BidaskClub upgraded shares of Cogent Communications (NASDAQ:CCOI) from a hold rating to a buy rating in a research note published on Thursday.

Several other research firms also recently issued reports on CCOI. Citigroup downgraded Cogent Communications from a neutral rating to a sell rating and dropped their price objective for the stock from $43.00 to $39.00 in a report on Thursday, November 2nd. Raymond James Financial restated an underperform rating on shares of Cogent Communications in a report on Friday, November 3rd. Jefferies Group lifted their price objective on Cogent Communications from $39.00 to $43.00 and gave the stock a hold rating in a report on Friday, November 3rd. Wells Fargo & Company downgraded Cogent Communications from an outperform rating to a market perform rating and lifted their price objective for the stock from $46.00 to $48.00 in a report on Monday, October 9th. Finally, Zacks Investment Research downgraded Cogent Communications from a buy rating to a hold rating in a report on Tuesday, October 10th. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $43.77.

Cogent Communications (CCOI) traded down $0.60 during mid-day trading on Thursday, reaching $46.25. The company’s stock had a trading volume of 757,786 shares, compared to its average volume of 400,858. The company has a quick ratio of 4.22, a current ratio of 4.22 and a debt-to-equity ratio of -8.84. Cogent Communications has a 52 week low of $37.85 and a 52 week high of $54.85. The stock has a market cap of $2,130.00, a P/E ratio of 128.47, a PEG ratio of 12.07 and a beta of 0.58.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, November 2nd. The technology company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.06). Cogent Communications had a negative return on equity of 23.86% and a net margin of 3.37%. The business had revenue of $123.00 million for the quarter, compared to analysts’ expectations of $123.60 million. During the same quarter in the prior year, the firm earned $0.08 earnings per share. Cogent Communications’s revenue for the quarter was up 8.8% compared to the same quarter last year. equities research analysts anticipate that Cogent Communications will post 0.38 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, December 4th. Stockholders of record on Friday, November 17th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.15%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.46. The ex-dividend date was Thursday, November 16th. Cogent Communications’s payout ratio is 548.57%.

In related news, VP Robert N. Beury, Jr. sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $46.51, for a total transaction of $139,530.00. Following the completion of the transaction, the vice president now owns 47,240 shares in the company, valued at approximately $2,197,132.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Marc Montagner sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $47.00, for a total value of $235,000.00. Following the transaction, the director now owns 40,000 shares of the company’s stock, valued at approximately $1,880,000. The disclosure for this sale can be found here. Insiders have sold a total of 15,250 shares of company stock valued at $708,935 in the last 90 days. Insiders own 9.48% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. boosted its position in Cogent Communications by 71.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 299,065 shares of the technology company’s stock valued at $11,992,000 after purchasing an additional 124,594 shares during the period. Aperio Group LLC boosted its position in Cogent Communications by 1.1% during the 2nd quarter. Aperio Group LLC now owns 9,168 shares of the technology company’s stock valued at $368,000 after purchasing an additional 99 shares during the period. BlackRock Inc. boosted its position in Cogent Communications by 3.5% during the 2nd quarter. BlackRock Inc. now owns 5,128,950 shares of the technology company’s stock valued at $205,670,000 after purchasing an additional 172,987 shares during the period. Prudential Financial Inc. boosted its position in Cogent Communications by 5.0% during the 3rd quarter. Prudential Financial Inc. now owns 72,550 shares of the technology company’s stock valued at $3,548,000 after purchasing an additional 3,441 shares during the period. Finally, Boston Financial Mangement LLC boosted its position in Cogent Communications by 6.2% during the 3rd quarter. Boston Financial Mangement LLC now owns 359,770 shares of the technology company’s stock valued at $17,593,000 after purchasing an additional 21,123 shares during the period. Institutional investors and hedge funds own 95.63% of the company’s stock.

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About Cogent Communications

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.

Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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