Cogent Communications (NASDAQ:CCOI – Free Report) had its target price trimmed by Citigroup from $20.00 to $11.50 in a research report released on Thursday,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.
A number of other brokerages also recently issued reports on CCOI. UBS Group cut their price objective on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $22.00 target price on shares of Cogent Communications in a research report on Friday, May 29th. Wall Street Zen upgraded shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 27th. KeyCorp cut their price target on shares of Cogent Communications from $25.00 to $15.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Finally, Wells Fargo & Company reduced their price target on Cogent Communications from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Friday, August 7th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $21.05.
Get Our Latest Research Report on CCOI
Cogent Communications Price Performance
Cogent Communications (NASDAQ:CCOI – Get Free Report) last announced its earnings results on Thursday, August 6th. The technology company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of ($1.00) by $2.38. The business had revenue of $235.56 million during the quarter, compared to the consensus estimate of $239.55 million. Cogent Communications had a negative net margin of 4.73% and a negative return on equity of 842.48%. The firm’s revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the company posted ($1.21) earnings per share. As a group, sell-side analysts expect that Cogent Communications will post -2.7 EPS for the current year.
Cogent Communications Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Friday, August 21st will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, August 21st. Cogent Communications’s payout ratio is presently -8.33%.
Insiders Place Their Bets
In related 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 value of $81,431.50. Following the completion of the transaction, the chief financial officer owned 197,900 shares in the company, valued at $3,322,741. This trade represents a 2.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 sale, 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. The SEC filing for this sale provides additional information. 4.20% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new stake in shares of Cogent Communications during the second quarter worth about $3,685,000. Shrier Wealth Management LLC increased its holdings in Cogent Communications by 33.1% in the 2nd quarter. Shrier Wealth Management LLC now owns 23,453 shares of the technology company’s stock worth $326,000 after buying an additional 5,835 shares during the period. Parallel Advisors LLC raised its position in Cogent Communications by 208.6% during the 1st quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock worth $27,000 after buying an additional 968 shares during the last quarter. Turtle Creek Asset Management Inc. raised its position in Cogent Communications by 7.7% during the 1st quarter. Turtle Creek Asset Management Inc. now owns 4,348,897 shares of the technology company’s stock worth $81,933,000 after buying an additional 312,050 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its stake in Cogent Communications by 77.9% during the 1st quarter. Quantinno Capital Management LP now owns 108,875 shares of the technology company’s stock valued at $2,051,000 after acquiring an additional 47,668 shares during the period. 92.45% of the stock is currently owned by hedge funds and other institutional investors.
Trending Headlines about Cogent Communications
Here are the key news stories impacting Cogent Communications this week:
- Positive Sentiment: Recent trading has been supported by above-average volume, indicating heightened investor interest and potential short-term buying or short-covering activity.
- Neutral Sentiment: Multiple law firms reiterated that investors who purchased CCOI shares from February 29, 2024, through May 1, 2026, may seek lead-plaintiff status by September 21, 2026. The announcements largely repeat the same pending securities class action and do not represent a new court finding. Hagens Berman class action notice
- Negative Sentiment: The lawsuit alleges that Cogent failed to disclose issues involving demand, wavelength backlog and the reliability of a key growth metric before an approximately 29% stock decline. If proven, the claims could create legal costs, settlement exposure and reputational damage, although the allegations remain unproven. Kahn Swick & Foti class action notice
- Negative Sentiment: UBS lowered its CCOI price target from $17 to $11 and maintained a Neutral rating. Citi previously cut its target from $20 to $11.50 with a Neutral rating, while RBC reduced its target from $18 to $12 and retained a Sector Perform rating. The reductions reflect more cautious expectations for Cogent’s growth and valuation. Analyst price-target updates
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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