KeyCorp Issues Pessimistic Forecast for Cogent Communications (NASDAQ:CCOI) Stock Price

Cogent Communications (NASDAQ:CCOI) had its target price reduced by investment analysts at KeyCorp from $30.00 to $25.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective suggests a potential upside of 34.55% from the stock’s current price.

CCOI has been the subject of a number of other reports. The Goldman Sachs Group decreased their target price on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Weiss Ratings restated a “sell (d+)” rating on shares of Cogent Communications in a research report on Monday, December 22nd. Royal Bank Of Canada dropped their target price on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 13th. Citigroup reduced their price target on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $27.00 price objective (down previously from $50.00) on shares of Cogent Communications in a report on Friday, November 7th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Cogent Communications presently has a consensus rating of “Hold” and a consensus target price of $25.00.

Cogent Communications Price Performance

Shares of NASDAQ CCOI opened at $18.58 on Monday. The company has a quick ratio of 2.02, a current ratio of 2.04 and a debt-to-equity ratio of 49.06. Cogent Communications has a fifty-two week low of $15.96 and a fifty-two week high of $82.00. The business has a 50 day moving average price of $23.44 and a two-hundred day moving average price of $29.97. The firm has a market cap of $912.65 million, a PE ratio of -4.88 and a beta of 0.81.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Friday, February 20th. The technology company reported ($0.64) EPS for the quarter, topping the consensus estimate of ($1.09) by $0.45. Cogent Communications had a negative net margin of 18.67% and a negative return on equity of 842.48%. The business had revenue of $240.52 million for the quarter, compared to analysts’ expectations of $243.82 million. During the same quarter last year, the company posted ($0.91) earnings per share. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. Sell-side analysts expect that Cogent Communications will post -4.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cogent Communications news, Director Lewis H. Ferguson sold 4,000 shares of Cogent Communications stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $20.34, for a total value of $81,360.00. Following the transaction, the director owned 19,267 shares in the company, valued at approximately $391,890.78. The trade was a 17.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 10.20% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCOI. ProShare Advisors LLC boosted its stake in Cogent Communications by 30.1% during the third quarter. ProShare Advisors LLC now owns 177,113 shares of the technology company’s stock worth $6,792,000 after buying an additional 40,970 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Cogent Communications by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,060,367 shares of the technology company’s stock valued at $51,127,000 after buying an additional 20,055 shares in the last quarter. Ceredex Value Advisors LLC lifted its holdings in shares of Cogent Communications by 44.6% during the 2nd quarter. Ceredex Value Advisors LLC now owns 206,800 shares of the technology company’s stock worth $9,970,000 after acquiring an additional 63,750 shares during the period. Asset Management One Co. Ltd. boosted its position in shares of Cogent Communications by 43.9% during the 2nd quarter. Asset Management One Co. Ltd. now owns 63,555 shares of the technology company’s stock valued at $3,064,000 after acquiring an additional 19,394 shares in the last quarter. Finally, Redmond Asset Management LLC boosted its position in shares of Cogent Communications by 9.0% during the 2nd quarter. Redmond Asset Management LLC now owns 141,383 shares of the technology company’s stock valued at $6,816,000 after acquiring an additional 11,727 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

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.