Cogent Communications (NASDAQ:CCOI) PT Raised to $71.00 at The Goldman Sachs Group

Cogent Communications (NASDAQ:CCOI) had its price target upped by The Goldman Sachs Group from $62.00 to $71.00 in a research report released on Friday, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

CCOI has been the subject of several other research reports. Citigroup boosted their price objective on Cogent Communications from $70.00 to $82.00 and gave the company a buy rating in a report on Monday, August 19th. JPMorgan Chase & Co. boosted their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the company a neutral rating in a research note on Monday, August 12th. KeyCorp raised their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the company an overweight rating in a research note on Tuesday, August 27th. Bank of America downgraded shares of Cogent Communications from a neutral rating to an underperform rating and decreased their target price for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. Finally, TD Cowen raised their price target on shares of Cogent Communications from $78.00 to $82.00 and gave the company a buy rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cogent Communications presently has a consensus rating of Hold and an average target price of $77.14.

Cogent Communications Stock Up 1.1 %

Shares of NASDAQ CCOI opened at $76.90 on Friday. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 4.43. The firm has a market cap of $3.77 billion, a PE ratio of 3.05 and a beta of 0.41. The company’s fifty day simple moving average is $72.00 and its 200 day simple moving average is $64.56. Cogent Communications has a 12-month low of $50.80 and a 12-month high of $86.00.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.27) by $0.59. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The company had revenue of $260.40 million for the quarter, compared to analysts’ expectations of $264.32 million. During the same quarter in the prior year, the firm earned ($0.13) EPS. The business’s revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts forecast that Cogent Communications will post -4.46 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were issued a dividend of $0.985 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 annualized dividend and a yield of 5.12%. Cogent Communications’s payout ratio is 15.61%.

Insiders Place Their Bets

In other Cogent Communications news, VP John B. Chang sold 1,400 shares of Cogent Communications stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the transaction, the vice president now owns 71,580 shares of the company’s stock, valued at $5,130,138.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP John B. Chang sold 1,400 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the sale, the vice president now directly owns 71,580 shares of the company’s stock, valued at $5,130,138.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total value of $133,958.40. Following the sale, the executive now owns 50,982 shares in the company, valued at $3,557,014.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 64,870 shares of company stock valued at $4,716,057. Corporate insiders own 11.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CCOI. EntryPoint Capital LLC purchased a new position in Cogent Communications in the first quarter valued at approximately $26,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Cogent Communications by 127.5% during 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 last quarter. GAMMA Investing LLC grew its stake in shares of Cogent Communications by 207.0% during the 3rd quarter. GAMMA Investing LLC now owns 660 shares of the technology company’s stock worth $50,000 after acquiring an additional 445 shares during the period. Covestor Ltd grew its stake in shares of Cogent Communications by 17.2% during the 1st quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after acquiring an additional 276 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in Cogent Communications in the 1st quarter worth about $136,000. 92.45% of the stock is owned by institutional investors.

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.