Cogent Communications (NASDAQ:CCOI) Stock Rating Reaffirmed by Royal Bank of Canada

Cogent Communications (NASDAQ:CCOI)‘s stock had its “outperform” rating restated by Royal Bank of Canada in a note issued to investors on Monday, Benzinga reports. They currently have a $74.00 target price on the technology company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 8.97% from the company’s current price.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. reduced their price target on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Monday, May 13th. TD Cowen lowered their price objective on Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Friday, May 10th. The Goldman Sachs Group began coverage on Cogent Communications in a research report on Monday, July 1st. They set a “neutral” rating and a $56.00 price objective for the company. KeyCorp lowered their price target on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Finally, StockNews.com downgraded Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $73.57.

Cogent Communications Price Performance

CCOI traded down $0.65 on Monday, hitting $67.91. 29,561 shares of the company’s stock were exchanged, compared to its average volume of 463,808. Cogent Communications has a fifty-two week low of $50.80 and a fifty-two week high of $86.00. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.80. The firm has a 50-day moving average price of $58.24 and a 200-day moving average price of $65.23. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 2.69 and a beta of 0.41.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, May 9th. The technology company reported ($1.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.10) by ($0.19). Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The business had revenue of $266.17 million for the quarter, compared to analyst estimates of $274.13 million. As a group, equities analysts anticipate that Cogent Communications will post -4.81 earnings per share for the current year.

Insiders Place Their Bets

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $56.00, for a total value of $134,400.00. Following the completion of the transaction, the vice president now owns 38,600 shares in the company, valued at $2,161,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Dave Schaeffer sold 50,000 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $59.44, for a total transaction of $2,972,000.00. Following the sale, the chief executive officer now owns 4,553,038 shares of the company’s stock, valued at $270,632,578.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $56.00, for a total value of $134,400.00. Following the sale, the vice president now directly owns 38,600 shares in the company, valued at approximately $2,161,600. The disclosure for this sale can be found here. Over the last quarter, insiders sold 178,440 shares of company stock worth $9,828,016. 11.40% of the stock is owned by corporate insiders.

Institutional Trading of Cogent Communications

A number of hedge funds have recently added to or reduced their stakes in the business. EdgePoint Investment Group Inc. boosted its stake in Cogent Communications by 500.1% in 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. Harspring Capital Management LLC raised its holdings in shares of Cogent Communications by 3.6% in the 4th quarter. Harspring Capital Management LLC now owns 1,019,500 shares of the technology company’s stock worth $77,543,000 after purchasing an additional 35,500 shares during the period. Capital World Investors raised its holdings in shares of Cogent Communications by 327.7% in the 1st quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after purchasing an additional 752,133 shares during the period. Jennison Associates LLC raised its holdings in shares of Cogent Communications by 46.6% in the 4th quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock worth $63,028,000 after purchasing an additional 263,276 shares during the period. Finally, Westwood Holdings Group Inc. raised its holdings in shares of Cogent Communications by 16.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock worth $48,257,000 after purchasing an additional 105,164 shares during the period. 92.45% of the stock is owned by institutional investors and hedge funds.

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.