888 Reaffirms Reiterates Rating for Cogent Communications (NASDAQ:CCOI)

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

A number of other equities analysts also recently commented on the stock. Royal Bank of Canada increased their price objective on shares of Cogent Communications from $61.00 to $69.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 7th. StockNews.com initiated coverage on shares of Cogent Communications in a research note on Thursday, May 18th. They set a “hold” rating for the company. Credit Suisse Group increased their price objective on shares of Cogent Communications from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, February 24th. JPMorgan Chase & Co. downgraded shares of Cogent Communications from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $72.00 to $70.00 in a research note on Monday, May 8th. Finally, Bank of America upgraded shares of Cogent Communications from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $45.00 to $85.00 in a research note on Wednesday, May 3rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $67.33.

Cogent Communications Stock Performance

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

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

Insider Activity at Cogent Communications

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

Institutional Investors Weigh In On Cogent Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James Trust N.A. grew its stake in shares of Cogent Communications by 2.2% in the first quarter. Raymond James Trust N.A. now owns 6,486 shares of the technology company’s stock worth $413,000 after purchasing an additional 138 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Cogent Communications by 4.4% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 3,884 shares of the technology company’s stock worth $247,000 after purchasing an additional 162 shares during the last quarter. Creative Planning grew its stake in shares of Cogent Communications by 3.1% in the fourth quarter. Creative Planning now owns 6,123 shares of the technology company’s stock worth $350,000 after purchasing an additional 186 shares during the last quarter. CWM LLC grew its stake in shares of Cogent Communications by 31.0% in the fourth quarter. CWM LLC now owns 807 shares of the technology company’s stock worth $46,000 after purchasing an additional 191 shares during the last quarter. Finally, Maryland State Retirement & Pension System grew its stake in shares of Cogent Communications by 1.1% in the fourth quarter. Maryland State Retirement & Pension System now owns 17,638 shares of the technology company’s stock worth $1,007,000 after purchasing an additional 192 shares during the last quarter. 85.15% of the stock is currently owned by institutional investors and hedge funds.

About Cogent Communications

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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.