Cogent Communications (NASDAQ:CCOI) Raised to Strong-Buy at UBS Group

Cogent Communications (NASDAQ:CCOI - Get Free Report) was upgraded by equities researchers at UBS Group to a "strong-buy" rating in a report issued on Wednesday,Zacks.com reports.

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

Cogent Communications Stock Performance

Shares of Cogent Communications stock traded up $1.59 during trading on Wednesday, reaching $79.40. The company's stock had a trading volume of 437,435 shares, compared to its average volume of 439,989. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 5.87. The business's 50-day moving average price is $78.08 and its 200-day moving average price is $68.02. Cogent Communications has a 52 week low of $50.80 and a 52 week high of $86.76. The firm has a market cap of $3.89 billion, a PE ratio of 99.76 and a beta of 0.40.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $258.69 million. During the same quarter in the previous year, the firm posted ($1.13) EPS. The business's revenue for the quarter was down 6.6% compared to the same quarter last year. Equities analysts forecast that Cogent Communications will post -4.54 earnings per share for the current year.

Insider Activity at Cogent Communications

In other news, VP John B. Chang sold 1,400 shares of the business's stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $71.67, for a total value of $100,338.00. Following the transaction, the vice president now directly owns 71,580 shares of the company's stock, valued at $5,130,138.60. The trade was a 1.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Dave Schaeffer sold 60,000 shares of the company's stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total value of $4,369,200.00. Following the sale, the chief executive officer now owns 4,373,038 shares in the company, 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. Company insiders own 11.40% of the company's stock.

Hedge Funds Weigh In On Cogent Communications

Institutional investors and hedge funds have recently modified their holdings of the business. Itau Unibanco Holding S.A. bought a new position in shares of Cogent Communications during the 3rd quarter worth about $30,000. EntryPoint Capital LLC acquired a new stake in Cogent Communications in the first quarter valued at approximately $26,000. Blue Trust Inc. increased its holdings in shares of Cogent Communications by 204.5% during the third quarter. Blue Trust Inc. now owns 405 shares of the technology company's stock valued at $31,000 after acquiring an additional 272 shares in the last quarter. Hexagon Capital Partners LLC raised its position in shares of Cogent Communications by 72.9% during the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company's stock worth $41,000 after purchasing an additional 226 shares during the period. Finally, Quest Partners LLC bought a new position in shares of Cogent Communications in the 3rd quarter worth $46,000. 92.45% of the stock is currently owned by institutional investors.

Cogent Communications Company Profile

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.