Cogent Communications Group Inc. (CCOI) Stock Rating Lowered by Zacks Investment Research
Cogent Communications Group Inc. (NASDAQ:CCOI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.
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 topic of a number of other research reports. JPMorgan Chase & Co. began coverage on Cogent Communications Group in a research report on Monday, September 26th. They set a “neutral” rating on the stock. Citigroup Inc. boosted their price target on Cogent Communications Group from $40.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Raymond James Financial Inc. cut Cogent Communications Group from an “outperform” rating to a “market perform” rating in a research report on Monday, August 8th. William Blair restated an “outperform” rating on shares of Cogent Communications Group in a research report on Friday. Finally, BTIG Research restated a “buy” rating and issued a $43.00 price target on shares of Cogent Communications Group in a research report on Monday, August 8th. Three investment 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 has a consensus rating of “Hold” and an average target price of $42.70.
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Shares of Cogent Communications Group (NASDAQ:CCOI) traded down 0.23% during trading on Monday, reaching $34.96. The company’s stock had a trading volume of 199,584 shares. Cogent Communications Group has a 52 week low of $29.20 and a 52 week high of $43.61. The firm has a market capitalization of $1.56 billion, a P/E ratio of 118.11 and a beta of 0.98. The company has a 50 day moving average price of $35.91 and a 200 day moving average price of $38.65.
Cogent Communications Group (NASDAQ:CCOI) last posted its earnings results on Thursday, August 4th. The company reported $0.09 EPS for the quarter, hitting the Zacks’ 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 business had revenue of $110 million for the quarter, compared to analysts’ expectations of $110.88 million. During the same quarter in the previous year, the firm earned $0.02 earnings per share. The business’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts expect that Cogent Communications Group will post $0.40 EPS for the current fiscal year.
In other news, VP Henry W. Kilmer sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $42.15, for a total transaction of $42,150.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Tim Weingarten sold 2,822 shares of the business’s stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $35.57, for a total value of $100,378.54. Following the sale, the director now directly owns 21,479 shares in the company, valued at approximately $764,008.03. The disclosure for this sale can be found here. Insiders own 9.17% of the company’s stock.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Cogent Communications Group by 115.5% in the first quarter. BlackRock Inc. now owns 3,205 shares of the company’s stock valued at $126,000 after buying an additional 1,718 shares during the period. US Bancorp DE increased its position in shares of Cogent Communications Group by 2.8% in the second quarter. US Bancorp DE now owns 3,427 shares of the company’s stock valued at $137,000 after buying an additional 93 shares in the last quarter. Gilder Gagnon Howe & Co. LLC increased its position in shares of Cogent Communications Group by 113.6% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 3,546 shares of the company’s stock valued at $142,000 after buying an additional 1,886 shares in the last quarter. Riverhead Capital Management LLC bought a new position in shares of Cogent Communications Group during the first quarter valued at about $165,000. Finally, O Shaughnessy Asset Management LLC increased its position in shares of Cogent Communications Group by 306.9% in the second quarter. O Shaughnessy Asset Management LLC now owns 5,025 shares of the company’s stock valued at $201,000 after buying an additional 3,790 shares in the last quarter. 98.09% of the stock is currently owned by institutional investors and hedge funds.
About Cogent Communications Group
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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