Zacks Investment Research Lowers Cogent Communications Holdings, Inc. (CCOI) to Hold
Zacks Investment Research cut shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) from a buy rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “Cogent Communications Holdings Inc. specializes in providing businesses with high speed Internet access, Ethernet transport, and colocation services. It offers on-net Internet access services to bandwidth-intensive users and on-net services in carrier-neutral co-location facilities, company controlled data centers, and single-tenant office buildings. In addition, it offers off-net services to businesses that are connected to its network primarily by means of ‘last mile’ access service lines obtained from other carriers primarily in the form of point-to-point carrier Ethernet, TDM, POS, SDH, and/or carrier Ethernet circuits. Cogent Communications Holdings Inc., formerly known as Cogent Communications Group, Inc., is headquartered in Washington, the District of Columbia. “
Several other equities analysts have also issued reports on CCOI. Royal Bank Of Canada boosted their price target on shares of Cogent Communications Holdings from $45.00 to $48.00 and gave the company an outperform rating in a report on Monday, August 7th. Wells Fargo & Company lowered shares of Cogent Communications Holdings from an outperform rating to a market perform rating and boosted their price target for the company from $46.00 to $48.00 in a report on Monday. Deutsche Bank AG boosted their price objective on shares of Cogent Communications Holdings from $48.00 to $51.00 and gave the company a buy rating in a research report on Tuesday. Cowen and Company reaffirmed a hold rating and issued a $42.00 price objective on shares of Cogent Communications Holdings in a research report on Friday, July 28th. Finally, BidaskClub cut shares of Cogent Communications Holdings from a buy rating to a hold rating in a research report on Friday, August 4th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $44.23.
Shares of Cogent Communications Holdings (CCOI) traded up 0.551% during midday trading on Tuesday, hitting $50.175. The stock had a trading volume of 61,633 shares. Cogent Communications Holdings has a 52 week low of $34.45 and a 52 week high of $51.85. The stock has a market cap of $2.24 billion, a PE ratio of 143.357 and a beta of 0.66. The stock has a 50-day moving average of $47.62 and a 200 day moving average of $43.32.
Cogent Communications Holdings (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.02). Cogent Communications Holdings had a net margin of 3.39% and a negative return on equity of 27.66%. The firm had revenue of $119.80 million during the quarter, compared to analyst estimates of $120.23 million. During the same period last year, the firm earned $0.09 EPS. Cogent Communications Holdings’s quarterly revenue was up 9.0% on a year-over-year basis. Analysts anticipate that Cogent Communications Holdings will post $0.47 EPS for the current fiscal year.
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In other Cogent Communications Holdings news, VP Henry W. Kilmer sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $46.45, for a total transaction of $139,350.00. Following the sale, the vice president now directly owns 36,600 shares of the company’s stock, valued at approximately $1,700,070. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Timothy G. Oneill sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $41.95, for a total transaction of $41,950.00. Following the sale, the vice president now directly owns 42,052 shares in the company, valued at $1,764,081.40. The disclosure for this sale can be found here. Insiders have sold a total of 31,466 shares of company stock worth $1,422,354 over the last three months. Insiders own 9.48% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its holdings in shares of Cogent Communications Holdings by 0.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 174,471 shares of the technology company’s stock valued at $7,511,000 after purchasing an additional 524 shares during the period. Aperio Group LLC raised its holdings in shares of Cogent Communications Holdings by 1.1% in the 2nd quarter. Aperio Group LLC now owns 9,168 shares of the technology company’s stock valued at $368,000 after purchasing an additional 99 shares during the period. OppenheimerFunds Inc. raised its holdings in shares of Cogent Communications Holdings by 35.3% in the 1st quarter. OppenheimerFunds Inc. now owns 8,785 shares of the technology company’s stock valued at $378,000 after purchasing an additional 2,291 shares during the period. Parametric Portfolio Associates LLC raised its holdings in shares of Cogent Communications Holdings by 0.7% in the 1st quarter. Parametric Portfolio Associates LLC now owns 146,097 shares of the technology company’s stock valued at $6,289,000 after purchasing an additional 962 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Cogent Communications Holdings by 6.0% in the 1st quarter. Geode Capital Management LLC now owns 336,917 shares of the technology company’s stock valued at $14,504,000 after purchasing an additional 18,988 shares during the period. 93.48% of the stock is currently owned by hedge funds and other institutional investors.
About Cogent Communications Holdings
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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