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

Cogent Communications (NASDAQ:CCOI) had its price objective boosted by stock analysts at Citigroup from $70.00 to $82.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s price objective would suggest a potential upside of 9.73% from the stock’s previous close.

Several other research analysts have also recently weighed in on CCOI. Bank of America boosted their price objective on shares of Cogent Communications from $70.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 13th. StockNews.com lowered Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. TD Cowen raised their price target on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 9th. JPMorgan Chase & Co. boosted their price objective on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a report on Monday, August 12th. 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, August 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $75.86.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $74.73 on Monday. The stock has a market capitalization of $3.66 billion, a P/E ratio of 2.96 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 1 year low of $50.80 and a 1 year high of $86.00. The firm has a 50 day moving average of $62.59 and a 200-day moving average of $64.62.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.27) by $0.59. The firm had revenue of $260.40 million during the quarter, compared to the consensus estimate of $264.32 million. Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.13) EPS. As a group, sell-side analysts anticipate that Cogent Communications will post -4.81 EPS for the current fiscal year.

Insider Activity at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $54.60, for a total transaction of $3,276,000.00. Following the transaction, the chief executive officer now directly owns 4,493,038 shares in the company, valued at $245,319,874.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $54.60, for a total value of $3,276,000.00. Following the sale, the chief executive officer now directly owns 4,493,038 shares in the company, valued at $245,319,874.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Marc Montagner acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were purchased at an average price of $52.61 per share, with a total value of $526,100.00. Following the completion of the acquisition, 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 90 days, insiders sold 126,440 shares of company stock worth $6,738,216. 11.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. EntryPoint Capital LLC bought a new position in shares of Cogent Communications during the 1st quarter worth approximately $26,000. SRS Capital Advisors Inc. lifted its holdings 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 purchasing an additional 383 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Cogent Communications by 127.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after purchasing an additional 441 shares during the period. Hexagon Capital Partners LLC increased its holdings in shares of Cogent Communications by 109.9% in the fourth quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock valued at $48,000 after purchasing an additional 333 shares during the last quarter. Finally, Covestor Ltd raised its position in shares of Cogent Communications by 17.2% in the first quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock valued at $123,000 after purchasing an additional 276 shares during the period. 92.45% of the stock is currently 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.