Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
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. “
CCOI has been the subject of several other research reports. Off Wall Street assumed coverage on shares of Cogent Communications Holdings in a research report on Monday, July 31st. They set a “sell” rating and a $29.00 price objective for the company. Cowen and Company reiterated a “hold” rating and set a $46.00 price objective on shares of Cogent Communications Holdings in a research report on Friday, August 4th. BidaskClub lowered shares of Cogent Communications Holdings from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Deutsche Bank AG reiterated a “buy” rating and set a $48.00 price objective (up previously from $47.00) on shares of Cogent Communications Holdings in a research report on Friday, July 14th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $45.00 price objective on shares of Cogent Communications Holdings in a research report on Sunday, July 9th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $44.23.
Cogent Communications Holdings (NASDAQ CCOI) opened at 49.55 on Tuesday. Cogent Communications Holdings has a 12 month low of $34.44 and a 12 month high of $51.85. The stock has a market cap of $2.21 billion, a PE ratio of 141.57 and a beta of 0.66. The company has a 50-day moving average of $47.44 and a 200-day moving average of $43.27.
Cogent Communications Holdings (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.02). Cogent Communications Holdings had a net margin of 3.39% and a negative return on equity of 27.66%. The business had revenue of $119.80 million for the quarter, compared to the consensus estimate of $120.23 million. During the same quarter last year, the business earned $0.09 EPS. Cogent Communications Holdings’s revenue for the quarter was up 9.0% compared to the same quarter last year. On average, equities analysts forecast that Cogent Communications Holdings will post $0.47 EPS for the current fiscal year.
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In related news, VP Timothy G. Oneill sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $41.95, for a total value of $41,950.00. Following the transaction, the vice president now owns 42,052 shares of the company’s stock, valued at approximately $1,764,081.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Timothy G. Oneill sold 2,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $48.75, for a total transaction of $97,500.00. Following the completion of the transaction, the vice president now directly owns 39,052 shares in the company, valued at approximately $1,903,785. The disclosure for this sale can be found here. Insiders sold a total of 31,466 shares of company stock worth $1,422,354 in the last ninety days. 9.48% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Cogent Communications Holdings by 3.5% in the 2nd quarter. BlackRock Inc. now owns 5,128,950 shares of the technology company’s stock worth $205,670,000 after buying an additional 172,987 shares during the period. FMR LLC increased its stake in Cogent Communications Holdings by 5.9% in the 1st quarter. FMR LLC now owns 3,118,604 shares of the technology company’s stock worth $134,256,000 after buying an additional 173,379 shares during the period. Renaissance Technologies LLC increased its stake in Cogent Communications Holdings by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 2,058,600 shares of the technology company’s stock worth $82,550,000 after buying an additional 245,100 shares during the period. Jennison Associates LLC increased its stake in Cogent Communications Holdings by 13.1% in the 2nd quarter. Jennison Associates LLC now owns 1,867,749 shares of the technology company’s stock worth $74,897,000 after buying an additional 215,940 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Cogent Communications Holdings by 11.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,133 shares of the technology company’s stock worth $59,513,000 after buying an additional 150,328 shares during the period. 93.48% of the stock is currently owned by institutional investors.
Cogent Communications Holdings Company Profile
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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