Cogent Communications (CCOI) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Cogent Communications (NASDAQ:CCOI) from a hold rating to a buy rating in a research note released on Monday. The firm currently has $50.00 price objective on the technology company’s stock.

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. “

Several other research firms also recently weighed in on CCOI. Citigroup downgraded Cogent Communications from a neutral rating to a sell rating and dropped their price target for the stock from $43.00 to $39.00 in a research note on Thursday, November 2nd. Wells Fargo & Co downgraded Cogent Communications from an outperform rating to a market perform rating and upped their price target for the stock from $46.00 to $48.00 in a research note on Monday, October 9th. KeyCorp restated a hold rating on shares of Cogent Communications in a research note on Wednesday, October 11th. Deutsche Bank upped their price target on Cogent Communications from $48.00 to $51.00 and gave the stock a buy rating in a research note on Tuesday, October 10th. Finally, Royal Bank of Canada restated a buy rating and issued a $48.00 price target on shares of Cogent Communications in a research note on Monday, September 18th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $42.18.

Cogent Communications (NASDAQ:CCOI) traded up $0.30 during mid-day trading on Monday, reaching $44.50. The company’s stock had a trading volume of 286,306 shares, compared to its average volume of 225,516. Cogent Communications has a 1-year low of $37.85 and a 1-year 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 $2,060.00, a P/E ratio of 127.14, a price-to-earnings-growth ratio of 6.42 and a beta of 0.58.

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

In other news, CFO Thaddeus Gerard Weed sold 2,000 shares of the stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $45.81, for a total transaction of $91,620.00. Following the completion of the transaction, the chief financial officer now directly owns 67,650 shares in the company, valued at approximately $3,099,046.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Marc Montagner sold 5,000 shares of the stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $47.00, for a total value of $235,000.00. Following the transaction, the director now owns 40,000 shares of the company’s stock, valued at $1,880,000. The disclosure for this sale can be found here. Insiders have sold a total of 13,250 shares of company stock valued at $611,435 over the last quarter. Corporate insiders own 9.48% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Flinton Capital Management LLC boosted its position in shares of Cogent Communications by 63.4% during the 2nd quarter. Flinton Capital Management LLC now owns 2,640 shares of the technology company’s stock valued at $106,000 after acquiring an additional 1,024 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of 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 valued at $151,000 after acquiring an additional 3,589 shares during the last quarter. Riverhead Capital Management LLC boosted its position in shares of Cogent Communications by 66.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,163 shares of the technology company’s stock valued at $167,000 after acquiring an additional 1,663 shares during the last quarter. Sei Investments Co. boosted its position in shares of Cogent Communications by 42.4% during the 3rd quarter. Sei Investments Co. now owns 4,163 shares of the technology company’s stock valued at $203,000 after acquiring an additional 1,240 shares during the last quarter. Finally, Pinebridge Investments L.P. lifted its position in Cogent Communications by 1.0% in the second quarter. Pinebridge Investments L.P. now owns 5,395 shares of the technology company’s stock worth $217,000 after buying an additional 53 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

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About Cogent Communications

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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