KeyCorp Cuts Cogent Communications (NASDAQ:CCOI) Price Target to $25.00

Cogent Communications (NASDAQ:CCOI) had its price target lowered by investment analysts at KeyCorp from $30.00 to $25.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. KeyCorp’s target price indicates a potential upside of 34.55% from the stock’s current price.

Other equities analysts have also issued reports about the stock. UBS Group reiterated a “neutral” rating and issued a $27.00 price target (down from $50.00) on shares of Cogent Communications in a research note on Friday, November 7th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Cogent Communications in a research report on Monday, December 22nd. The Goldman Sachs Group cut their price target on shares of Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. JPMorgan Chase & Co. decreased their price objective on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, November 13th. Finally, Royal Bank Of Canada cut their target price on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 13th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cogent Communications presently has an average rating of “Hold” and a consensus target price of $25.00.

Cogent Communications Stock Down 29.4%

Shares of NASDAQ CCOI opened at $18.58 on Monday. The stock has a market cap of $912.65 million, a P/E ratio of -4.88 and a beta of 0.81. The business’s fifty day simple moving average is $23.44 and its 200-day simple moving average is $29.97. Cogent Communications has a 12-month low of $15.96 and a 12-month high of $82.00. The company has a current ratio of 2.04, a quick ratio of 2.02 and a debt-to-equity ratio of 49.06.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Friday, February 20th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.09) by $0.45. The company had revenue of $240.52 million for the quarter, compared to analyst estimates of $243.82 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 18.67%.Cogent Communications’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.91) EPS. As a group, equities analysts predict that Cogent Communications will post -4.55 EPS for the current fiscal year.

Insider Transactions at Cogent Communications

In other news, Director Lewis H. Ferguson sold 4,000 shares of the business’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 value of $81,360.00. Following the completion of the transaction, the director owned 19,267 shares of the company’s stock, valued at $391,890.78. The trade was a 17.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in shares of Cogent Communications during the third quarter worth about $27,000. Hantz Financial Services Inc. lifted its position in Cogent Communications by 313.9% during the 4th quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock worth $32,000 after acquiring an additional 1,127 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new position in Cogent Communications in the 2nd quarter worth approximately $40,000. Kestra Advisory Services LLC purchased a new position in Cogent Communications in the 4th quarter worth approximately $43,000. Finally, Farther Finance Advisors LLC grew its position in Cogent Communications by 56.6% in the fourth quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company’s stock valued at $45,000 after acquiring an additional 756 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

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.