Cogent Communications (NASDAQ:CCOI) Downgraded by Wells Fargo & Company

Wells Fargo & Company downgraded shares of Cogent Communications (NASDAQ:CCOI) from an equal weight rating to an underweight rating in a research report released on Wednesday morning, Analyst Ratings Network reports. The firm currently has $65.00 price target on the technology company’s stock, down from their previous price target of $75.00.

Other equities research analysts have also recently issued research reports about the company. Credit Suisse Group dropped their price target on Cogent Communications from $93.00 to $89.00 and set an outperform rating on the stock in a research note on Friday, November 5th. TheStreet raised Cogent Communications from a c rating to a b rating in a report on Tuesday, November 16th. Finally, The Goldman Sachs Group lowered Cogent Communications from a neutral rating to a sell rating and decreased their price objective for the company from $70.00 to $57.00 in a report on Tuesday. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $78.57.

CCOI opened at $63.99 on Wednesday. Cogent Communications has a 1-year low of $56.38 and a 1-year high of $80.50. The stock’s fifty day simple moving average is $74.25 and its 200 day simple moving average is $74.33. The stock has a market cap of $3.05 billion, a PE ratio of 127.98 and a beta of 0.13.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, November 4th. The technology company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.04. Cogent Communications had a negative return on equity of 11.81% and a net margin of 3.93%. The business had revenue of $147.93 million for the quarter, compared to analysts’ expectations of $148.63 million. During the same quarter in the prior year, the business earned $0.23 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Analysts predict that Cogent Communications will post 0.84 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 3rd. Stockholders of record on Friday, November 19th were issued a dividend of $0.83 per share. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a dividend yield of 5.19%. The ex-dividend date of this dividend was Thursday, November 18th. Cogent Communications’s dividend payout ratio is 664.00%.

In other news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction on Tuesday, December 7th. The stock was sold at an average price of $77.90, for a total transaction of $186,960.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO James Bubeck sold 1,920 shares of the stock in a transaction on Tuesday, December 14th. The stock was sold at an average price of $76.77, for a total value of $147,398.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,420 shares of company stock worth $729,139. 11.10% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Cogent Communications by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 4,774,196 shares of the technology company’s stock worth $367,088,000 after buying an additional 27,422 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in shares of Cogent Communications by 3.4% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,753,135 shares of the technology company’s stock worth $128,295,000 after buying an additional 57,855 shares during the last quarter. State Street Corp lifted its position in shares of Cogent Communications by 2.2% during the 2nd quarter. State Street Corp now owns 1,399,424 shares of the technology company’s stock worth $107,602,000 after buying an additional 29,672 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Cogent Communications by 5.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 953,137 shares of the technology company’s stock worth $67,521,000 after buying an additional 52,573 shares during the last quarter. Finally, abrdn plc lifted its position in shares of Cogent Communications by 5.7% during the 2nd quarter. abrdn plc now owns 825,977 shares of the technology company’s stock worth $63,546,000 after buying an additional 44,515 shares during the last quarter. Institutional investors and hedge funds own 84.89% of the company’s stock.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc engages in the provision of internet access and Internet Protocol communications solutions. It offers internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.

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Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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