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

A number of other brokerages also recently commented on CCOI. Zacks Investment Research downgraded shares of Cogent Communications from a hold rating to a sell rating in a research note on Monday, August 12th. ValuEngine cut shares of Cogent Communications from a buy rating to a hold rating in a research report on Thursday, August 8th. Wells Fargo & Co reissued a hold rating on shares of Cogent Communications in a research report on Friday, August 9th. 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 for the company. Finally, TheStreet cut shares of Cogent Communications from a b rating to a c+ rating in a research report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The company has an average rating of Hold and a consensus target price of $58.17.

Shares of CCOI stock opened at $55.07 on Tuesday. The firm has a fifty day moving average price of $59.14 and a 200 day moving average price of $57.66. The company has a market cap of $2.60 billion, a P/E ratio of 79.44, a PEG 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 issued its earnings results on Thursday, August 8th. The technology company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.06). The firm had revenue of $134.79 million for the quarter, compared to analyst estimates of $136.12 million. Cogent Communications had a negative return on equity of 20.58% and a net margin of 5.97%. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 EPS. As a group, equities analysts expect that Cogent Communications will post 0.77 earnings per share for the current fiscal year.

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

In related news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $59.90, for a total value of $143,760.00. Following the completion of the sale, the vice president now directly owns 33,600 shares of the company’s stock, valued at $2,012,640. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Timothy G. Oneill sold 1,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $60.98, for a total transaction of $60,980.00. Following the completion of the sale, the vice president now directly owns 37,252 shares of the company’s stock, valued at $2,271,626.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,080 shares of company stock valued at $1,240,632. 10.17% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new stake in shares of Cogent Communications in the second quarter valued at about $30,000. Royce & Associates LP raised its holdings in shares of Cogent Communications by 29.2% in the first quarter. Royce & Associates LP now owns 810 shares of the technology company’s stock valued at $44,000 after buying an additional 183 shares during the last quarter. Arbor Wealth Management LLC purchased a new stake in shares of Cogent Communications in the second quarter valued at about $59,000. Winslow Evans & Crocker Inc. raised its holdings in shares of Cogent Communications by 163.6% in the second quarter. Winslow Evans & Crocker Inc. now owns 1,476 shares of the technology company’s stock valued at $88,000 after buying an additional 916 shares during the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new stake in shares of Cogent Communications in the first quarter valued at about $91,000. 87.79% of the stock is owned by institutional investors and hedge funds.

About Cogent Communications

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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