Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Receives Average Recommendation of “Hold” from Brokerages

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have been given an average rating of “Hold” by the nine ratings firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $25.7143.

CCOI has been the topic of a number of recent research reports. Wells Fargo & Company reissued an “equal weight” rating and issued a $27.00 target price (down previously from $45.00) on shares of Cogent Communications in a report on Friday, November 7th. Zacks Research upgraded shares of Cogent Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. The Goldman Sachs Group cut their price objective on shares of Cogent Communications from $40.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. Citigroup dropped their target price on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Finally, Royal Bank Of Canada reduced their target price on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating for the company in a report on Thursday, November 13th.

Cogent Communications Stock Up 0.6%

Shares of NASDAQ:CCOI opened at $26.46 on Monday. The firm has a 50 day simple moving average of $23.20 and a 200-day simple moving average of $30.67. Cogent Communications has a twelve month low of $15.96 and a twelve month high of $84.06. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 49.06. The company has a market capitalization of $1.30 billion, a PE ratio of -6.49 and a beta of 0.81.

Insider Buying and Selling at Cogent Communications

In related news, Director Lewis H. Ferguson sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $20.34, for a total value of $81,360.00. Following the completion of the sale, the director directly owned 19,267 shares in the company, valued at approximately $391,890.78. The trade was a 17.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Turtle Creek Asset Management Inc. grew its holdings in shares of Cogent Communications by 64.9% during the third quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock valued at $176,561,000 after purchasing an additional 1,811,222 shares during the last quarter. Magnolia Group LLC acquired a new position in Cogent Communications during the 2nd quarter valued at approximately $52,704,000. Bank of America Corp DE grew its stake in Cogent Communications by 551.2% during the 3rd quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock worth $43,965,000 after buying an additional 970,367 shares during the last quarter. First Trust Advisors LP increased its position in Cogent Communications by 86.8% in the fourth quarter. First Trust Advisors LP now owns 1,177,398 shares of the technology company’s stock worth $25,385,000 after buying an additional 547,188 shares during the period. Finally, Invesco Ltd. increased its position in Cogent Communications by 84.2% in the second quarter. Invesco Ltd. now owns 1,003,273 shares of the technology company’s stock worth $48,368,000 after buying an additional 458,698 shares during the period. 92.45% of the stock is owned by institutional investors and hedge funds.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.