Cogent Communications (NASDAQ:CCOI) Stock Rating Reaffirmed by 888

Cogent Communications (NASDAQ:CCOI – Get Rating)‘s stock had its “reiterates” rating reaffirmed by research analysts at 888 in a report released on Monday, Benzinga reports.

Several other analysts have also recently issued reports on the company. StockNews.com started coverage on Cogent Communications in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Bank of America raised Cogent Communications from an “underperform” rating to a “buy” rating and upped their target price for the company from $45.00 to $85.00 in a report on Wednesday, May 3rd. Royal Bank of Canada upped their target price on Cogent Communications from $61.00 to $69.00 and gave the company an “outperform” rating in a report on Tuesday, March 7th. William Blair reaffirmed an “outperform” rating on shares of Cogent Communications in a report on Thursday, February 23rd. Finally, JPMorgan Chase & Co. lowered Cogent Communications from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $72.00 to $70.00 in a report on Monday, May 8th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Cogent Communications presently has a consensus rating of “Hold” and an average target price of $67.33.

Cogent Communications Stock Up 3.6 %

Shares of NASDAQ:CCOI traded up $2.22 during midday trading on Monday, reaching $63.37. The company’s stock had a trading volume of 269,666 shares, compared to its average volume of 293,920. The business has a 50 day moving average price of $65.03 and a 200 day moving average price of $62.65. Cogent Communications has a 1 year low of $46.75 and a 1 year high of $75.00. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 288.06 and a beta of 0.44.

Cogent Communications (NASDAQ:CCOI – Get Rating) last posted its quarterly earnings results on Thursday, May 4th. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. Cogent Communications had a negative return on equity of 2.48% and a net margin of 1.68%. The firm had revenue of $116.10 million during the quarter, compared to the consensus estimate of $153.79 million. During the same quarter in the previous year, the business earned $0.02 earnings per share. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. Sell-side analysts anticipate that Cogent Communications will post 0.36 earnings per share for the current fiscal year.

Insider Transactions at Cogent Communications

In related news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $64.49, for a total transaction of $123,820.80. Following the completion of the sale, the executive now owns 42,422 shares of the company’s stock, valued at $2,735,794.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $64.30, for a total transaction of $311,855.00. Following the completion of the sale, the chief financial officer now owns 73,250 shares of the company’s stock, valued at $4,709,975. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $64.49, for a total value of $123,820.80. Following the sale, the executive now directly owns 42,422 shares of the company’s stock, valued at approximately $2,735,794.78. The disclosure for this sale can be found here. Insiders sold a total of 64,068 shares of company stock valued at $4,209,866 over the last quarter. Company insiders own 11.40% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

Institutional investors have recently bought and sold shares of the stock. Spire Wealth Management increased its stake in shares of Cogent Communications by 155.8% in the first quarter. Spire Wealth Management now owns 399 shares of the technology company’s stock worth $25,000 after purchasing an additional 243 shares during the period. Fortis Capital Advisors LLC bought a new position in shares of Cogent Communications in the fourth quarter worth about $28,000. Signaturefd LLC increased its stake in shares of Cogent Communications by 50.8% in the third quarter. Signaturefd LLC now owns 742 shares of the technology company’s stock worth $39,000 after purchasing an additional 250 shares during the period. Quadrant Capital Group LLC increased its stake in Cogent Communications by 123.3% during the fourth quarter. Quadrant Capital Group LLC now owns 690 shares of the technology company’s stock valued at $39,000 after acquiring an additional 381 shares during the period. Finally, Versant Capital Management Inc increased its stake in Cogent Communications by 36.7% during the third quarter. Versant Capital Management Inc now owns 789 shares of the technology company’s stock valued at $41,000 after acquiring an additional 212 shares during the period. 85.15% of the stock is currently owned by institutional investors.

About Cogent Communications

(Get Rating)

Cogent Communications Holdings, Inc engages in the provision of Internet access and Internet Protocol (IP) communications solutions. It offers Internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.