.00 in a research report on Thursday, March 7th. JPMorgan Chase & Co. lowered their target price on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating for the company in a report on Wednesday, March 6th. TD Cowen increased their target price on Cogent Communications from $81.00 to $84.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. KeyCorp raised their price objective on Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, March 1st. Finally, TheStreet upgraded shares of Cogent Communications from a “c+” rating to a “b” rating in a research note on Thursday, February 29th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $77.57.

Cogent Communications Stock Down 1.6 %

CCOI traded down $1.00 during trading on Wednesday, reaching $61.95. 416,090 shares of the stock traded hands, compared to its average volume of 414,134. Cogent Communications has a fifty-two week low of $57.35 and a fifty-two week high of $86.00. The stock’s 50-day simple moving average is $69.35 and its two-hundred day simple moving average is $69.38. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 2.32 and a beta of 0.39. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.38 and a quick ratio of 1.38.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.95) by $0.79. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. The firm had revenue of $272.10 million for the quarter, compared to analyst estimates of $275.82 million. As a group, equities research analysts expect that Cogent Communications will post -3.35 EPS for the current year.

Insider Buying and Selling at Cogent Communications

In related news, CEO Dave Schaeffer sold 8,826 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $72.55, for a total value of $640,326.30. Following the sale, the chief executive officer now owns 4,815,764 shares in the company, valued at approximately $349,383,678.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cogent Communications news, CEO Dave Schaeffer sold 8,826 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $72.55, for a total value of $640,326.30. Following the completion of the sale, the chief executive officer now owns 4,815,764 shares in the company, valued at approximately $349,383,678.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $76.62, for a total transaction of $147,110.40. Following the sale, the executive now owns 54,822 shares of the company’s stock, valued at approximately $4,200,461.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 69,320 shares of company stock valued at $4,669,997. 11.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Raymond James & Associates boosted its stake in shares of Cogent Communications by 50.3% during the 1st quarter. Raymond James & Associates now owns 27,448 shares of the technology company’s stock valued at $1,821,000 after purchasing an additional 9,180 shares in the last quarter. Citigroup Inc. raised its holdings in shares of Cogent Communications by 6.8% during the first quarter. Citigroup Inc. now owns 51,289 shares of the technology company’s stock valued at $3,402,000 after purchasing an additional 3,265 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Cogent Communications by 31.2% during the first quarter. PNC Financial Services Group Inc. now owns 3,991 shares of the technology company’s stock valued at $264,000 after buying an additional 950 shares during the last quarter. MetLife Investment Management LLC increased its holdings in Cogent Communications by 47.9% during the first quarter. MetLife Investment Management LLC now owns 22,270 shares of the technology company’s stock valued at $1,478,000 after buying an additional 7,213 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its holdings in Cogent Communications by 35.5% during the first quarter. Panagora Asset Management Inc. now owns 12,424 shares of the technology company’s stock valued at $824,000 after buying an additional 3,258 shares during the last quarter. 92.45% of the stock is owned by institutional investors.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.