Cogent Communications (NASDAQ:CCOI) Upgraded at UBS Group

Cogent Communications (NASDAQ:CCOI) was upgraded by UBS Group to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other equities analysts also recently weighed in on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a research report on Tuesday, September 3rd. Citigroup lifted their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, August 19th. KeyCorp increased their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. TD Cowen lifted their target price on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Finally, The Goldman Sachs Group increased their price target on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $80.25.

Cogent Communications Stock Performance

Shares of Cogent Communications stock opened at $77.81 on Wednesday. The stock’s fifty day simple moving average is $78.08 and its 200 day simple moving average is $68.02. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. The company has a market capitalization of $3.81 billion, a PE ratio of 99.76 and a beta of 0.40. Cogent Communications has a 12 month low of $50.80 and a 12 month high of $86.76.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, topping the consensus estimate of ($1.34) by $0.01. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The firm had revenue of $257.20 million for the quarter, compared to the consensus estimate of $258.69 million. During the same period last year, the company posted ($1.13) EPS. The business’s quarterly revenue was down 6.6% on a year-over-year basis. On average, research analysts predict that Cogent Communications will post -4.54 EPS for the current year.

Insiders Place Their Bets

In related news, VP John B. Chang sold 2,280 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $80.41, for a total transaction of $183,334.80. Following the completion of the sale, the vice president now directly owns 69,300 shares in the company, valued at $5,572,413. This represents a 3.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total value of $4,369,200.00. Following the transaction, the chief executive officer now directly owns 4,373,038 shares of the company’s stock, valued at approximately $318,444,627.16. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,500 shares of company stock worth $5,008,175 over the last three months. Insiders own 11.40% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

Large investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC lifted its position in shares of Cogent Communications by 25.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 12,021 shares of the technology company’s stock worth $785,000 after purchasing an additional 2,454 shares during the period. SG Americas Securities LLC lifted its position in shares of Cogent Communications by 265.9% during the 1st quarter. SG Americas Securities LLC now owns 7,805 shares of the technology company’s stock worth $510,000 after buying an additional 5,672 shares in the last quarter. Sei Investments Co. boosted its position in Cogent Communications by 1.3% in the first quarter. Sei Investments Co. now owns 92,427 shares of the technology company’s stock worth $6,038,000 after purchasing an additional 1,200 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in shares of Cogent Communications by 55.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 23,015 shares of the technology company’s stock worth $1,467,000 after buying an additional 8,223 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Cogent Communications during the 1st quarter valued at approximately $494,000. 92.45% of the stock is currently owned by institutional investors.

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.