Cogent Communications (NASDAQ:CCOI) Rating Lowered to Underperform at Bank of America

Cogent Communications (NASDAQ:CCOI) was downgraded by equities researchers at Bank of America from a “neutral” rating to an “underperform” rating in a research note issued on Wednesday, MarketBeat reports. They presently have a $65.00 price target on the technology company’s stock, down from their prior price target of $75.00. Bank of America‘s price objective points to a potential downside of 10.18% from the company’s current price.

CCOI has been the topic of a number of other research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $74.00 target price on shares of Cogent Communications in a research report on Monday, July 29th. KeyCorp cut their price objective on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. The Goldman Sachs Group boosted their target price on shares of Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. StockNews.com downgraded Cogent Communications from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Finally, TD Cowen boosted their price objective on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $74.43.

Cogent Communications Trading Down 0.5 %

NASDAQ CCOI opened at $72.37 on Wednesday. Cogent Communications has a 12-month low of $50.80 and a 12-month high of $86.00. The company has a fifty day simple moving average of $62.98 and a two-hundred day simple moving average of $64.69. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.80. The stock has a market cap of $3.55 billion, a P/E ratio of 2.87 and a beta of 0.41.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.27) by $0.59. The company had revenue of $260.40 million during the quarter, compared to analyst estimates of $264.32 million. Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.13) EPS. On average, analysts forecast that Cogent Communications will post -4.81 earnings per share for the current year.

Insider Activity at Cogent Communications

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $56.00, for a total transaction of $134,400.00. Following the transaction, the vice president now owns 38,600 shares in the company, valued at $2,161,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Marc Montagner bought 10,000 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were acquired at an average price of $52.61 per share, for a total transaction of $526,100.00. Following the completion of the transaction, the director now directly owns 79,468 shares in the company, valued at $4,180,811.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $56.00, for a total transaction of $134,400.00. Following the transaction, the vice president now owns 38,600 shares of the company’s stock, valued at approximately $2,161,600. The disclosure for this sale can be found here. Insiders sold a total of 124,800 shares of company stock worth $6,643,440 in the last 90 days. Corporate insiders own 11.40% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

Several hedge funds and other institutional investors have recently made changes to their positions in CCOI. EntryPoint Capital LLC acquired a new position in Cogent Communications in the 1st quarter valued at $26,000. SRS Capital Advisors Inc. raised its position in shares of Cogent Communications by 313.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock valued at $38,000 after buying an additional 383 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Cogent Communications by 127.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock valued at $44,000 after buying an additional 441 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in shares of Cogent Communications by 109.9% in the fourth quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock worth $48,000 after buying an additional 333 shares in the last quarter. Finally, Covestor Ltd boosted its position in Cogent Communications by 17.2% during the first quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after acquiring an additional 276 shares during the last quarter. Hedge funds and other 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.