Cogent Communications (NASDAQ:CCOI) PT Raised to $75.00 at Bank of America

Cogent Communications (NASDAQ:CCOI) had its price target upped by equities research analysts at Bank of America from $70.00 to $75.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Bank of America‘s target price suggests a potential upside of 6.20% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. 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. The Goldman Sachs Group lifted their target price on Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a report on Friday. StockNews.com lowered Cogent Communications from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Royal Bank of Canada reissued an “outperform” rating and set a $74.00 price objective on shares of Cogent Communications in a research report on Monday, July 29th. Finally, KeyCorp reduced their target price on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, May 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and a consensus price target of $75.86.

Cogent Communications Trading Down 1.7 %

NASDAQ CCOI traded down $1.19 on Tuesday, reaching $70.62. 154,694 shares of the company were exchanged, compared to its average volume of 465,952. The business’s fifty day moving average price is $60.33 and its 200 day moving average price is $64.74. The stock has a market capitalization of $3.46 billion, a P/E ratio of 2.80 and a beta of 0.41. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.80. Cogent Communications has a fifty-two week low of $50.80 and a fifty-two week high of $86.00.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.59. The company had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.13) earnings per share. Analysts forecast that Cogent Communications will post -4.81 earnings per share for the current year.

Insiders Place Their Bets

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 value of $3,106,800.00. Following the completion of the transaction, the chief executive officer now owns 4,433,038 shares in the company, valued at $229,542,707.64. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 4,433,038 shares in the company, valued at approximately $229,542,707.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thaddeus Gerard Weed sold 2,400 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $52.60, for a total value of $126,240.00. Following the transaction, the chief financial officer now directly owns 93,300 shares of the company’s stock, valued at approximately $4,907,580. The disclosure for this sale can be found here. Insiders have sold a total of 128,440 shares of company stock valued at $6,856,016 over the last quarter. Company insiders own 11.40% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

Hedge funds have recently modified their holdings of the stock. EntryPoint Capital LLC purchased a new position in Cogent Communications in the first quarter valued at about $26,000. SRS Capital Advisors Inc. boosted its stake in Cogent Communications by 313.9% during the 4th quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock valued at $38,000 after acquiring an additional 383 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in Cogent Communications by 109.9% during the 4th quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock worth $48,000 after acquiring an additional 333 shares in the last quarter. Covestor Ltd grew its holdings in Cogent Communications by 17.2% during the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after acquiring an additional 276 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Cogent Communications in the 1st quarter worth about $136,000. 92.45% of the stock is owned by institutional investors and hedge funds.

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.