Cogent Communications (NASDAQ:CCOI) Sets New 1-Year Low at $56.74

Cogent Communications Holdings Inc (NASDAQ:CCOI)’s share price reached a new 52-week low on Monday . The company traded as low as $56.74 and last traded at $56.88, with a volume of 2748 shares traded. The stock had previously closed at $57.67.

A number of research analysts recently issued reports on CCOI shares. SunTrust Banks upgraded Cogent Communications from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Wednesday, July 1st. BidaskClub lowered shares of Cogent Communications from a “sell” rating to a “strong sell” rating in a research note on Friday, September 25th. Credit Suisse Group downgraded shares of Cogent Communications from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $93.00 to $70.00 in a research report on Friday, October 16th. Citigroup decreased their price objective on shares of Cogent Communications from $96.00 to $89.00 and set a “buy” rating for the company in a research report on Monday, August 10th. Finally, Raymond James raised Cogent Communications from an “underperform” rating to a “market perform” rating in a report on Monday, October 5th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $78.13.

The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 62.60, a price-to-earnings-growth ratio of 8.61 and a beta of 0.10. The company has a 50-day simple moving average of $62.61 and a two-hundred day simple moving average of $74.91.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, August 6th. The technology company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.05). Cogent Communications had a net margin of 6.97% and a negative return on equity of 20.17%. The firm had revenue of $140.99 million during the quarter, compared to the consensus estimate of $143.29 million. During the same period in the prior year, the business posted $0.16 earnings per share. Cogent Communications’s quarterly revenue was up 4.6% compared to the same quarter last year. Analysts predict that Cogent Communications Holdings Inc will post 0.9 EPS for the current year.

In other news, VP Timothy G. Oneill sold 400 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $66.35, for a total transaction of $26,540.00. Following the sale, the vice president now owns 31,200 shares in the company, valued at $2,070,120. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP John B. Chang sold 500 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $90.00, for a total transaction of $45,000.00. Following the sale, the vice president now directly owns 26,000 shares of the company’s stock, valued at approximately $2,340,000. The disclosure for this sale can be found here. Insiders have sold a total of 6,280 shares of company stock worth $428,613 in the last ninety days. 10.71% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of CCOI. AQR Capital Management LLC boosted its stake in shares of Cogent Communications by 397.8% in the first quarter. AQR Capital Management LLC now owns 56,440 shares of the technology company’s stock worth $4,626,000 after buying an additional 45,101 shares during the last quarter. Advisor Group Holdings Inc. acquired a new position in shares of Cogent Communications in the first quarter valued at $470,000. AXA acquired a new position in shares of Cogent Communications in the first quarter valued at $1,426,000. State Street Corp raised its position in shares of Cogent Communications by 6.5% in the first quarter. State Street Corp now owns 1,326,226 shares of the technology company’s stock valued at $108,711,000 after purchasing an additional 80,921 shares during the period. Finally, State of Alaska Department of Revenue lifted its stake in shares of Cogent Communications by 2.5% during the 2nd quarter. State of Alaska Department of Revenue now owns 39,581 shares of the technology company’s stock worth $3,061,000 after buying an additional 980 shares during the last quarter. Hedge funds and other institutional investors own 96.29% of the company’s stock.

Cogent Communications Company Profile (NASDAQ:CCOI)

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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