Cogent Communications (NASDAQ:CCOI) Price Target Lowered to $23.00 at Wells Fargo & Company

Cogent Communications (NASDAQ:CCOI) had its target price lowered by investment analysts at Wells Fargo & Company from $27.00 to $23.00 in a report released on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price target would indicate a potential downside of 1.12% from the company’s previous close.

A number of other brokerages also recently issued reports on CCOI. Zacks Research upgraded Cogent Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. The Goldman Sachs Group lowered their price target on shares of Cogent Communications from $40.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, November 7th. UBS Group restated a “neutral” rating and issued a $27.00 price target (down from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th. Williams Trading set a $40.00 target price on shares of Cogent Communications in a research note on Monday, February 23rd. Finally, Royal Bank Of Canada cut their price target on shares of 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. 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 company. Based on data from MarketBeat.com, Cogent Communications presently has an average rating of “Hold” and a consensus price target of $26.78.

Cogent Communications Price Performance

Shares of NASDAQ CCOI traded up $0.17 during mid-day trading on Thursday, hitting $23.26. 373,702 shares of the stock traded hands, compared to its average volume of 1,180,034. Cogent Communications has a twelve month low of $15.96 and a twelve month high of $72.68. The firm has a 50 day simple moving average of $23.04 and a two-hundred day simple moving average of $29.22. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.04 and a quick ratio of 2.04. The company has a market cap of $1.16 billion, a PE ratio of -6.10 and a beta of 0.84.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.09) by $0.45. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 18.67%.The company had revenue of $240.52 million during the quarter, compared to the consensus estimate of $243.82 million. During the same quarter in the prior year, the firm posted ($0.91) earnings per share. The firm’s revenue was down 4.7% compared to the same quarter last year. As a group, equities research analysts forecast that Cogent Communications will post -4.55 EPS for the current fiscal year.

Institutional Trading of Cogent Communications

Several hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd acquired a new position in Cogent Communications during the fourth quarter worth $28,000. Virtu Financial LLC acquired a new stake in shares of Cogent Communications in the 4th quarter worth about $416,000. Mercer Global Advisors Inc. ADV lifted its position in Cogent Communications by 60.0% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 18,857 shares of the technology company’s stock valued at $407,000 after acquiring an additional 7,071 shares in the last quarter. Twinbeech Capital LP acquired a new position in Cogent Communications during the 4th quarter valued at about $398,000. Finally, Man Group plc increased its holdings in Cogent Communications by 2,685.1% during the 4th quarter. Man Group plc now owns 326,168 shares of the technology company’s stock worth $7,032,000 after purchasing an additional 314,457 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.