The Goldman Sachs Group Boosts Cogent Communications (NASDAQ:CCOI) Price Target to $62.00

Cogent Communications (NASDAQ:CCOI) had its price objective increased by stock analysts at The Goldman Sachs Group from $56.00 to $62.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. The Goldman Sachs Group’s target price would suggest a potential downside of 12.54% from the company’s current price.

CCOI has been the topic of a number of other reports. Royal Bank of Canada reiterated an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a report on Monday, July 29th. JPMorgan Chase & Co. decreased their target price on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, May 13th. KeyCorp lowered their target price on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. TD Cowen reduced their price target on Cogent Communications from $84.00 to $78.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Finally, StockNews.com downgraded Cogent Communications from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cogent Communications presently has an average rating of “Hold” and an average price target of $74.43.

Cogent Communications Trading Up 3.1 %

NASDAQ CCOI traded up $2.10 on Friday, reaching $70.89. The stock had a trading volume of 154,172 shares, compared to its average volume of 464,672. Cogent Communications has a 12-month low of $50.80 and a 12-month high of $86.00. The stock has a fifty day moving average price of $59.79 and a two-hundred day moving average price of $64.97. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of 2.80 and a beta of 0.41. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.80.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, May 9th. The technology company reported ($1.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.19). The firm had revenue of $266.17 million for the quarter, compared to analysts’ expectations of $274.13 million. Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. As a group, sell-side analysts forecast that Cogent Communications will post -4.81 EPS for the current fiscal year.

Insider Transactions at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $51.78, for a total value of $3,106,800.00. Following the transaction, the chief executive officer now directly owns 4,433,038 shares in the company, valued at approximately $229,542,707.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $51.78, for a total transaction of $3,106,800.00. Following the sale, the chief executive officer now owns 4,433,038 shares in the company, valued at $229,542,707.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Marc Montagner purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was acquired at an average cost of $52.61 per share, for a total transaction of $526,100.00. Following the completion of the purchase, the director now owns 79,468 shares in the company, valued at approximately $4,180,811.48. The disclosure for this purchase can be found here. Insiders sold a total of 178,440 shares of company stock valued at $9,828,016 over the last three months. 11.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cogent Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd lifted its stake in shares of Cogent Communications by 20.1% in the second quarter. WINTON GROUP Ltd now owns 17,099 shares of the technology company’s stock worth $965,000 after acquiring an additional 2,856 shares in the last quarter. Inspire Advisors LLC raised its position in shares of Cogent Communications by 45.6% in the 2nd quarter. Inspire Advisors LLC now owns 26,354 shares of the technology company’s stock valued at $1,487,000 after purchasing an additional 8,257 shares in the last quarter. Thoroughbred Financial Services LLC acquired a new position in shares of Cogent Communications in the 2nd quarter valued at approximately $330,000. Oppenheimer & Co. Inc. boosted its stake in shares of Cogent Communications by 26.4% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 49,324 shares of the technology company’s stock valued at $2,784,000 after buying an additional 10,315 shares during the last quarter. Finally, Ground Swell Capital LLC acquired a new stake in shares of Cogent Communications during the second quarter worth approximately $241,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

About Cogent Communications

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.