Cogent Communications (NASDAQ:CCOI) Price Target Lowered to $25.00 at KeyCorp

Cogent Communications (NASDAQ:CCOI) had its target price cut by KeyCorp from $30.00 to $25.00 in a report published on Monday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other research analysts also recently issued reports on CCOI. The Goldman Sachs Group lowered their price objective on shares of Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, November 7th. Wells Fargo & Company reiterated an “equal weight” rating and set a $27.00 target price (down previously from $45.00) on shares of Cogent Communications in a research note on Friday, November 7th. 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 report on Friday, November 7th. Royal Bank Of Canada dropped their price target 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. Finally, Citigroup decreased their price objective on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. Three 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $27.22.

Cogent Communications Stock Down 3.8%

Shares of CCOI opened at $17.87 on Monday. Cogent Communications has a 52-week low of $15.96 and a 52-week high of $80.45. The company has a market capitalization of $877.77 million, a PE ratio of -4.69 and a beta of 0.81. The stock has a fifty day simple moving average of $23.34 and a two-hundred day simple moving average of $29.84. 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 (NASDAQ:CCOI) last posted its earnings results on Friday, February 20th. The technology company reported ($0.64) EPS for the quarter, beating analysts’ consensus estimates of ($1.09) by $0.45. The company had revenue of $240.52 million for 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%.The company’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.91) earnings per share. As a group, equities analysts forecast that Cogent Communications will post -4.55 EPS for the current year.

Cogent Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis 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%.

Insider Activity at Cogent Communications

In other Cogent Communications news, Director Lewis H. Ferguson sold 4,000 shares of the business’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total value of $81,360.00. Following the completion of the transaction, the director directly owned 19,267 shares in the company, valued at approximately $391,890.78. The trade was a 17.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 10.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CCOI. Vanguard Group Inc. raised its holdings in Cogent Communications by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 5,580,271 shares of the technology company’s stock valued at $120,311,000 after acquiring an additional 217,450 shares in the last quarter. Turtle Creek Asset Management Inc. increased its position in shares of Cogent Communications by 64.9% in the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock worth $176,561,000 after purchasing an additional 1,811,222 shares during the last quarter. EdgePoint Investment Group Inc. raised its stake in shares of Cogent Communications by 13.3% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 2,279,440 shares of the technology company’s stock valued at $109,892,000 after purchasing an additional 267,143 shares in the last quarter. State Street Corp lifted its position in shares of Cogent Communications by 6.8% during the fourth quarter. State Street Corp now owns 2,070,132 shares of the technology company’s stock worth $44,632,000 after purchasing an additional 132,454 shares during the last quarter. Finally, Park West Asset Management LLC acquired a new position in Cogent Communications in the fourth quarter worth about $30,380,000. 92.45% of the stock is 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.