Cogent Communications (NASDAQ:CCOI) Downgraded by StockNews.com to Sell

Cogent Communications (NASDAQ:CCOI) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Thursday.

A number of other research analysts have also issued reports on CCOI. TD Cowen raised their price objective on shares of Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a report on Friday, March 1st. JPMorgan Chase & Co. dropped their price objective on shares of Cogent Communications from $74.00 to $73.00 and set a “neutral” rating for the company in a report on Wednesday, March 6th. TheStreet upgraded shares of Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. KeyCorp raised their price objective on shares of Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, March 1st. Finally, Bank of America lowered shares of Cogent Communications from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $85.00 to $75.00 in a report on Thursday, March 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $77.57.

Cogent Communications Trading Up 1.0 %

CCOI opened at $64.96 on Thursday. The company’s 50 day moving average is $68.17 and its 200-day moving average is $69.48. Cogent Communications has a 1-year low of $57.35 and a 1-year high of $86.00. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.24. The company has a market cap of $3.08 billion, a P/E ratio of 2.43 and a beta of 0.39.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.79. Cogent Communications had a net margin of 135.34% and a negative return on equity of 23.66%. The company had revenue of $272.10 million for the quarter, compared to the consensus estimate of $275.82 million. Equities research analysts predict that Cogent Communications will post -3.35 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Dave Schaeffer sold 30,000 shares of Cogent Communications stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $67.52, for a total value of $2,025,600.00. Following the completion of the sale, the chief executive officer now owns 4,679,377 shares in the company, valued at approximately $315,951,535.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $76.62, for a total value of $147,110.40. Following the completion of the sale, the executive now owns 54,822 shares in the company, valued at approximately $4,200,461.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Dave Schaeffer sold 30,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $67.52, for a total transaction of $2,025,600.00. Following the completion of the sale, the chief executive officer now owns 4,679,377 shares of the company’s stock, valued at approximately $315,951,535.04. The disclosure for this sale can be found here. Insiders sold 69,320 shares of company stock worth $4,669,997 in the last quarter. 11.00% of the stock is owned by corporate insiders.

Institutional Trading of Cogent Communications

Several institutional investors have recently made changes to their positions in CCOI. Norges Bank bought a new stake in shares of Cogent Communications in the 4th quarter worth $50,430,000. Westwood Holdings Group Inc. bought a new stake in shares of Cogent Communications in the 4th quarter worth $48,184,000. Harspring Capital Management LLC grew its stake in shares of Cogent Communications by 71.1% in the 3rd quarter. Harspring Capital Management LLC now owns 984,000 shares of the technology company’s stock worth $60,910,000 after acquiring an additional 409,000 shares in the last quarter. FMR LLC boosted its holdings in shares of Cogent Communications by 58.9% in the 3rd quarter. FMR LLC now owns 710,612 shares of the technology company’s stock worth $43,987,000 after buying an additional 263,313 shares during the last quarter. Finally, Jennison Associates LLC boosted its holdings in shares of Cogent Communications by 46.6% in the 4th quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock worth $63,028,000 after buying an additional 263,276 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.