Cogent Communications (NASDAQ:CCOI) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Cogent Communications (NASDAQ:CCOI) from a hold rating to a sell rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

Other analysts also recently issued reports about the stock. Citigroup reduced their target price on shares of Cogent Communications from $20.00 to $11.50 and set a “neutral” rating on the stock in a report on Thursday, August 13th. JPMorgan Chase & Co. cut shares of Cogent Communications from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $22.00 to $9.00 in a research report on Wednesday, August 19th. UBS Group set a $9.00 price target on shares of Cogent Communications in a report on Wednesday, August 19th. KeyCorp lowered Cogent Communications from an “overweight” rating to a “sector weight” rating in a research report on Friday. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Cogent Communications in a research note on Monday, August 17th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cogent Communications has an average rating of “Hold” and a consensus price target of $18.24.

Cogent Communications Stock Performance

CCOI stock opened at $4.45 on Friday. The firm has a fifty day moving average price of $8.14 and a 200 day moving average price of $15.26. Cogent Communications has a fifty-two week low of $3.56 and a fifty-two week high of $28.70. The firm has a market cap of $227.93 million, a PE ratio of -6.27 and a beta of 0.80.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 5th. The technology company reported ($0.62) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.15. The business had revenue of $231.20 million for the quarter, compared to analysts’ expectations of $234.57 million. During the same period in the previous year, the company earned ($0.87) EPS. Cogent Communications’s revenue for the quarter was down 4.4% compared to the same quarter last year. On average, equities analysts predict that Cogent Communications will post -3.13 EPS for the current year.

Insider Activity

In other Cogent Communications news, CFO Thaddeus Weed sold 4,850 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $9.37, for a total transaction of $45,444.50. Following the completion of the transaction, the chief financial officer owned 193,050 shares in the company, valued at $1,808,878.50. The trade was a 2.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cogent Communications

A number of institutional investors and hedge funds have recently modified their holdings of CCOI. Parallel Advisors LLC raised its position in Cogent Communications by 208.6% during the first quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock worth $27,000 after acquiring an additional 968 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Cogent Communications in the second quarter valued at approximately $26,000. Nykredit A S acquired a new stake in shares of Cogent Communications in the second quarter valued at approximately $32,000. Farther Finance Advisors LLC increased its stake in shares of Cogent Communications by 92.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 7,855 shares of the technology company’s stock worth $61,000 after purchasing an additional 3,769 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Cogent Communications during the 2nd quarter worth approximately $53,000. 92.45% of the stock is owned by institutional investors.

About Cogent Communications

Cogent Communications Holdings, Inc (NASDAQ: CCOI) is a telecommunications company that provides high-speed Internet connectivity and data transport services to businesses, telecommunications carriers, content providers, government agencies and educational institutions. The company operates a global, facilities-based fiber-optic network and is recognized as a Tier 1 Internet service provider.

Cogent’s offerings include dedicated Internet access, IP transit, Ethernet and other private network connectivity services.