Cogent Communications Group Inc. (NASDAQ:CCOI)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $42.09 and last traded at $42.05, with a volume of 343,531 shares trading hands. The stock had previously closed at $40.62.

CCOI has been the subject of several research analyst reports. Off Wall Street initiated coverage on Cogent Communications Group in a research report on Monday, June 20th. They issued a “sell” rating for the company. Zacks Investment Research lowered Cogent Communications Group from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Citigroup Inc. lowered Cogent Communications Group from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $38.00 to $40.00 in a research report on Wednesday, April 6th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $40.88.

The stock has a 50 day moving average price of $39.99 and a 200 day moving average price of $37.04. The company has a market cap of $1.87 billion and a P/E ratio of 191.14.

Cogent Communications Group (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.01. The company had revenue of $108.30 million for the quarter, compared to the consensus estimate of $108.05 million. During the same quarter last year, the business earned ($0.04) earnings per share. Cogent Communications Group’s revenue was up 11.4% compared to the same quarter last year. On average, equities analysts forecast that Cogent Communications Group Inc. will post $0.43 earnings per share for the current year.

In related news, VP Timothy G. Oneill sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $38.90, for a total transaction of $38,900.00. Following the completion of the sale, the vice president now owns 33,452 shares of the company’s stock, valued at $1,301,282.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,250 shares of the firm’s stock in a transaction that occurred on Monday, May 9th. The stock was sold at an average price of $39.14, for a total value of $166,345.00. Following the sale, the chief financial officer now directly owns 99,250 shares of the company’s stock, valued at approximately $3,884,645. The disclosure for this sale can be found here.

A number of large investors have added to or reduced their stakes in CCOI. Jennison Associates LLC boosted its stake in Cogent Communications Group by 82.6% in the fourth quarter. Jennison Associates LLC now owns 1,376,835 shares of the company’s stock valued at $47,762,000 after buying an additional 622,688 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in Cogent Communications Group by 55.3% in the fourth quarter. Advisors Asset Management Inc. now owns 223,008 shares of the company’s stock valued at $7,736,000 after buying an additional 79,389 shares in the last quarter. Suntrust Banks Inc. boosted its stake in Cogent Communications Group by 8.9% in the fourth quarter. Suntrust Banks Inc. now owns 69,840 shares of the company’s stock valued at $2,422,000 after buying an additional 5,720 shares in the last quarter. Century Capital Management LLC boosted its stake in Cogent Communications Group by 314.7% in the fourth quarter. Century Capital Management LLC now owns 216,074 shares of the company’s stock valued at $7,496,000 after buying an additional 163,976 shares in the last quarter. Finally, Monarch Partners Asset Management LLC boosted its stake in Cogent Communications Group by 63.5% in the fourth quarter. Monarch Partners Asset Management LLC now owns 68,200 shares of the company’s stock valued at $2,366,000 after buying an additional 26,500 shares in the last quarter.

Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.

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