Cogent Communications (NASDAQ:CCOI - Get Free Report)'s stock had its "sector perform" rating restated by equities research analysts at Royal Bank Of Canada in a research report issued on Friday, MarketBeat.com reports. They presently have a $40.00 price target on the technology company's stock, down from their previous price target of $74.00. Royal Bank Of Canada's price target indicates a potential upside of 30.63% from the stock's current price.
Other equities analysts have also recently issued reports about the stock. UBS Group decreased their price target on shares of Cogent Communications from $102.00 to $75.00 and set a "buy" rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group decreased their price objective on Cogent Communications from $71.00 to $62.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, Cogent Communications currently has a consensus rating of "Hold" and a consensus price target of $70.00.
View Our Latest Stock Report on CCOI
Cogent Communications Price Performance
NASDAQ CCOI traded down $4.72 during trading on Friday, hitting $30.62. 5,250,319 shares of the company's stock were exchanged, compared to its average volume of 866,393. The company has a current ratio of 2.31, a quick ratio of 1.49 and a debt-to-equity ratio of 49.06. The company has a market cap of $1.51 billion, a PE ratio of -6.74 and a beta of 0.68. Cogent Communications has a fifty-two week low of $29.61 and a fifty-two week high of $86.76. The stock's 50 day moving average price is $47.74 and its two-hundred day moving average price is $57.88.
Cogent Communications (NASDAQ:CCOI - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The technology company reported ($1.21) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.28). The firm had revenue of $246.25 million for the quarter, compared to the consensus estimate of $247.79 million. Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%. The business's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.68) earnings per share. Research analysts expect that Cogent Communications will post -4.55 EPS for the current year.
Cogent Communications declared that its board has initiated a stock repurchase plan on Thursday, August 7th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 4.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.
Insider Activity
In related news, CFO Thaddeus Gerard Weed sold 4,900 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $48.04, for a total transaction of $235,396.00. Following the completion of the sale, the chief financial officer owned 98,000 shares of the company's stock, valued at $4,707,920. This trade represents a 4.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO James Bubeck sold 2,000 shares of Cogent Communications stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $47.50, for a total value of $95,000.00. Following the completion of the sale, the executive owned 55,142 shares of the company's stock, valued at approximately $2,619,245. The trade was a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,286,169 shares of company stock worth $81,290,878. 11.40% of the stock is owned by insiders.
Hedge Funds Weigh In On Cogent Communications
A number of institutional investors and hedge funds have recently modified their holdings of CCOI. AlphaQuest LLC bought a new position in shares of Cogent Communications during the 1st quarter worth approximately $36,000. Farther Finance Advisors LLC boosted its holdings in shares of Cogent Communications by 297.8% during the 2nd quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company's stock worth $36,000 after buying an additional 554 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Cogent Communications during the 2nd quarter worth approximately $40,000. Byrne Asset Management LLC bought a new position in shares of Cogent Communications during the 2nd quarter worth approximately $41,000. Finally, Itau Unibanco Holding S.A. boosted its holdings in shares of Cogent Communications by 58.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company's stock worth $48,000 after buying an additional 229 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors.
Cogent Communications Company Profile
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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.
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