Cogent Communications (NASDAQ:CCOI) Price Target Raised to $75.00 at Bank of America

Cogent Communications (NASDAQ:CCOI) had its target price lifted by Bank of America from $70.00 to $75.00 in a research report sent to investors on Tuesday, Benzinga reports. Bank of America currently has a neutral rating on the technology company’s stock.

A number of other brokerages have also issued reports on CCOI. Royal Bank of Canada reiterated an outperform rating and set a $74.00 price target on shares of Cogent Communications in a research report on Monday, July 29th. JPMorgan Chase & Co. upped their price objective on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a neutral rating in a report on Monday, August 12th. StockNews.com cut shares of Cogent Communications from a hold rating to a sell rating in a research note on Thursday, April 25th. KeyCorp reduced their price target on shares of Cogent Communications from $88.00 to $80.00 and set an overweight rating for the company in a research note on Friday, May 10th. Finally, The Goldman Sachs Group raised their price objective on shares of Cogent Communications from $56.00 to $62.00 and gave the company a neutral rating in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $75.86.

Cogent Communications Stock Down 0.1 %

CCOI stock opened at $73.46 on Tuesday. The stock has a market cap of $3.60 billion, a PE ratio of 2.91 and a beta of 0.41. The firm’s 50-day simple moving average is $61.66 and its 200 day simple moving average is $64.80. Cogent Communications has a fifty-two week low of $50.80 and a fifty-two week high of $86.00. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.80.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) EPS for the quarter, beating the consensus estimate of ($1.27) by $0.59. The company had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. Cogent Communications’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.13) earnings per share. As a group, sell-side analysts predict that Cogent Communications will post -4.81 EPS for the current year.

Cogent Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Thursday, August 22nd will be issued a dividend of $0.985 per share. This represents a $3.94 dividend on an annualized basis and a yield of 5.36%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Thursday, August 22nd. Cogent Communications’s dividend payout ratio (DPR) is presently 15.61%.

Insider Buying and Selling at Cogent Communications

In other news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $51.78, for a total transaction of $3,106,800.00. Following the completion of the sale, the chief executive officer now directly owns 4,433,038 shares of the company’s stock, valued at approximately $229,542,707.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $51.78, for a total value of $3,106,800.00. Following the completion of the transaction, the chief executive officer now directly owns 4,433,038 shares in the company, valued at $229,542,707.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $56.00, for a total transaction of $134,400.00. Following the completion of the transaction, the vice president now directly owns 38,600 shares in the company, valued at $2,161,600. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 128,440 shares of company stock valued at $6,856,016. Corporate insiders own 11.40% of the company’s stock.

Institutional Trading of Cogent Communications

Hedge funds have recently modified their holdings of the business. EntryPoint Capital LLC purchased a new stake in Cogent Communications in the 1st quarter worth about $26,000. SRS Capital Advisors Inc. lifted its position in shares of Cogent Communications by 313.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock worth $38,000 after purchasing an additional 383 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of Cogent Communications by 109.9% during the fourth quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock worth $48,000 after purchasing an additional 333 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in Cogent Communications by 127.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock valued at $44,000 after buying an additional 441 shares during the period. Finally, Covestor Ltd lifted its position in Cogent Communications by 17.2% in the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after buying an additional 276 shares in 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.