Cogent Communications (NASDAQ:CCOI) Price Target Cut to $70.00 by Analysts at JPMorgan Chase & Co.

Cogent Communications (NASDAQ:CCOI - Get Free Report) had its price objective dropped by equities researchers at JPMorgan Chase & Co. from $73.00 to $70.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a "neutral" rating on the technology company's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 18.42% from the stock's current price.

CCOI has been the subject of several other research reports. StockNews.com lowered shares of Cogent Communications from a "hold" rating to a "sell" rating in a research report on Thursday, April 25th. KeyCorp cut their target price on Cogent Communications from $88.00 to $80.00 and set an "overweight" rating on the stock in a research note on Friday. TheStreet raised Cogent Communications from a "c+" rating to a "b" rating in a research note on Thursday, February 29th. Bank of America cut shares of Cogent Communications from a "buy" rating to a "neutral" rating and cut their price objective for the company from $85.00 to $75.00 in a research note on Thursday, March 7th. Finally, TD Cowen lowered their target price on shares of Cogent Communications from $84.00 to $78.00 and set a "buy" rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Cogent Communications presently has a consensus rating of "Hold" and a consensus target price of $75.14.

Cogent Communications Stock Performance

CCOI traded down $0.48 during trading hours on Monday, hitting $59.11. 623,221 shares of the stock were exchanged, compared to its average volume of 418,637. The stock has a 50-day simple moving average of $64.39 and a 200-day simple moving average of $69.44. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.12 and a quick ratio of 1.12. Cogent Communications has a 12 month low of $57.35 and a 12 month high of $86.00. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 2.34 and a beta of 0.39.

Cogent Communications (NASDAQ:CCOI - Get Free Report) last issued its earnings results on Thursday, February 29th. The technology company reported ($0.16) EPS for the quarter, beating analysts' consensus estimates of ($0.95) by $0.79. The company had revenue of $272.10 million during the quarter, compared to the consensus estimate of $275.82 million. Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. Analysts anticipate that Cogent Communications will post -4 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Dave Schaeffer sold 26,174 shares of the firm's stock in a transaction on Friday, March 15th. The stock was sold at an average price of $64.21, for a total transaction of $1,680,632.54. Following the completion of the sale, the chief executive officer now directly owns 4,653,203 shares of the company's stock, valued at approximately $298,782,164.63. 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 26,174 shares of the company's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $64.21, for a total transaction of $1,680,632.54. Following the completion of the sale, the chief executive officer now directly owns 4,653,203 shares of the company's stock, valued at $298,782,164.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $76.62, for a total transaction of $147,110.40. Following the completion of the transaction, the executive now directly owns 54,822 shares in the company, valued at $4,200,461.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 69,320 shares of company stock worth $4,669,997. 11.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Harspring Capital Management LLC grew its stake in Cogent Communications by 3.6% during the 4th quarter. Harspring Capital Management LLC now owns 1,019,500 shares of the technology company's stock valued at $77,543,000 after acquiring an additional 35,500 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Cogent Communications by 46.6% during the 4th quarter. Jennison Associates LLC now owns 828,664 shares of the technology company's stock valued at $63,028,000 after acquiring an additional 263,276 shares in the last quarter. FMR LLC increased its stake in shares of Cogent Communications by 58.9% in the third quarter. FMR LLC now owns 710,612 shares of the technology company's stock worth $43,987,000 after acquiring an additional 263,313 shares during the last quarter. Norges Bank purchased a new stake in shares of Cogent Communications during the fourth quarter worth $50,430,000. Finally, Westwood Holdings Group Inc. acquired a new stake in Cogent Communications during the fourth quarter valued at $48,184,000. 92.45% of the stock is owned by institutional investors and hedge funds.

About Cogent Communications

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.