Cogent Communications (NASDAQ:CCOI) PT Raised to $82.00

Cogent Communications (NASDAQ:CCOI) had its price objective upped by stock analysts at TD Cowen from $78.00 to $82.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. TD Cowen’s target price would suggest a potential upside of 14.70% from the stock’s current price.

A number of other analysts have also recently weighed in on CCOI. KeyCorp reduced their price target on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. StockNews.com lowered Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. JPMorgan Chase & Co. lowered their price target on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Monday, May 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a research report on Monday, July 29th. Finally, The Goldman Sachs Group raised their target price on shares of Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $75.00.

Cogent Communications Stock Up 3.9 %

NASDAQ:CCOI traded up $2.70 during mid-day trading on Friday, reaching $71.49. The stock had a trading volume of 528,327 shares, compared to its average volume of 467,118. The stock has a market cap of $3.50 billion, a P/E ratio of 2.83 and a beta of 0.41. The business’s 50 day moving average is $60.03 and its 200 day moving average is $64.84. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.12 and a quick ratio of 1.12. 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 quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) EPS for the quarter, topping the consensus estimate of ($1.27) by $0.59. Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. The company had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. During the same quarter in the prior year, the business posted ($0.13) EPS. Cogent Communications’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts predict that Cogent Communications will post -4.81 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Cogent Communications

A number of hedge funds have recently made changes to their positions in the business. EdgePoint Investment Group Inc. raised its position in Cogent Communications by 500.1% in the first quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock worth $68,699,000 after purchasing an additional 876,326 shares in the last quarter. Harspring Capital Management LLC grew its stake in shares of Cogent Communications by 3.6% in the 4th quarter. Harspring Capital Management LLC now owns 1,019,500 shares of the technology company’s stock valued at $77,543,000 after purchasing an additional 35,500 shares during the period. Capital World Investors raised its holdings in shares of Cogent Communications by 327.7% in the 1st quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after buying an additional 752,133 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Cogent Communications by 46.6% in the 4th quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock worth $63,028,000 after buying an additional 263,276 shares in the last quarter. Finally, Westwood Holdings Group Inc. boosted its stake in Cogent Communications by 16.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock valued at $48,257,000 after buying an additional 105,164 shares in the last quarter. Institutional investors and hedge funds 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.