Cogent Communications (NASDAQ:CCOI) Upgraded to Sell at Wall Street Zen

Key Points

• Wall Street Zen upgraded Cogent Communications (CCOI) from a "strong sell" to a "sell" rating in a research note issued Sunday.
• Several firms have cut price targets recently and the stock's consensus is a Hold with a consensus price target of $26.67 (3 Buys, 7 Holds, 1 Sell).
• Cogent beat quarterly EPS estimates (reported ($0.64) vs. est. ($1.09)) but missed revenue slightly and remains unprofitable with a negative net margin, while analysts forecast about -3.66 EPS for the year.

Cogent Communications (NASDAQ:CCOI - Get Free Report) was upgraded by analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued on Sunday.

CCOI has been the subject of several other reports. Williams Trading set a $40.00 price objective on shares of Cogent Communications in a report on Monday, February 23rd. Oppenheimer dropped their target price on Cogent Communications from $40.00 to $30.00 and set an "outperform" rating on the stock in a report on Monday, February 23rd. KeyCorp dropped their target price on Cogent Communications from $30.00 to $25.00 and set an "overweight" rating on the stock in a report on Monday, February 23rd. Royal Bank Of Canada dropped their target price on Cogent Communications from $23.00 to $22.00 and set a "sector perform" rating on the stock in a report on Wednesday, March 18th. Finally, Wells Fargo & Company dropped their target price on Cogent Communications from $27.00 to $23.00 and set an "equal weight" rating on the stock in a report on Thursday, March 5th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $26.67.

Cogent Communications Stock Up 2.1%

Shares of CCOI opened at $24.47 on Friday. The firm has a market cap of $1.23 billion, a PE ratio of -6.42 and a beta of 0.77. The company's fifty day moving average is $21.00 and its two-hundred day moving average is $24.69. Cogent Communications has a fifty-two week low of $15.96 and a fifty-two week high of $56.88.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) earnings per share for the quarter, beating the consensus estimate of ($1.09) by $0.45. The firm had revenue of $240.52 million for the quarter, compared to the consensus estimate of $243.82 million. Cogent Communications had a negative net margin of 18.67% and a negative return on equity of 842.48%. During the same period last year, the firm posted ($0.91) EPS. Cogent Communications's quarterly revenue was down 4.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Cogent Communications will post -3.66 earnings per share for the current year.

Insider Buying and Selling at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 3,300 shares of Cogent Communications stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $22.99, for a total value of $75,867.00. Following the transaction, the director owned 10,100 shares of the company's stock, valued at approximately $232,199. This trade represents a 24.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $23.35, for a total value of $56,040.00. Following the completion of the transaction, the vice president directly owned 41,000 shares in the company, valued at $957,350. This represents a 5.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 12,756 shares of company stock valued at $292,467 in the last ninety days. Company insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Cogent Communications

Large investors have recently made changes to their positions in the company. Quarry LP acquired a new stake in shares of Cogent Communications during the third quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Cogent Communications during the fourth quarter valued at approximately $28,000. Hantz Financial Services Inc. raised its holdings in shares of Cogent Communications by 313.9% during the fourth quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company's stock valued at $32,000 after acquiring an additional 1,127 shares during the period. Kestra Advisory Services LLC acquired a new stake in shares of Cogent Communications during the fourth quarter valued at approximately $43,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Cogent Communications by 56.6% during the fourth quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company's stock valued at $45,000 after acquiring an additional 756 shares during the period. Institutional investors and hedge funds own 92.45% of the company's stock.

About Cogent Communications

Cogent Communications NASDAQ: CCOI is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent's core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.

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