Cogent Communications (NASDAQ:CCOI – Free Report) had its price target cut by TD Cowen from $34.00 to $30.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a buy rating on the technology company’s stock.
A number of other brokerages have also issued reports on CCOI. Wells Fargo & Company cut their price target on shares of Cogent Communications from $18.00 to $14.00 and set an “equal weight” rating on the stock in a report on Friday. Citigroup dropped their target price on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Tuesday, May 19th. KeyCorp reduced their price target on Cogent Communications from $25.00 to $15.00 and set an “overweight” rating on the stock in a report on Friday. Royal Bank Of Canada dropped their price objective on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday, May 6th. Finally, Weiss Ratings lowered shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $23.10.
Get Our Latest Report on Cogent Communications
Cogent Communications Price Performance
Cogent Communications (NASDAQ:CCOI – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The technology company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of ($1.00) by $2.38. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 4.73%.The firm had revenue of $235.56 million during the quarter, compared to analyst estimates of $239.55 million. During the same quarter in the prior year, the firm posted ($1.21) earnings per share. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. Sell-side analysts expect that Cogent Communications will post -4.25 earnings per share for the current fiscal year.
Cogent Communications Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Friday, August 21st will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Friday, August 21st. Cogent Communications’s payout ratio is -2.25%.
Insider Buying and Selling at Cogent Communications
In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total transaction of $81,431.50. Following the completion of the transaction, the chief financial officer directly owned 197,900 shares in the company, valued at $3,322,741. This trade represents a 2.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $17.01, for a total value of $40,824.00. Following the completion of the transaction, the vice president directly owned 38,600 shares of the company’s stock, valued at approximately $656,586. This represents a 5.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.20% of the stock is owned by company insiders.
Institutional Investors Weigh In On Cogent Communications
Several institutional investors have recently modified their holdings of CCOI. FourWorld Capital Management LLC bought a new stake in shares of Cogent Communications in the first quarter worth approximately $5,002,000. Granahan Investment Management LLC grew its holdings in shares of Cogent Communications by 46.3% in the first quarter. Granahan Investment Management LLC now owns 317,447 shares of the technology company’s stock worth $5,981,000 after acquiring an additional 100,422 shares during the period. Vanguard Group Inc. increased its position in Cogent Communications by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock valued at $120,311,000 after acquiring an additional 217,450 shares during the last quarter. Redmond Asset Management LLC lifted its holdings in Cogent Communications by 45.8% in the fourth quarter. Redmond Asset Management LLC now owns 200,082 shares of the technology company’s stock valued at $4,314,000 after acquiring an additional 62,828 shares during the period. Finally, Vest Financial LLC lifted its holdings in Cogent Communications by 206.4% in the fourth quarter. Vest Financial LLC now owns 74,634 shares of the technology company’s stock valued at $1,609,000 after acquiring an additional 50,276 shares during the period. 92.45% of the stock is owned by hedge funds and other institutional investors.
Cogent Communications News Roundup
Here are the key news stories impacting Cogent Communications this week:
- Positive Sentiment: Cogent’s second-quarter loss was narrower than expected on an adjusted basis, with a loss of approximately $0.80 per share versus the $1.12 consensus estimate. The company also benefited from selling 10 data centers for $224.2 million, generating a $130.7 million gain. Cogent Incurs Narrower-Than-Expected Q2 Loss Despite Lower Revenues
- Positive Sentiment: TD Cowen maintained a “buy” rating, although it reduced its price target from $34 to $30. KeyCorp also kept an “overweight” rating, implying substantial upside from current levels. Analyst price-target updates
- Neutral Sentiment: Cogent declared a $0.02 quarterly dividend, payable September 4 to shareholders of record August 21. The payment provides a modest income return, but the small dividend is unlikely to offset broader concerns about the business.
- Negative Sentiment: Second-quarter service revenue of $235.6 million missed the $239.6 million consensus and declined 4.4% year over year. Weakness in Sprint Wireline and off-net services offset growth in on-net and wavelength offerings, raising questions about near-term demand and backlog conversion. Cogent Communications Reports Second Quarter 2026 Results
- Negative Sentiment: Wells Fargo lowered its target from $18 to $14 and assigned an “equal weight” rating. KeyCorp cut its target from $25 to $15, while TD Cowen also reduced its target, indicating analysts are recalibrating expectations despite some remaining bullish views. Analyst price-target updates
- Negative Sentiment: Multiple law firms publicized a securities class action covering investors who purchased CCOI shares between February 29, 2024, and May 1, 2026. The claims reportedly concern undisclosed demand and backlog problems and alleged overly optimistic growth and dividend statements. The lead-plaintiff deadline is September 21, 2026, increasing legal and reputational risk. Cogent securities-fraud class-action notice
About Cogent Communications
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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