Cogent Communications (NASDAQ:CCOI) Stock Rating Lowered by Zacks Investment Research

Cogent Communications (NASDAQ:CCOI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, Zacks.com reports.

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 have also recently weighed in on the stock. TheStreet cut shares of Cogent Communications from a “b” rating to a “c+” rating in a report on Monday, August 12th. BidaskClub upgraded shares of Cogent Communications from a “sell” rating to a “hold” rating in a research report on Wednesday. Wells Fargo & Co restated a “hold” rating on shares of Cogent Communications in a research report on Friday, August 9th. Finally, ValuEngine downgraded shares of Cogent Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $58.17.



CCOI traded up $0.89 during midday trading on Wednesday, hitting $55.76. 225,313 shares of the company traded hands, compared to its average volume of 266,100. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 88.51, a PEG ratio of 8.95 and a beta of 0.55. Cogent Communications has a 52-week low of $42.40 and a 52-week high of $64.24. The business has a 50 day simple moving average of $57.58 and a two-hundred day simple moving average of $58.17.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, August 8th. The technology company reported $0.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.06). The business had revenue of $134.79 million during the quarter, compared to analysts’ expectations of $136.12 million. Cogent Communications had a negative return on equity of 20.58% and a net margin of 5.97%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.14 earnings per share. Equities analysts expect that Cogent Communications will post 0.77 EPS for the current year.

In other news, Director Lewis H. Ferguson sold 675 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $58.28, for a total transaction of $39,339.00. Following the transaction, the director now directly owns 4,430 shares of the company’s stock, valued at approximately $258,180.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mike Slessor sold 14,835 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $18.03, for a total transaction of $267,475.05. Over the last ninety days, insiders have sold 31,080 shares of company stock worth $1,239,512. Corporate insiders own 10.17% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Montreal Can lifted its holdings in shares of Cogent Communications by 0.5% during the 2nd quarter. Bank of Montreal Can now owns 37,673 shares of the technology company’s stock worth $2,236,000 after acquiring an additional 201 shares during the period. Chesley Taft & Associates LLC grew its position in shares of Cogent Communications by 1.5% during the third quarter. Chesley Taft & Associates LLC now owns 15,450 shares of the technology company’s stock worth $851,000 after buying an additional 225 shares in the last quarter. Capital Insight Partners LLC grew its position in shares of Cogent Communications by 1.2% during the second quarter. Capital Insight Partners LLC now owns 24,099 shares of the technology company’s stock worth $1,431,000 after buying an additional 294 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in Cogent Communications by 1.9% during the second quarter. Oregon Public Employees Retirement Fund now owns 16,500 shares of the technology company’s stock worth $979,000 after purchasing an additional 300 shares during the last quarter. Finally, Arizona State Retirement System lifted its stake in Cogent Communications by 0.6% in the second quarter. Arizona State Retirement System now owns 64,724 shares of the technology company’s stock valued at $3,842,000 after buying an additional 377 shares during the last quarter. 87.79% of the stock is currently owned by hedge funds and other 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 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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