Cogent Communications (NASDAQ:CCOI) Upgraded at Wall Street Zen

Cogent Communications (NASDAQ:CCOI) was upgraded by Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued to investors on Saturday.

A number of other brokerages have also recently issued reports on CCOI. Weiss Ratings cut shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Citigroup reduced their price target on Cogent Communications from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Tuesday, May 19th. Royal Bank Of Canada decreased their price target on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, May 6th. TD Cowen reissued a “buy” rating on shares of Cogent Communications in a report on Monday. Finally, UBS Group cut their price objective on Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 5th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.90.

Cogent Communications Stock Up 1.9%

NASDAQ CCOI opened at $13.41 on Friday. The stock has a market capitalization of $671.57 million, a PE ratio of -3.78 and a beta of 0.77. Cogent Communications has a 12-month low of $12.84 and a 12-month high of $54.37. The company has a 50 day moving average price of $18.09 and a two-hundred day moving average price of $20.62.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.20. The company had revenue of $239.19 million for the quarter, compared to analyst estimates of $241.31 million. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. Cogent Communications’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.09) EPS. As a group, equities analysts anticipate that Cogent Communications will post -4.25 EPS for the current year.

Insider Transactions at Cogent Communications

In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total value of $81,431.50. Following the transaction, the chief financial officer directly owned 197,900 shares in the company, valued at approximately $3,322,741. The trade was a 2.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $17.01, for a total value of $40,824.00. Following the transaction, the vice president directly owned 38,600 shares of the company’s stock, valued at $656,586. This represents a 5.85% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP bought a new stake in shares of Cogent Communications in the third quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd bought a new position in Cogent Communications during the fourth quarter worth $28,000. Parallel Advisors LLC raised its stake in Cogent Communications by 208.6% during the 1st quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock valued at $27,000 after purchasing an additional 968 shares during the last quarter. Hantz Financial Services Inc. raised its stake in Cogent Communications by 313.9% during the 4th quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock valued at $32,000 after purchasing an additional 1,127 shares during the last quarter. Finally, Strs Ohio bought a new stake in Cogent Communications in the 1st quarter valued at $104,000. 92.45% of the stock is owned by institutional investors.

Cogent Communications Company Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.