Cogent Communications Group Inc. (NASDAQ:CCOI) shares hit a new 52-week high during trading on Friday . The company traded as high as $43.55 and last traded at $42.63, with a volume of 111,821 shares trading hands. The stock had previously closed at $42.72.

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

The company has a market capitalization of $1.90 billion and a PE ratio of 194.68. The company’s 50-day moving average is $40.53 and its 200-day moving average is $37.31.

Cogent Communications Group (NASDAQ:CCOI) last posted its earnings results on Thursday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $108.30 million for the quarter, compared to the consensus estimate of $108.05 million. Cogent Communications Group’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.04) earnings per share. On average, equities analysts predict that Cogent Communications Group Inc. will post $0.44 earnings per share for the current year.

In related news, CFO Thaddeus Gerard Weed sold 5,000 shares of the stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $40.07, for a total transaction of $200,350.00. Following the completion of the sale, the chief financial officer now directly owns 94,250 shares of the company’s stock, valued at approximately $3,776,597.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Raymond B. Kummer sold 1,000 shares of the stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $41.53, for a total value of $41,530.00. The disclosure for this sale can be found here.

A number of hedge funds have bought and sold shares of CCOI. Nationwide Fund Advisors boosted its stake in Cogent Communications Group by 2.1% in the fourth quarter. Nationwide Fund Advisors now owns 30,387 shares of the company’s stock worth $1,054,000 after buying an additional 622 shares during the last quarter. Sei Investments Co. boosted its position in shares of Cogent Communications Group by 27.9% in the fourth quarter. Sei Investments Co. now owns 33,612 shares of the company’s stock valued at $1,165,000 after buying an additional 7,333 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Cogent Communications Group by 4.9% in the fourth quarter. Wells Fargo & Company MN now owns 39,613 shares of the company’s stock valued at $1,375,000 after buying an additional 1,846 shares in the last quarter. Russell Frank Co boosted its position in shares of Cogent Communications Group by 59.7% in the fourth quarter. Russell Frank Co now owns 56,504 shares of the company’s stock valued at $1,966,000 after buying an additional 21,120 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Cogent Communications Group by 2.7% in the fourth quarter. Rhumbline Advisers now owns 60,140 shares of the company’s stock valued at $2,086,000 after buying an additional 1,605 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.