Cogent Communications (NASDAQ:CCOI) Downgraded by BidaskClub

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BidaskClub cut shares of Cogent Communications (NASDAQ:CCOI) from a buy rating to a hold rating in a research note released on Tuesday morning, BidAskClub reports.

CCOI has been the topic of several other reports. Credit Suisse Group began coverage on shares of Cogent Communications in a research report on Friday, May 31st. They issued an outperform rating and a $68.00 price target on the stock. Zacks Investment Research lowered shares of Cogent Communications from a hold rating to a sell rating in a research report on Monday, August 12th. Wells Fargo & Co reissued a hold rating on shares of Cogent Communications in a research note on Friday, August 9th. TheStreet downgraded shares of Cogent Communications from a b rating to a c+ rating in a research note on Monday, August 12th. Finally, ValuEngine downgraded shares of Cogent Communications from a buy rating to a hold rating in a research note on Thursday, August 8th. 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’s stock. The stock has a consensus rating of Hold and an average price target of $58.17.

CCOI stock opened at $55.07 on Tuesday. The company’s 50 day simple moving average is $59.14 and its 200-day simple moving average is $57.66. The firm has a market capitalization of $2.60 billion, a PE ratio of 79.44, a P/E/G ratio of 9.05 and a beta of 0.58. Cogent Communications has a 12 month low of $42.40 and a 12 month high of $64.24.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, August 8th. The technology company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.06). The business had revenue of $134.79 million during the quarter, compared to analyst estimates of $136.12 million. Cogent Communications had a net margin of 5.97% and a negative return on equity of 20.58%. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.14 earnings per share. Sell-side analysts expect that Cogent Communications will post 0.77 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Friday, August 23rd were paid a dividend of $0.62 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $2.48 annualized dividend and a dividend yield of 4.50%. Cogent Communications’s dividend payout ratio is presently 393.65%.

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $59.90, for a total transaction of $143,760.00. Following the transaction, the vice president now owns 33,600 shares of the company’s stock, valued at $2,012,640. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Mike Slessor sold 14,835 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $18.03, for a total transaction of $267,475.05. Insiders have sold 31,080 shares of company stock worth $1,240,632 in the last three months. Insiders own 10.17% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. raised its stake in Cogent Communications by 1.6% during the second quarter. BlackRock Inc. now owns 6,826,740 shares of the technology company’s stock worth $405,235,000 after purchasing an additional 105,911 shares during the period. Vanguard Group Inc. raised its stake in Cogent Communications by 1.9% during the second quarter. Vanguard Group Inc. now owns 4,710,776 shares of the technology company’s stock worth $279,631,000 after purchasing an additional 86,496 shares during the period. Renaissance Technologies LLC raised its stake in Cogent Communications by 1.4% during the second quarter. Renaissance Technologies LLC now owns 3,423,700 shares of the technology company’s stock worth $203,231,000 after purchasing an additional 47,300 shares during the period. First Trust Advisors LP raised its stake in Cogent Communications by 3.4% during the first quarter. First Trust Advisors LP now owns 1,785,559 shares of the technology company’s stock worth $96,867,000 after purchasing an additional 59,007 shares during the period. Finally, FMR LLC raised its stake in Cogent Communications by 33.2% during the first quarter. FMR LLC now owns 1,488,748 shares of the technology company’s stock worth $80,764,000 after purchasing an additional 370,945 shares during the period. 87.79% of the stock is currently owned by institutional investors.

Cogent Communications Company Profile

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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Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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