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

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

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

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $63.13 on Wednesday. The firm’s fifty day moving average price is $69.12 and its 200 day moving average price is $69.34. Cogent Communications has a 1-year low of $57.35 and a 1-year high of $86.00. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of 2.36 and a beta of 0.39.

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

Insider Activity

In other news, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $73.47, for a total transaction of $176,328.00. Following the completion of the transaction, the vice president now owns 41,000 shares of the company’s stock, valued at approximately $3,012,270. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Dave Schaeffer sold 26,174 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $64.21, for a total transaction of $1,680,632.54. Following the completion of the sale, the chief executive officer now owns 4,653,203 shares of the company’s stock, valued at approximately $298,782,164.63. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $73.47, for a total transaction of $176,328.00. Following the sale, the vice president now directly owns 41,000 shares of the company’s stock, valued at approximately $3,012,270. The disclosure for this sale can be found here. Insiders sold a total of 69,320 shares of company stock valued at $4,669,997 in the last 90 days. 11.40% of the stock is currently owned by insiders.

Institutional Trading of Cogent Communications

Institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its holdings in Cogent Communications by 895.0% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 398 shares of the technology company’s stock worth $25,000 after acquiring an additional 358 shares during the period. Fortis Capital Advisors LLC purchased a new position in Cogent Communications in the 4th quarter worth approximately $28,000. SRS Capital Advisors Inc. boosted its holdings in Cogent Communications by 313.9% in the 4th quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock worth $38,000 after acquiring an additional 383 shares during the period. Hexagon Capital Partners LLC boosted its holdings in Cogent Communications by 109.9% in the 4th quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock worth $48,000 after acquiring an additional 333 shares during the period. Finally, Belpointe Asset Management LLC boosted its holdings in Cogent Communications by 68.5% in the 1st quarter. Belpointe Asset Management LLC now owns 1,289 shares of the technology company’s stock worth $82,000 after acquiring an additional 524 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

About Cogent Communications

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.