Cogent Communications (NASDAQ:CCOI) Rating Lowered to Sell at BidaskClub

BidaskClub lowered shares of Cogent Communications (NASDAQ:CCOI) from a hold rating to a sell rating in a research report sent to investors on Saturday, BidAskClub reports.

A number of other equities research analysts have also issued reports on CCOI. Zacks Investment Research raised Cogent Communications from a sell rating to a hold rating in a research report on Tuesday, April 30th. CIBC reaffirmed a market perform rating on shares of Cogent Communications in a research report on Friday, May 10th. Deutsche Bank lowered Cogent Communications from a buy rating to a hold rating in a research report on Thursday, May 2nd. ValuEngine raised Cogent Communications from a hold rating to a buy rating in a research report on Thursday, March 14th. Finally, Royal Bank of Canada boosted their target price on Cogent Communications from $48.00 to $50.00 and gave the stock a sector perform rating in a research report on Monday, February 25th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. Cogent Communications has a consensus rating of Hold and a consensus price target of $51.71.

Shares of Cogent Communications stock opened at $58.67 on Friday. The stock’s fifty day moving average is $58.42. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 93.13, a PEG ratio of 8.38 and a beta of 0.57. Cogent Communications has a 12-month low of $42.40 and a 12-month high of $61.43.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, May 2nd. The technology company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. The company had revenue of $134.20 million for the quarter, compared to analyst estimates of $135.21 million. Cogent Communications had a negative return on equity of 22.47% and a net margin of 5.92%. Cogent Communications’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.15 earnings per share. As a group, sell-side analysts predict that Cogent Communications will post 0.89 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 17th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 4.09%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Thursday, May 16th. Cogent Communications’s payout ratio is presently 380.95%.

In related news, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $57.41, for a total transaction of $110,227.20. Following the transaction, the executive now directly owns 38,802 shares of the company’s stock, valued at $2,227,622.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thaddeus Gerard Weed sold 1,400 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $60.84, for a total value of $85,176.00. Following the transaction, the chief financial officer now directly owns 72,550 shares in the company, valued at $4,413,942. The disclosure for this sale can be found here. Insiders have sold 36,425 shares of company stock worth $2,116,309 over the last three months. 10.17% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of CCOI. Millennium Management LLC acquired a new position in Cogent Communications in the 4th quarter worth about $3,903,000. Capital Insight Partners LLC increased its position in Cogent Communications by 1.1% in the 1st quarter. Capital Insight Partners LLC now owns 23,805 shares of the technology company’s stock worth $1,291,000 after purchasing an additional 259 shares during the last quarter. Ranger Investment Management L.P. increased its position in Cogent Communications by 7.4% in the 4th quarter. Ranger Investment Management L.P. now owns 599,560 shares of the technology company’s stock worth $27,106,000 after purchasing an additional 41,377 shares during the last quarter. Parametric Portfolio Associates LLC increased its position in Cogent Communications by 11.8% in the 1st quarter. Parametric Portfolio Associates LLC now owns 235,972 shares of the technology company’s stock worth $12,801,000 after purchasing an additional 24,995 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Cogent Communications by 24.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 99,143 shares of the technology company’s stock worth $5,533,000 after purchasing an additional 19,538 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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