Cogent Communications Group Inc. (CCOI) Stock Rating Reaffirmed by William Blair
Cogent Communications Group Inc. (NASDAQ:CCOI)‘s stock had its “outperform” rating restated by stock analysts at William Blair in a research note issued on Friday.
Other research analysts have also recently issued reports about the company. Zacks Investment Research upgraded Cogent Communications Group from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research note on Monday, August 1st. Citigroup Inc. increased their price target on Cogent Communications Group from $40.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday, July 27th. Off Wall Street began coverage on Cogent Communications Group in a research note on Monday, June 20th. They issued a “sell” rating for the company. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $45.00 price target on shares of Cogent Communications Group in a research note on Wednesday, August 10th. Finally, Drexel Hamilton set a $44.00 price target on Cogent Communications Group and gave the company a “buy” rating in a research note on Friday, August 5th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. Cogent Communications Group currently has an average rating of “Hold” and an average price target of $42.70.
Shares of Cogent Communications Group (NASDAQ:CCOI) opened at 34.94 on Friday. The company’s 50 day moving average price is $35.94 and its 200-day moving average price is $38.66. The firm has a market capitalization of $1.55 billion, a PE ratio of 118.04 and a beta of 0.98. Cogent Communications Group has a 52 week low of $29.20 and a 52 week high of $43.61.
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Cogent Communications Group (NASDAQ:CCOI) last released its earnings results on Thursday, August 4th. The company reported $0.09 earnings per share for the quarter, hitting the consensus estimate of $0.09. Cogent Communications Group had a negative return on equity of 89.73% and a net margin of 3.10%. The firm earned $110 million during the quarter, compared to analysts’ expectations of $110.88 million. During the same period in the prior year, the company earned $0.02 earnings per share. The company’s quarterly revenue was up 11.3% on a year-over-year basis. On average, equities research analysts expect that Cogent Communications Group will post $0.40 EPS for the current fiscal year.
In other Cogent Communications Group news, Director Tim Weingarten sold 2,822 shares of Cogent Communications Group stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $35.57, for a total transaction of $100,378.54. Following the transaction, the director now owns 21,479 shares of the company’s stock, valued at approximately $764,008.03. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Timothy G. Oneill sold 1,000 shares of Cogent Communications Group stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $42.64, for a total transaction of $42,640.00. The disclosure for this sale can be found here. Company insiders own 9.17% of the company’s stock.
Several institutional investors have recently bought and sold shares of CCOI. Macquarie Group Ltd. purchased a new position in Cogent Communications Group during the second quarter valued at approximately $261,000. Mason Street Advisors LLC purchased a new position in Cogent Communications Group during the second quarter valued at approximately $322,000. Personal Capital Advisors Corp boosted its position in Cogent Communications Group by 11.6% in the second quarter. Personal Capital Advisors Corp now owns 305,830 shares of the company’s stock valued at $12,252,000 after buying an additional 31,809 shares in the last quarter. Perigon Wealth Management LLC boosted its position in Cogent Communications Group by 2.1% in the second quarter. Perigon Wealth Management LLC now owns 16,719 shares of the company’s stock valued at $670,000 after buying an additional 336 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in Cogent Communications Group by 1.4% in the second quarter. Arizona State Retirement System now owns 21,400 shares of the company’s stock valued at $857,000 after buying an additional 300 shares in the last quarter. 98.24% of the stock is currently owned by hedge funds and other institutional investors.
Cogent Communications Group 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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