Cogent Communications (NASDAQ:CCOI – Get Free Report) had its price target lowered by equities researchers at Citigroup from $22.00 to $20.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Citigroup’s price target would suggest a potential upside of 13.95% from the company’s previous close.
Several other equities research analysts also recently issued reports on CCOI. Williams Trading set a $40.00 price objective on Cogent Communications in a research note on Monday, February 23rd. Weiss Ratings raised Cogent Communications from a “sell (e+)” rating to a “sell (d+)” rating in a research note on Wednesday, May 6th. Oppenheimer cut their price target on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday, February 23rd. Royal Bank Of Canada cut their price target on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a research note on Wednesday, May 6th. Finally, Wall Street Zen raised Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Sunday, April 26th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $24.90.
Read Our Latest Research Report on Cogent Communications
Cogent Communications Stock Performance
Cogent Communications (NASDAQ:CCOI – Get Free Report) last released its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.20. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The business had revenue of $239.19 million during the quarter, compared to analyst estimates of $241.31 million. During the same quarter last year, the company posted ($1.09) EPS. Cogent Communications’s revenue for the quarter was down 3.2% on a year-over-year basis. Analysts expect that Cogent Communications will post -3.9 EPS for the current year.
Insiders Place Their Bets
In other Cogent Communications news, Director Lewis H. Ferguson sold 2,206 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $23.03, for a total value of $50,804.18. Following the sale, the director owned 20,449 shares of the company’s stock, valued at $470,940.47. This trade represents a 9.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Sheryl Lynn Kennedy sold 3,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $22.99, for a total value of $75,867.00. Following the completion of the sale, the director directly owned 10,100 shares in the company, valued at $232,199. This trade represents a 24.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 12,756 shares of company stock worth $292,467. Corporate insiders own 4.20% of the company’s stock.
Institutional Trading of Cogent Communications
Several institutional investors have recently modified their holdings of CCOI. Turtle Creek Asset Management Inc. grew its holdings in shares of Cogent Communications by 64.9% during the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock worth $176,561,000 after purchasing an additional 1,811,222 shares in the last quarter. Park West Asset Management LLC acquired a new stake in shares of Cogent Communications during the 4th quarter worth approximately $30,380,000. Bank of America Corp DE grew its holdings in shares of Cogent Communications by 551.2% during the 3rd quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock worth $43,965,000 after purchasing an additional 970,367 shares in the last quarter. MIG Capital LLC acquired a new stake in shares of Cogent Communications during the 4th quarter worth approximately $12,272,000. Finally, First Trust Advisors LP grew its holdings in shares of Cogent Communications by 86.8% during the 4th quarter. First Trust Advisors LP now owns 1,177,398 shares of the technology company’s stock worth $25,385,000 after purchasing an additional 547,188 shares in 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.
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