Cogent Communications (NASDAQ:CCOI) Issues Earnings Results

Cogent Communications (NASDAQ:CCOI – Get Rating) released its quarterly earnings data on Thursday. The technology company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02, Briefing.com reports. The business had revenue of $148.50 million during the quarter, compared to analyst estimates of $150.68 million. Cogent Communications had a negative return on equity of 6.39% and a net margin of 5.15%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) EPS.

Cogent Communications Stock Performance

Shares of Cogent Communications stock traded down $3.15 on Friday, hitting $58.97. The company’s stock had a trading volume of 340,119 shares, compared to its average volume of 277,712. Cogent Communications has a 1 year low of $55.16 and a 1 year high of $80.50. The firm has a fifty day moving average price of $60.85 and a 200-day moving average price of $62.32. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 92.14 and a beta of 0.30.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CCOI shares. StockNews.com lowered Cogent Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, June 28th. Citigroup reduced their price objective on Cogent Communications from $73.00 to $70.00 in a research note on Monday, May 2nd. Finally, TheStreet lowered Cogent Communications from a “b-” rating to a “c” rating in a research note on Friday, April 29th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Cogent Communications currently has a consensus rating of “Hold” and a consensus target price of $70.80.

Insider Activity at Cogent Communications

In related news, Director Lewis H. Ferguson sold 950 shares of Cogent Communications stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $60.72, for a total value of $57,684.00. Following the completion of the transaction, the director now owns 12,887 shares in the company, valued at approximately $782,498.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Cogent Communications news, Director Lewis H. Ferguson sold 950 shares of the business’s stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $60.72, for a total transaction of $57,684.00. Following the completion of the sale, the director now directly owns 12,887 shares in the company, valued at approximately $782,498.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $60.03, for a total value of $115,257.60. Following the sale, the executive now owns 38,102 shares of the company’s stock, valued at $2,287,263.06. The disclosure for this sale can be found here. Insiders sold a total of 10,120 shares of company stock worth $608,398 in the last 90 days. Corporate insiders own 11.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CCOI. PNC Financial Services Group Inc. boosted its holdings in shares of Cogent Communications by 31.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,991 shares of the technology company’s stock worth $264,000 after purchasing an additional 950 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in shares of Cogent Communications by 35.5% during the 1st quarter. Panagora Asset Management Inc. now owns 12,424 shares of the technology company’s stock worth $824,000 after purchasing an additional 3,258 shares during the last quarter. Eaton Vance Management boosted its holdings in shares of Cogent Communications by 32.2% during the 1st quarter. Eaton Vance Management now owns 12,500 shares of the technology company’s stock worth $829,000 after purchasing an additional 3,048 shares during the last quarter. UBS Group AG boosted its holdings in shares of Cogent Communications by 313.8% during the 1st quarter. UBS Group AG now owns 14,651 shares of the technology company’s stock worth $972,000 after purchasing an additional 11,110 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Cogent Communications during the 1st quarter worth approximately $1,073,000. 86.06% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Company Profile

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Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, Web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.