Oppenheimer Has Lowered Expectations for Cogent Communications (NASDAQ:CCOI) Stock Price

Cogent Communications (NASDAQ:CCOI) had its price objective reduced by equities research analysts at Oppenheimer from $40.00 to $30.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Oppenheimer’s target price points to a potential upside of 74.96% from the stock’s previous close.

CCOI has been the subject of several other research reports. Zacks Research upgraded Cogent Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Citigroup decreased their price target on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. TD Cowen reiterated a “buy” rating on shares of Cogent Communications in a report on Monday. Weiss Ratings restated a “sell (d+)” rating on shares of Cogent Communications in a report on Monday, December 22nd. Finally, KeyCorp decreased their price objective on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating for the company in a research report on Monday. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Cogent Communications currently has an average rating of “Hold” and a consensus target price of $25.63.

Cogent Communications Trading Down 7.7%

NASDAQ:CCOI traded down $1.43 on Monday, reaching $17.15. 1,803,263 shares of the company’s stock were exchanged, compared to its average volume of 1,130,433. The firm has a market capitalization of $842.28 million, a price-to-earnings ratio of -4.48 and a beta of 0.81. Cogent Communications has a 52-week low of $15.96 and a 52-week high of $80.45. The company has a quick ratio of 2.02, a current ratio of 2.04 and a debt-to-equity ratio of 49.06. The business has a fifty day moving average of $23.44 and a 200-day moving average of $29.97.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Friday, February 20th. The technology company reported ($0.64) earnings per share for the quarter, topping 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%. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.91) EPS. As a group, analysts expect that Cogent Communications will post -4.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Lewis H. Ferguson sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $20.34, for a total transaction of $81,360.00. Following the transaction, the director directly owned 19,267 shares in the company, valued at approximately $391,890.78. This trade represents a 17.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 11.40% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

Several hedge funds have recently made changes to their positions in the business. Quarry LP acquired a new position in Cogent Communications in the 3rd quarter valued at about $27,000. Atlantic Union Bankshares Corp purchased a new position in shares of Cogent Communications in the 2nd quarter valued at approximately $40,000. Farther Finance Advisors LLC raised its stake in shares of Cogent Communications by 80.5% during the third quarter. Farther Finance Advisors LLC now owns 1,336 shares of the technology company’s stock worth $51,000 after purchasing an additional 596 shares during the last quarter. Hantz Financial Services Inc. lifted 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 worth $32,000 after purchasing an additional 1,127 shares during the period. Finally, Versant Capital Management Inc grew its position in Cogent Communications by 333.7% in the 3rd quarter. Versant Capital Management Inc now owns 1,557 shares of the technology company’s stock valued at $60,000 after buying an additional 1,198 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Company Profile

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.