Other research analysts also recently issued research reports about the company. Zacks Investment Research upgraded Cogent Communications from a hold rating to a buy rating and set a $76.00 price objective on the stock in a report on Wednesday, January 8th. Royal Bank of Canada increased their price objective on Cogent Communications from $54.00 to $65.00 and gave the company a sector perform rating in a report on Wednesday, November 13th. Citigroup upgraded Cogent Communications from a sell rating to a neutral rating and increased their price objective for the company from $53.00 to $68.00 in a report on Thursday, January 2nd. Wells Fargo & Co reiterated a hold rating on shares of Cogent Communications in a report on Friday, December 6th. Finally, TheStreet upgraded Cogent Communications from a c+ rating to a b- rating in a report on Thursday, November 21st. Seven research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Hold and an average price target of $68.00.
CCOI stock opened at $70.96 on Friday. The firm has a market capitalization of $3.33 billion, a P/E ratio of 112.63, a P/E/G ratio of 9.14 and a beta of 0.58. The business’s 50-day moving average is $64.73 and its two-hundred day moving average is $60.69. Cogent Communications has a 1 year low of $45.97 and a 1 year high of $71.19.
Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, November 7th. The technology company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.12. Cogent Communications had a negative return on equity of 21.84% and a net margin of 6.91%. The business had revenue of $136.94 million for the quarter, compared to the consensus estimate of $136.50 million. During the same quarter in the prior year, the business posted $0.18 EPS. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, equities analysts anticipate that Cogent Communications will post 0.87 earnings per share for the current fiscal year.
In related news, VP Timothy G. Oneill sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $67.42, for a total transaction of $134,840.00. Following the transaction, the vice president now owns 29,752 shares in the company, valued at approximately $2,005,879.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP John B. Chang sold 534 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $65.46, for a total value of $34,955.64. Following the transaction, the vice president now owns 18,300 shares in the company, valued at approximately $1,197,918. The disclosure for this sale can be found here. Insiders have sold a total of 20,524 shares of company stock worth $1,285,332 in the last 90 days. 10.17% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Usca Ria LLC purchased a new position in shares of Cogent Communications in the 3rd quarter valued at approximately $27,000. Point72 Asset Management L.P. purchased a new position in shares of Cogent Communications in the 2nd quarter valued at approximately $30,000. Carroll Financial Associates Inc. purchased a new position in shares of Cogent Communications in the 4th quarter valued at approximately $42,000. Meeder Asset Management Inc. purchased a new position in shares of Cogent Communications in the 3rd quarter valued at approximately $39,000. Finally, Tower Research Capital LLC TRC grew its stake in shares of Cogent Communications by 4,287.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 1,448 shares of the technology company’s stock valued at $80,000 after purchasing an additional 1,415 shares during the last quarter. Hedge funds and other institutional investors own 85.13% of the company’s stock.
Cogent Communications Company Profile
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.
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