Cogent Communications (NASDAQ:CCOI) Upgraded at BidaskClub

BidaskClub upgraded shares of Cogent Communications (NASDAQ:CCOI) from a sell rating to a hold rating in a research report report published on Thursday morning, BidAskClub reports.

A number of other equities analysts have also commented on the company. Moffett Nathanson lifted their price objective on Cogent Communications from $56.00 to $64.00 in a research note on Friday, June 26th. Citigroup raised Cogent Communications from a neutral rating to a buy rating and raised their target price for the company from $80.00 to $85.00 in a report on Tuesday, June 16th. ValuEngine lowered Cogent Communications from a buy rating to a hold rating in a report on Friday, May 1st. SunTrust Banks raised Cogent Communications from a hold rating to a buy rating and set a $90.00 price objective for the company in a research report on Wednesday, July 1st. Finally, Credit Suisse Group reaffirmed a buy rating and set a $99.00 target price on shares of Cogent Communications in a research report on Tuesday, July 14th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Hold and an average price target of $81.38.

NASDAQ:CCOI opened at $90.11 on Thursday. The company’s 50 day moving average is $80.67 and its 200-day moving average is $79.24. Cogent Communications has a 12 month low of $53.24 and a 12 month high of $92.96. The firm has a market cap of $4.25 billion, a price-to-earnings ratio of 109.89, a P/E/G ratio of 8.53 and a beta of 0.23.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, May 7th. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.02). The firm had revenue of $140.90 million for the quarter, compared to the consensus estimate of $141.78 million. Cogent Communications had a negative return on equity of 20.95% and a net margin of 6.79%. Cogent Communications’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.20 earnings per share. As a group, research analysts expect that Cogent Communications will post 0.99 EPS for the current fiscal year.

In other Cogent Communications news, VP Timothy G. Oneill sold 2,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $76.81, for a total transaction of $153,620.00. Following the completion of the transaction, the vice president now owns 34,000 shares in the company, valued at $2,611,540. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Timothy G. Oneill sold 400 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $80.49, for a total transaction of $32,196.00. Following the transaction, the vice president now owns 33,600 shares of the company’s stock, valued at approximately $2,704,464. The disclosure for this sale can be found here. Insiders have sold 11,070 shares of company stock worth $863,509 in the last quarter. Corporate insiders own 10.71% of the company’s stock.

A number of hedge funds have recently made changes to their positions in CCOI. Copper Rock Capital Partners LLC acquired a new position in Cogent Communications during the second quarter worth $472,846,000. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Cogent Communications during the 1st quarter worth about $52,629,000. Norges Bank acquired a new stake in shares of Cogent Communications during the 4th quarter worth about $34,554,000. Nuveen Asset Management LLC lifted its holdings in Cogent Communications by 138.2% during the 1st quarter. Nuveen Asset Management LLC now owns 783,475 shares of the technology company’s stock valued at $64,221,000 after purchasing an additional 454,603 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in Cogent Communications by 1,927.7% in the second quarter. Robeco Institutional Asset Management B.V. now owns 344,934 shares of the technology company’s stock valued at $26,683,000 after buying an additional 327,923 shares in the last quarter. 85.75% of the stock is currently owned by institutional investors and hedge funds.

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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