Other equity research analysts have also published research reports on the company. Citigroup lowered its price target on Cogent Communications from $73.00 to $70.00 in a Monday, May 2 research report. TheStreet downgraded Cogent Communications from a “b-” rating to a “c” rating in a Friday, April 29 research report. Two research analysts gave the stock a sell rating and three gave the company a buy rating. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $70.80.
NASDAQ: CCOI opened at $56.00 on Friday. Cogent Communications has a 1 year minimum of $55.16 and a 1 year maximum of $80.50. The company’s 50-day moving average price is $60.99 and its two-hundred-day moving average price is $64.99. The company has a market capitalization of $2.68 billion, a price-earnings ratio of 87.50 and a beta of 0.31.
Cogent Communications (NASDAQ: CCOI – Get a rating) last released its results on Friday, April 29. The technology company reported earnings per share of $0.02 for the quarter, missing the consensus estimate of $0.20 per ($0.18). The company posted revenue of $149.20 million in the quarter, compared to analyst estimates of $149.10 million. Cogent Communications posted a net margin of 5.15% and a negative return on equity of 6.39%. The company’s quarterly revenue increased by 1.6% compared to the same quarter last year. During the same period a year earlier, the company posted EPS of $0.41. As a group, sell-side analysts expect Cogent Communications to post year-to-date EPS of 0.78.
In related news, Vice Chairman Henry W. Kilmer sold 2,400 shares in a trade dated Tuesday, June 7. The stock was sold at an average price of $59.20, for a total transaction of $142,080.00. Following completion of the transaction, the vice president now directly owns 33,600 shares of the company, valued at $1,989,120. The transaction was disclosed in a document filed with the SEC, accessible via this link. Additionally, CFO Thaddeus Gerard Weed sold 4,850 shares in a trade dated Thursday, June 2. The stock was sold at an average price of $60.49, for a total value of $293,376.50. Following the transaction, the CFO now owns 58,400 shares of the company, valued at $3,532,616. Disclosure of this sale can be found here. During the last quarter, insiders sold 10,520 shares of the company valued at $635,798. 11.00% of the shares are held by insiders.
A number of hedge funds have recently bought and sold shares of CCOI. Morgan Stanley increased its stake in Cogent Communications by 46.3% in the second quarter. Morgan Stanley now owns 171,957 shares of the technology company valued at $13,223,000 after buying an additional 54,446 shares last quarter. Franklin Resources Inc. bought a new position in Cogent Communications in the third quarter valued at around $646,000. Dimensional Fund Advisors LP increased its stake in Cogent Communications by 5.8% in the third quarter. Dimensional Fund Advisors LP now owns 953,137 shares of the technology company valued at $67,521,000 after buying an additional 52,573 shares last quarter. Voya Investment Management LLC increased its stake in Cogent Communications by 1.2% in the third quarter. Voya Investment Management LLC now owns 38,027 shares of the technology company valued at $2,693,000 after buying 440 additional shares last quarter. Finally, Invesco Ltd. increased its stake in Cogent Communications by 2.3% in the third quarter. Invesco Ltd. now owns 244,997 shares of the technology company valued at $17,356,000 after purchasing 5,418 additional shares last quarter. Hedge funds and other institutional investors own 86.06% of the company’s shares.
Cogent Communications Company Profile (Get a rating)
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private networking, and data center colocation space services in North America, Europe, Asia, South America South, Australia and Africa. The Company provides Internet access and online private network services to law firms, financial services companies, and advertising and marketing companies, as well as healthcare providers, educational institutions and other professional services companies, other Internet service providers, telephone companies, cable companies, television companies, web hosting companies, media service providers, mobile phone operators, network companies content delivery and commercial content and application service providers.
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