Cogent Communications (NASDAQ:CCOI) Given New $22.00 Price Target at Royal Bank Of Canada

Cogent Communications (NASDAQ:CCOI) had its target price trimmed by Royal Bank Of Canada from $23.00 to $22.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a sector perform rating on the technology company’s stock.

Several other research firms have also recently commented on CCOI. Oppenheimer lowered their target price on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday, February 23rd. Wells Fargo & Company reduced their price target on Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 5th. Weiss Ratings reissued a “sell (d+)” rating on shares of Cogent Communications in a research report on Monday, December 22nd. KeyCorp cut their target price on shares of Cogent Communications from $30.00 to $25.00 and set an “overweight” rating on the stock in a research note on Monday, February 23rd. Finally, Williams Trading set a $40.00 target price on shares of Cogent Communications in a report on Monday, February 23rd. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $26.67.

Cogent Communications Stock Performance

Shares of CCOI stock opened at $19.33 on Wednesday. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 49.06. Cogent Communications has a 52 week low of $15.96 and a 52 week high of $71.55. The stock has a market capitalization of $967.66 million, a PE ratio of -5.07 and a beta of 0.84. The firm has a 50 day moving average of $22.92 and a two-hundred day moving average of $28.05.

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

Cogent Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, March 6th. Cogent Communications’s dividend payout ratio (DPR) is -2.10%.

Insiders Place Their Bets

In other Cogent Communications news, Director Lewis H. Ferguson sold 2,206 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $23.03, for a total transaction of $50,804.18. Following the sale, the director owned 20,449 shares of the company’s stock, valued at approximately $470,940.47. This trade represents a 9.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sheryl Lynn Kennedy sold 3,300 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $22.99, for a total transaction of $75,867.00. Following the sale, the director owned 10,100 shares of the company’s stock, valued at $232,199. This represents a 24.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,756 shares of company stock worth $292,467 in the last three months. 11.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cogent Communications

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd acquired a new position in Cogent Communications during the fourth quarter worth approximately $28,000. Virtu Financial LLC acquired a new stake in shares of Cogent Communications in the fourth quarter valued at approximately $416,000. Mercer Global Advisors Inc. ADV grew its position in shares of Cogent Communications by 60.0% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 18,857 shares of the technology company’s stock worth $407,000 after acquiring an additional 7,071 shares during the last quarter. Twinbeech Capital LP purchased a new position in shares of Cogent Communications during the fourth quarter worth approximately $398,000. Finally, Man Group plc increased 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 valued at $7,032,000 after acquiring an additional 314,457 shares during the period. 92.45% of the stock is currently owned by institutional investors and hedge funds.

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.