Cogent Communications (NASDAQ:CCOI) Coverage Initiated at UBS Group

UBS Group started coverage on shares of Cogent Communications (NASDAQ:CCOI - Get Free Report) in a research report issued on Thursday, Marketbeat Ratings reports. The firm set a "buy" rating and a $102.00 price target on the technology company's stock. UBS Group's target price suggests a potential upside of 31.09% from the stock's current price.

Other research analysts have also issued research reports about the company. Royal Bank of Canada reiterated an "outperform" rating and set a $74.00 price target on shares of Cogent Communications in a report on Tuesday, September 3rd. The Goldman Sachs Group increased their price target on shares of Cogent Communications from $62.00 to $71.00 and gave the company a "neutral" rating in a research note on Friday, October 4th. Bank of America lowered shares of Cogent Communications from a "neutral" rating to an "underperform" rating and reduced their price target for the company from $75.00 to $65.00 in a research report on Wednesday, August 21st. Citigroup raised their target price on Cogent Communications from $70.00 to $82.00 and gave the stock a "buy" rating in a research note on Monday, August 19th. Finally, TD Cowen upped their price target on Cogent Communications from $78.00 to $82.00 and gave the company a "buy" rating in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $80.25.

Cogent Communications Price Performance

Shares of NASDAQ:CCOI traded down $0.83 during midday trading on Thursday, hitting $77.81. The company's stock had a trading volume of 295,078 shares, compared to its average volume of 440,000. Cogent Communications has a 12-month low of $50.80 and a 12-month high of $86.76. The company has a market cap of $3.81 billion, a P/E ratio of 99.76 and a beta of 0.40. The company has a debt-to-equity ratio of 5.87, a quick ratio of 2.03 and a current ratio of 2.03. The business's 50 day simple moving average is $78.08 and its 200 day simple moving average is $68.02.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The business had revenue of $257.20 million for the quarter, compared to analysts' expectations of $258.69 million. During the same period in the previous year, the firm posted ($1.13) EPS. The business's revenue for the quarter was down 6.6% compared to the same quarter last year. On average, analysts forecast that Cogent Communications will post -4.54 EPS for the current year.

Insiders Place Their Bets

In other Cogent Communications news, VP John B. Chang sold 2,280 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $80.41, for a total value of $183,334.80. Following the sale, the vice president now owns 69,300 shares of the company's stock, valued at $5,572,413. This trade represents a 3.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Dave Schaeffer sold 60,000 shares of the business's stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total value of $4,369,200.00. Following the transaction, the chief executive officer now directly owns 4,373,038 shares of the company's stock, valued at approximately $318,444,627.16. This represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,500 shares of company stock worth $5,008,175 over the last three months. Company insiders own 11.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans increased its position in shares of Cogent Communications by 2,739.1% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company's stock valued at $58,430,000 after purchasing an additional 998,796 shares during the last quarter. EdgePoint Investment Group Inc. lifted its holdings in Cogent Communications by 500.1% during the 1st quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company's stock worth $68,699,000 after buying an additional 876,326 shares during the last quarter. Capital World Investors boosted its position in shares of Cogent Communications by 327.7% during the 1st quarter. Capital World Investors now owns 981,623 shares of the technology company's stock worth $64,129,000 after acquiring an additional 752,133 shares in the last quarter. M&G Plc acquired a new stake in shares of Cogent Communications during the 1st quarter worth about $27,942,000. Finally, Senator Investment Group LP lifted its stake in Cogent Communications by 83.0% during the first quarter. Senator Investment Group LP now owns 666,768 shares of the technology company's stock worth $43,560,000 after purchasing an additional 302,365 shares during the last quarter. Hedge funds and other institutional investors own 92.45% 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 in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.