Cogent Communications Holdings, Inc. (CCOI) Downgraded by Zacks Investment Research
Cogent Communications Holdings, Inc. (NASDAQ:CCOI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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 subject of a number of other reports. Off Wall Street began coverage on Cogent Communications Holdings in a research report on Monday, July 31st. They set a “sell” rating and a $29.00 price objective for the company. Cowen and Company restated a “hold” rating and set a $46.00 price objective on shares of Cogent Communications Holdings in a research report on Friday, August 4th. BidaskClub lowered Cogent Communications Holdings from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Deutsche Bank AG restated a “buy” rating and set a $48.00 price objective (up from $47.00) on shares of Cogent Communications Holdings in a research report on Friday, July 14th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $45.00 price target on shares of Cogent Communications Holdings in a research note on Sunday, July 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. Cogent Communications Holdings has an average rating of “Hold” and a consensus price target of $44.23.
Cogent Communications Holdings (CCOI) traded up 3.10% on Tuesday, hitting $49.90. 272,063 shares of the stock were exchanged. The company has a market cap of $2.23 billion, a PE ratio of 142.57 and a beta of 0.66. The company’s 50-day moving average is $47.03 and its 200-day moving average is $43.17. Cogent Communications Holdings has a 52 week low of $34.30 and a 52 week high of $51.85.
Cogent Communications Holdings (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.10 EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.02). Cogent Communications Holdings had a negative return on equity of 27.66% and a net margin of 3.39%. The business had revenue of $119.80 million for the quarter, compared to analyst estimates of $120.23 million. During the same quarter in the previous year, the business posted $0.09 earnings per share. The company’s revenue was up 9.0% compared to the same quarter last year. On average, analysts predict that Cogent Communications Holdings will post $0.47 earnings per share for the current year.
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In related news, CFO Thaddeus Gerard Weed sold 2,250 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $43.51, for a total value of $97,897.50. Following the transaction, the chief financial officer now directly owns 72,650 shares of the company’s stock, valued at approximately $3,161,001.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven D. Brooks sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $43.25, for a total value of $432,500.00. Following the completion of the transaction, the director now directly owns 26,400 shares in the company, valued at $1,141,800. The disclosure for this sale can be found here. Insiders sold a total of 31,466 shares of company stock worth $1,422,354 over the last three months. 9.48% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Cogent Communications Holdings by 3.5% in the 2nd quarter. BlackRock Inc. now owns 5,128,950 shares of the technology company’s stock valued at $205,670,000 after acquiring an additional 172,987 shares in the last quarter. FMR LLC raised its stake in shares of Cogent Communications Holdings by 5.9% in the 1st quarter. FMR LLC now owns 3,118,604 shares of the technology company’s stock valued at $134,256,000 after acquiring an additional 173,379 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Cogent Communications Holdings by 13.5% in the 2nd quarter. Renaissance Technologies LLC now owns 2,058,600 shares of the technology company’s stock valued at $82,550,000 after acquiring an additional 245,100 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Cogent Communications Holdings by 13.1% in the 2nd quarter. Jennison Associates LLC now owns 1,867,749 shares of the technology company’s stock valued at $74,897,000 after acquiring an additional 215,940 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Cogent Communications Holdings by 11.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,133 shares of the technology company’s stock valued at $59,513,000 after acquiring an additional 150,328 shares in the last quarter. 93.48% of the stock is currently owned by institutional investors and hedge funds.
About Cogent Communications Holdings
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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