KeyCorp Increases Cogent Communications (NASDAQ:CCOI) Price Target to $90.00

Cogent Communications (NASDAQ:CCOI) had its target price increased by equities research analysts at KeyCorp from $80.00 to $90.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective would indicate a potential upside of 23.61% from the stock’s current price.

A number of other equities research analysts also recently commented on the company. Bank of America downgraded Cogent Communications from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $75.00 to $65.00 in a research report on Wednesday, August 21st. TD Cowen lifted their price target on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 9th. JPMorgan Chase & Co. upped their price objective 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. Citigroup raised their target price on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 price target on shares of Cogent Communications in a research report on Monday, July 29th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Cogent Communications has a consensus rating of “Hold” and an average target price of $75.86.

Cogent Communications Price Performance

Cogent Communications stock opened at $72.81 on Tuesday. The stock has a market capitalization of $3.57 billion, a P/E ratio of 2.88 and a beta of 0.41. Cogent Communications has a 12-month low of $50.80 and a 12-month high of $86.00. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.12 and a quick ratio of 1.12. The firm’s 50-day moving average is $64.21 and its two-hundred day moving average is $64.58.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results 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. The firm 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. Equities analysts predict that Cogent Communications will post -4.81 earnings per share for the current year.

Insider Buying and Selling at Cogent Communications

In other news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated 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 sale, the vice president now owns 38,600 shares in the company, valued at $2,161,600. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $56.00, for a total transaction of $134,400.00. Following the transaction, the vice president now directly owns 38,600 shares of the company’s stock, valued at $2,161,600. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $51.78, for a total transaction of $3,106,800.00. Following the sale, the chief executive officer now directly owns 4,433,038 shares of the company’s stock, valued at $229,542,707.64. The disclosure for this sale can be found here. Insiders have sold 126,350 shares of company stock valued at $6,756,001 over the last three months. 11.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Taylor Frigon Capital Management LLC raised its holdings in Cogent Communications by 1.1% in the second quarter. Taylor Frigon Capital Management LLC now owns 19,407 shares of the technology company’s stock valued at $1,095,000 after acquiring an additional 202 shares in the last quarter. Truist Financial Corp raised its stake in shares of Cogent Communications by 5.9% in the 4th quarter. Truist Financial Corp now owns 4,221 shares of the technology company’s stock valued at $321,000 after purchasing an additional 237 shares in the last quarter. Covestor Ltd lifted its position in shares of Cogent Communications by 17.2% during the first quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock worth $123,000 after purchasing an additional 276 shares during the last quarter. Strs Ohio grew its stake in Cogent Communications by 16.7% in the fourth quarter. Strs Ohio now owns 2,100 shares of the technology company’s stock worth $159,000 after purchasing an additional 300 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in Cogent Communications by 2.7% in the second quarter. Arizona State Retirement System now owns 12,354 shares of the technology company’s stock valued at $697,000 after buying an additional 327 shares during the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

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.