Cogent Communications (NASDAQ:CCOI) Price Target Cut to $30.00 by Analysts at Oppenheimer

Cogent Communications (NASDAQ:CCOI) had its price objective reduced by equities research analysts at Oppenheimer from $40.00 to $30.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price objective suggests a potential upside of 74.96% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. UBS Group reissued a “neutral” rating and set a $27.00 price target (down previously from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th. Zacks Research raised shares of Cogent Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Royal Bank Of Canada lowered their price target on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating for the company in a research report on Thursday, November 13th. The Goldman Sachs Group decreased their price target on shares of Cogent Communications from $40.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $25.63.

Cogent Communications Price Performance

Shares of NASDAQ CCOI traded down $1.43 during midday trading on Monday, hitting $17.15. The company had a trading volume of 1,803,263 shares, compared to its average volume of 1,130,433. The business has a 50-day simple moving average of $23.44 and a two-hundred day simple moving average of $29.97. Cogent Communications has a twelve month low of $15.96 and a twelve month high of $80.45. The company has a quick ratio of 2.02, a current ratio of 2.04 and a debt-to-equity ratio of 49.06. The firm has a market capitalization of $842.28 million, a price-to-earnings ratio of -4.48 and a beta of 0.81.

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

Insiders Place Their Bets

In other news, Director Lewis H. Ferguson sold 4,000 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total transaction of $81,360.00. Following the sale, the director directly owned 19,267 shares in the company, valued at approximately $391,890.78. This represents a 17.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cogent Communications

Several institutional investors have recently modified their holdings of the company. Virtu Financial LLC bought a new stake in shares of Cogent Communications in the 4th quarter worth $416,000. Mercer Global Advisors Inc. ADV raised its holdings in shares of 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 worth $407,000 after purchasing an additional 7,071 shares in the last quarter. Twinbeech Capital LP acquired a new stake in shares of Cogent Communications during the 4th quarter valued at $398,000. Man Group plc grew its holdings in shares of Cogent Communications by 2,685.1% in the 4th quarter. Man Group plc now owns 326,168 shares of the technology company’s stock worth $7,032,000 after acquiring an additional 314,457 shares during the last quarter. Finally, Inspire Investing LLC acquired a new stake in shares of Cogent Communications during the fourth quarter worth $63,000. Institutional investors own 92.45% of the company’s stock.

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.