Cogent Communications Group Inc. (NASDAQ:CCOI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

According to Zacks, “Cogent Communications Holdings Inc. specializes in providing businesses with high speed Internet access, Ethernet transport, and colocation services. It offers on-net Internet access services to bandwidth-intensive users and on-net services in carrier-neutral co-location facilities, company controlled data centers, and single-tenant office buildings. In addition, it offers off-net services to businesses that are connected to its network primarily by means of ‘last mile’ access service lines obtained from other carriers primarily in the form of point-to-point carrier Ethernet, TDM, POS, SDH, and/or carrier Ethernet circuits. Cogent Communications Holdings Inc., formerly known as Cogent Communications Group, Inc., is headquartered in Washington, the District of Columbia. “

CCOI has been the subject of several other research reports. JPMorgan Chase & Co. initiated coverage on Cogent Communications Group in a research note on Monday, September 26th. They set a “neutral” rating for the company. TheStreet cut Cogent Communications Group from a “buy” rating to a “hold” rating in a research note on Monday, August 22nd. Off Wall Street initiated coverage on Cogent Communications Group in a research note on Monday, June 20th. They set a “sell” rating for the company. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $45.00 target price on shares of Cogent Communications Group in a research note on Wednesday, August 10th. Finally, Raymond James Financial Inc. cut Cogent Communications Group from an “outperform” rating to a “market perform” rating in a research note on Monday, August 8th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. Cogent Communications Group presently has an average rating of “Hold” and a consensus target price of $42.70.

Analyst Recommendations for Cogent Communications Group (NASDAQ:CCOI)

Shares of Cogent Communications Group (NASDAQ:CCOI) traded down 0.23% during midday trading on Monday, hitting $34.96. The company had a trading volume of 199,584 shares. The firm has a market capitalization of $1.56 billion, a PE ratio of 118.11 and a beta of 0.98. Cogent Communications Group has a 12 month low of $29.20 and a 12 month high of $43.61. The company has a 50-day moving average of $35.91 and a 200 day moving average of $38.65.

Cogent Communications Group (NASDAQ:CCOI) last posted its earnings results on Thursday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.09. The company earned $110 million during the quarter, compared to analysts’ expectations of $110.88 million. Cogent Communications Group had a negative return on equity of 89.73% and a net margin of 3.10%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 earnings per share.

In other Cogent Communications Group news, Director Tim Weingarten sold 2,822 shares of Cogent Communications Group stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $35.57, for a total transaction of $100,378.54. Following the completion of the sale, the director now directly owns 21,479 shares of the company’s stock, valued at approximately $764,008.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Timothy G. Oneill sold 1,000 shares of Cogent Communications Group stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $42.64, for a total value of $42,640.00. The disclosure for this sale can be found here. Corporate insiders own 9.17% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. US Bancorp DE increased its stake in shares of Cogent Communications Group by 2.8% in the second quarter. US Bancorp DE now owns 3,427 shares of the company’s stock worth $137,000 after buying an additional 93 shares during the period. Oppenheimer & Co. Inc. increased its stake in shares of Cogent Communications Group by 0.4% in the second quarter. Oppenheimer & Co. Inc. now owns 33,874 shares of the company’s stock worth $1,357,000 after buying an additional 150 shares during the period. PineBridge Investments L.P. increased its stake in shares of Cogent Communications Group by 3.9% in the second quarter. PineBridge Investments L.P. now owns 5,220 shares of the company’s stock worth $210,000 after buying an additional 194 shares during the period. Arizona State Retirement System increased its stake in shares of Cogent Communications Group by 1.4% in the second quarter. Arizona State Retirement System now owns 21,400 shares of the company’s stock worth $857,000 after buying an additional 300 shares during the period. Finally, Hanseatic Management Services Inc. increased its stake in shares of Cogent Communications Group by 1.7% in the second quarter. Hanseatic Management Services Inc. now owns 19,599 shares of the company’s stock worth $785,000 after buying an additional 334 shares during the period. 98.09% of the stock is owned by institutional investors.

Cogent Communications Group Company Profile

Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.

5 Day Chart for NASDAQ:CCOI

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