TheStreet lowered shares of Cogent Communications (NASDAQ:CCOI) from a b rating to a c+ rating in a research note issued to investors on Monday, TheStreetRatingsTable reports.
Other equities analysts also recently issued reports about the company. CIBC reiterated a market perform rating on shares of Cogent Communications in a research report on Friday, May 10th. Credit Suisse Group started coverage on Cogent Communications in a research report on Friday, May 31st. They set an outperform rating and a $68.00 target price on the stock. Deutsche Bank downgraded Cogent Communications from a buy rating to a hold rating in a research report on Thursday, May 2nd. ValuEngine downgraded Cogent Communications from a buy rating to a hold rating in a research report on Thursday, August 8th. Finally, Wells Fargo & Co restated a hold rating on shares of Cogent Communications in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $58.17.
NASDAQ CCOI opened at $55.55 on Monday. The business’s 50-day moving average price is $61.13 and its 200 day moving average price is $56.16. Cogent Communications has a twelve month low of $42.40 and a twelve month high of $64.24. The company has a market capitalization of $2.65 billion, a PE ratio of 88.17, a price-to-earnings-growth ratio of 9.22 and a beta of 0.56.
Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, August 8th. The technology company reported $0.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.06). Cogent Communications had a negative return on equity of 21.65% and a net margin of 5.97%. The business had revenue of $134.79 million for the quarter, compared to analysts’ expectations of $136.12 million. During the same quarter last year, the company posted $0.14 earnings per share. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. Sell-side analysts predict that Cogent Communications will post 0.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 9th. Shareholders of record on Friday, August 23rd will be paid a dividend of $0.62 per share. The ex-dividend date is Thursday, August 22nd. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.60. This represents a $2.48 annualized dividend and a yield of 4.46%. Cogent Communications’s dividend payout ratio is currently 380.95%.
In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $57.41, for a total transaction of $110,227.20. Following the completion of the sale, the executive now directly owns 38,802 shares in the company, valued at $2,227,622.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Raymond B. Kummer sold 3,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $57.05, for a total value of $171,150.00. Following the sale, the vice president now owns 43,800 shares of the company’s stock, valued at $2,498,790. The disclosure for this sale can be found here. Insiders have sold 21,925 shares of company stock valued at $1,284,932 over the last 90 days. 10.17% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. grew its stake in shares of Cogent Communications by 1.6% in the second quarter. BlackRock Inc. now owns 6,826,740 shares of the technology company’s stock valued at $405,235,000 after buying an additional 105,911 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Cogent Communications by 1.9% in the second quarter. Vanguard Group Inc. now owns 4,710,776 shares of the technology company’s stock valued at $279,631,000 after buying an additional 86,496 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Cogent Communications by 1.4% in the second quarter. Renaissance Technologies LLC now owns 3,423,700 shares of the technology company’s stock valued at $203,231,000 after buying an additional 47,300 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Cogent Communications by 3.4% in the first quarter. First Trust Advisors LP now owns 1,785,559 shares of the technology company’s stock valued at $96,867,000 after buying an additional 59,007 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Cogent Communications by 33.2% in the first quarter. FMR LLC now owns 1,488,748 shares of the technology company’s stock valued at $80,764,000 after buying an additional 370,945 shares in the last quarter. Institutional investors and hedge funds own 88.41% of the company’s stock.
About Cogent Communications
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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