Cogent Communications (CCOI) Downgraded by BidaskClub

BidaskClub lowered shares of Cogent Communications (NASDAQ:CCOI) from a buy rating to a hold rating in a research note issued to investors on Friday.

Several other equities research analysts also recently commented on the stock. Macquarie downgraded shares of Cogent Communications from a neutral rating to an underperform rating in a research note on Friday, November 3rd. Jefferies Group boosted their target price on shares of Cogent Communications from $39.00 to $43.00 and gave the company a hold rating in a research note on Friday, November 3rd. Raymond James Financial restated an underperform rating on shares of Cogent Communications in a research note on Friday, November 3rd. SunTrust Banks downgraded shares of Cogent Communications from a buy rating to a hold rating and set a $43.00 target price on the stock. in a research note on Friday, November 3rd. Finally, Citigroup downgraded shares of Cogent Communications from a neutral rating to a sell rating and reduced their target price for the company from $43.00 to $39.00 in a research note on Thursday, November 2nd. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $43.77.

Shares of Cogent Communications (NASDAQ:CCOI) opened at $44.35 on Friday. Cogent Communications has a 52 week low of $37.85 and a 52 week high of $54.85. The company has a quick ratio of 4.22, a current ratio of 4.22 and a debt-to-equity ratio of -8.84. The company has a market cap of $2,010.00, a price-to-earnings ratio of 126.71, a PEG ratio of 11.71 and a beta of 0.58.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 2nd. The technology company reported $0.08 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.06). Cogent Communications had a net margin of 3.37% and a negative return on equity of 23.86%. The firm had revenue of $123.00 million during the quarter, compared to analyst estimates of $123.60 million. During the same quarter in the prior year, the firm posted $0.08 EPS. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. sell-side analysts expect that Cogent Communications will post 0.38 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, December 4th. Investors of record on Friday, November 17th were given a dividend of $0.48 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $1.92 annualized dividend and a yield of 4.33%. Cogent Communications’s dividend payout ratio is 548.57%.

In other Cogent Communications news, VP Robert N. Beury, Jr. sold 3,000 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $46.51, for a total transaction of $139,530.00. Following the completion of the sale, the vice president now directly owns 47,240 shares of the company’s stock, valued at approximately $2,197,132.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Timothy G. Oneill sold 2,000 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $48.75, for a total value of $97,500.00. Following the sale, the vice president now directly owns 39,052 shares of the company’s stock, valued at $1,903,785. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,250 shares of company stock worth $708,935. 9.48% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Flinton Capital Management LLC raised its holdings in Cogent Communications by 63.4% during the 2nd quarter. Flinton Capital Management LLC now owns 2,640 shares of the technology company’s stock worth $106,000 after purchasing an additional 1,024 shares during the last quarter. Sei Investments Co. raised its holdings in Cogent Communications by 29.7% during the 2nd quarter. Sei Investments Co. now owns 2,923 shares of the technology company’s stock worth $117,000 after purchasing an additional 670 shares during the last quarter. Pacad Investment Ltd. bought a new stake in Cogent Communications during the 2nd quarter worth about $140,000. PNC Financial Services Group Inc. raised its holdings in Cogent Communications by 1,919.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,776 shares of the technology company’s stock worth $151,000 after purchasing an additional 3,589 shares during the last quarter. Finally, Riverhead Capital Management LLC raised its holdings in Cogent Communications by 66.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,163 shares of the technology company’s stock worth $167,000 after purchasing an additional 1,663 shares during the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

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Cogent Communications 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.

Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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