Oppenheimer Holdings Comments on Cogent Communications Group Inc.’s Q3 2016 Earnings (CCOI)
Cogent Communications Group Inc. (NASDAQ:CCOI) – Equities research analysts at Oppenheimer Holdings cut their Q3 2016 earnings estimates for Cogent Communications Group in a note issued to investors on Friday. Oppenheimer Holdings analyst T. Horan now anticipates that the brokerage will post earnings of $0.13 per share for the quarter, down from their prior forecast of $0.14. Oppenheimer Holdings has a “Outperform” rating and a $45.00 price target on the stock. Oppenheimer Holdings also issued estimates for Cogent Communications Group’s Q4 2016 earnings at $0.15 EPS and FY2017 earnings at $0.76 EPS.
Cogent Communications Group (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.09 EPS for the quarter, hitting analysts’ consensus estimates of $0.09. The firm earned $110 million during the quarter, compared to analyst estimates of $110.88 million. Cogent Communications Group had a negative return on equity of 89.73% and a net margin of 3.10%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.02 EPS.
CCOI has been the topic of a number of other reports. Zacks Investment Research cut shares of Cogent Communications Group from a “hold” rating to a “sell” rating in a research note on Wednesday, October 5th. JPMorgan Chase & Co. assumed coverage on shares of Cogent Communications Group in a research note on Monday, September 26th. They set a “neutral” rating on the stock. Citigroup Inc. lifted their price objective on shares of Cogent Communications Group from $40.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday, July 27th. Raymond James Financial Inc. cut shares of Cogent Communications Group from an “outperform” rating to a “market perform” rating in a research note on Monday, August 8th. Finally, William Blair reaffirmed an “outperform” rating on shares of Cogent Communications Group in a report on Friday. 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. The stock currently has a consensus rating of “Hold” and a consensus price target of $42.70.
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A number of institutional investors have recently added to or reduced their stakes in CCOI. Nuveen Asset Management LLC acquired a new position in Cogent Communications Group during the first quarter valued at $1,409,000. Renaissance Technologies LLC boosted its position in Cogent Communications Group by 5.6% in the first quarter. Renaissance Technologies LLC now owns 1,597,900 shares of the company’s stock valued at $62,366,000 after buying an additional 84,400 shares during the period. Loomis Sayles & Co. L P boosted its position in Cogent Communications Group by 93.0% in the first quarter. Loomis Sayles & Co. L P now owns 678,154 shares of the company’s stock valued at $26,468,000 after buying an additional 326,827 shares during the period. Goldman Sachs Group Inc. boosted its position in Cogent Communications Group by 113.9% in the first quarter. Goldman Sachs Group Inc. now owns 254,570 shares of the company’s stock valued at $9,936,000 after buying an additional 135,567 shares during the period. Finally, Riverhead Capital Management LLC acquired a new position in Cogent Communications Group during the first quarter valued at $165,000. 98.24% of the stock is currently owned by institutional investors.
In other Cogent Communications Group news, Director Tim Weingarten sold 2,822 shares of Cogent Communications Group stock in a transaction dated Friday, September 16th. The stock was 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 document filed with the SEC, which is available at this hyperlink. Also, VP Timothy G. Oneill sold 1,000 shares of Cogent Communications Group stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $42.64, for a total value of $42,640.00. The disclosure for this sale can be found here. 9.17% of the stock is owned by corporate insiders.
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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