Cogent Communications (NASDAQ:CCOI) PT Raised to $61.00

Cogent Communications (NASDAQ:CCOI) had its price objective increased by analysts at JPMorgan Chase & Co. from $59.00 to $61.00 in a report issued on Friday, Stock Target Advisor reports. The brokerage presently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 2.18% from the company’s current price.

CCOI has been the subject of a number of other research reports. BidaskClub upgraded Cogent Communications from a “sell” rating to a “hold” rating in a research report on Wednesday, October 9th. Zacks Investment Research cut Cogent Communications from a “hold” rating to a “sell” rating in a research report on Wednesday, October 9th. Wells Fargo & Co restated a “hold” rating on shares of Cogent Communications in a research report on Friday, August 9th. TheStreet cut Cogent Communications from a “b” rating to a “c+” rating in a research report on Monday, August 12th. Finally, ValuEngine cut Cogent Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $61.33.

Shares of CCOI opened at $62.36 on Friday. Cogent Communications has a 12-month low of $42.40 and a 12-month high of $64.24. The company’s 50 day simple moving average is $56.78 and its 200-day simple moving average is $58.57. The firm has a market cap of $2.70 billion, a PE ratio of 98.98, a price-to-earnings-growth ratio of 9.38 and a beta of 0.56.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, November 7th. The technology company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.12. Cogent Communications had a negative return on equity of 20.58% and a net margin of 5.97%. The company had revenue of $136.94 million during the quarter, compared to the consensus estimate of $136.50 million. During the same quarter last year, the company earned $0.18 earnings per share. Cogent Communications’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, analysts expect that Cogent Communications will post 0.77 earnings per share for the current fiscal year.

In related news, CEO Mike Slessor sold 14,835 shares of Cogent Communications stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $18.03, for a total transaction of $267,475.05. Also, Director Richard Liebhaber sold 5,000 shares of Cogent Communications stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $59.90, for a total value of $299,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,080 shares of company stock valued at $1,239,512. Company insiders own 10.17% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its position in Cogent Communications by 1.6% during the 2nd quarter. BlackRock Inc. now owns 6,826,740 shares of the technology company’s stock worth $405,235,000 after purchasing an additional 105,911 shares in the last quarter. Vanguard Group Inc. increased its position in Cogent Communications by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 4,710,776 shares of the technology company’s stock worth $279,631,000 after purchasing an additional 86,496 shares in the last quarter. Renaissance Technologies LLC increased its position in Cogent Communications by 1.4% during the 2nd quarter. Renaissance Technologies LLC now owns 3,423,700 shares of the technology company’s stock worth $203,231,000 after purchasing an additional 47,300 shares in the last quarter. Invesco Ltd. increased its position in Cogent Communications by 0.5% during the 2nd quarter. Invesco Ltd. now owns 1,438,122 shares of the technology company’s stock worth $85,367,000 after purchasing an additional 6,651 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Cogent Communications by 2.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 826,331 shares of the technology company’s stock worth $49,052,000 after purchasing an additional 18,141 shares in the last quarter. Hedge funds and other institutional investors own 86.91% of the company’s stock.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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