Cogent Communications (NASDAQ:CCOI) Given New $71.00 Price Target at The Goldman Sachs Group

Cogent Communications (NASDAQ:CCOI) had its price objective raised by stock analysts at The Goldman Sachs Group from $62.00 to $71.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. The Goldman Sachs Group’s target price points to a potential downside of 7.42% from the stock’s current price.

Several other equities research analysts have also recently commented on CCOI. Citigroup boosted their price target 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. Royal Bank of Canada reiterated an “outperform” rating and set a $74.00 target price on shares of Cogent Communications in a report on Tuesday, September 3rd. Bank of America downgraded Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $75.00 to $65.00 in a research note on Wednesday, August 21st. KeyCorp upped their price objective on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. raised their target price 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. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $77.14.

Cogent Communications Stock Up 1.5 %

NASDAQ CCOI traded up $1.14 on Friday, reaching $76.69. The company had a trading volume of 109,243 shares, compared to its average volume of 451,679. The company’s fifty day moving average is $71.65 and its 200-day moving average is $64.35. Cogent Communications has a 1-year low of $50.80 and a 1-year high of $86.00. The firm has a market capitalization of $3.76 billion, a price-to-earnings ratio of 3.03 and a beta of 0.41. The company has a debt-to-equity ratio of 4.43, a quick ratio of 2.20 and a current ratio of 2.20.

Cogent Communications (NASDAQ:CCOI) last posted 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 negative return on equity of 32.14% and a net margin of 4.26%. The business had revenue of $260.40 million during the quarter, compared to the consensus estimate of $264.32 million. During the same period last year, the company earned ($0.13) earnings per share. Cogent Communications’s quarterly revenue was up 8.6% on a year-over-year basis. On average, research analysts forecast that Cogent Communications will post -4.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP John B. Chang sold 1,400 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $71.67, for a total value of $100,338.00. Following the transaction, the vice president now directly owns 71,580 shares of the company’s stock, valued at $5,130,138.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total transaction of $4,369,200.00. Following the transaction, the chief executive officer now owns 4,373,038 shares in the company, valued at $318,444,627.16. 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 at this hyperlink. Also, VP John B. Chang sold 1,400 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $71.67, for a total transaction of $100,338.00. Following the completion of the transaction, the vice president now owns 71,580 shares in the company, valued at $5,130,138.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 64,870 shares of company stock valued at $4,716,057 over the last ninety days. 11.40% of the stock is currently owned by company insiders.

Institutional Trading of Cogent Communications

A number of institutional investors have recently bought and sold shares of CCOI. EntryPoint Capital LLC bought a new stake in shares of Cogent Communications in the first quarter valued at approximately $26,000. Northwestern Mutual Wealth Management Co. raised its position in Cogent Communications by 127.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock valued at $44,000 after purchasing an additional 441 shares in the last quarter. Covestor Ltd lifted its stake in 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. Headlands Technologies LLC acquired a new stake in shares of Cogent Communications in the 1st quarter valued at $136,000. Finally, Syon Capital LLC bought a new position in shares of Cogent Communications in the 4th quarter valued at $211,000. Institutional investors 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.