Cogent Communications (CCOI) Downgraded to Sell at BidaskClub

BidaskClub cut shares of Cogent Communications (NASDAQ:CCOI) from a hold rating to a sell rating in a research report sent to investors on Friday.

Several other analysts have also issued reports on CCOI. ValuEngine lowered shares of Cogent Communications from a buy rating to a hold rating in a research report on Wednesday, January 30th. Zacks Investment Research raised shares of Cogent Communications from a hold rating to a buy rating and set a $51.00 price target on the stock in a report on Monday, January 7th. Deutsche Bank raised shares of Cogent Communications from a hold rating to a buy rating and set a $54.00 price target on the stock in a report on Monday, December 17th. Citigroup lifted their price target on shares of Cogent Communications from $39.00 to $42.00 and gave the company a sell rating in a report on Friday, November 2nd. Finally, Royal Bank of Canada set a $48.00 price target on shares of Cogent Communications and gave the company a hold rating in a report on Tuesday, November 13th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. Cogent Communications presently has a consensus rating of Hold and a consensus price target of $49.86.

Shares of NASDAQ CCOI opened at $48.67 on Friday. The company has a market cap of $2.26 billion, a P/E ratio of 128.08, a price-to-earnings-growth ratio of 6.41 and a beta of 0.63. Cogent Communications has a 12-month low of $35.75 and a 12-month high of $57.65.

In other Cogent Communications news, VP Robert N. Beury, Jr. sold 3,000 shares of Cogent Communications stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $49.16, for a total transaction of $147,480.00. Following the transaction, the vice president now owns 38,840 shares of the company’s stock, valued at $1,909,374.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lewis H. Ferguson sold 800 shares of Cogent Communications stock in a transaction that occurred on Friday, December 14th. The shares were sold at an average price of $47.20, for a total transaction of $37,760.00. Following the transaction, the director now directly owns 950 shares in the company, valued at approximately $44,840. The disclosure for this sale can be found here. Insiders have sold 10,050 shares of company stock worth $477,078 in the last ninety days. Insiders own 10.21% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Cogent Communications by 3.2% during the fourth quarter. BlackRock Inc. now owns 6,865,395 shares of the technology company’s stock valued at $310,385,000 after acquiring an additional 210,635 shares during the last quarter. New York State Common Retirement Fund increased its position in Cogent Communications by 8.6% during the fourth quarter. New York State Common Retirement Fund now owns 57,778 shares of the technology company’s stock valued at $2,612,000 after acquiring an additional 4,553 shares during the last quarter. First Washington CORP increased its position in Cogent Communications by 21.9% during the fourth quarter. First Washington CORP now owns 67,321 shares of the technology company’s stock valued at $3,044,000 after acquiring an additional 12,110 shares during the last quarter. Prudential Financial Inc. increased its position in Cogent Communications by 4.1% during the fourth quarter. Prudential Financial Inc. now owns 77,299 shares of the technology company’s stock valued at $3,495,000 after acquiring an additional 3,014 shares during the last quarter. Finally, Piedmont Investment Advisors Inc. increased its position in Cogent Communications by 3.4% during the fourth quarter. Piedmont Investment Advisors Inc. now owns 9,954 shares of the technology company’s stock valued at $450,000 after acquiring an additional 324 shares during the last quarter. 94.06% of the stock is currently owned by hedge funds and other institutional investors.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.

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