Cogent Communications (NASDAQ:CCOI) Given New $50.00 Price Target at Wells Fargo & Co

Cogent Communications (NASDAQ:CCOI) had its price objective upped by analysts at Wells Fargo & Co from $48.00 to $50.00 in a research note issued on Friday, November 2nd. The brokerage presently has a “market perform” rating on the technology company’s stock. Wells Fargo & Co’s price objective would indicate a potential downside of 0.10% from the company’s current price.

A number of other analysts also recently weighed in on CCOI. BidaskClub downgraded shares of Cogent Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 12th. Guggenheim reissued a “hold” rating and set a $47.00 target price on shares of Cogent Communications in a research report on Friday, August 3rd. Zacks Investment Research raised shares of Cogent Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 8th. BTIG Research downgraded shares of Cogent Communications from a “buy” rating to a “neutral” rating in a research report on Monday, October 8th. They noted that the move was a valuation call. Finally, William Blair reissued an “outperform” rating on shares of Cogent Communications in a research report on Monday, October 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $51.14.

NASDAQ CCOI traded down $1.20 during trading hours on Friday, reaching $50.05. The company’s stock had a trading volume of 273,093 shares, compared to its average volume of 347,655. The firm has a market cap of $2.40 billion, a PE ratio of 131.71, a price-to-earnings-growth ratio of 9.79 and a beta of 0.61. Cogent Communications has a 52 week low of $35.75 and a 52 week high of $57.65.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, November 1st. The technology company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. The business had revenue of $130.00 million during the quarter, compared to the consensus estimate of $132.09 million. Cogent Communications had a net margin of 2.99% and a negative return on equity of 24.22%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.08 EPS. Analysts predict that Cogent Communications will post 0.66 EPS for the current year.

In other news, VP Robert N. Beury, Jr. sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $53.95, for a total transaction of $161,850.00. Following the completion of the sale, the vice president now owns 47,840 shares of the company’s stock, valued at approximately $2,580,968. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Timothy G. Oneill sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $55.80, for a total transaction of $55,800.00. Following the sale, the vice president now directly owns 38,652 shares of the company’s stock, valued at approximately $2,156,781.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,411 shares of company stock valued at $1,872,326. Insiders own 10.21% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. acquired a new stake in Cogent Communications in the 3rd quarter valued at $232,000. Captrust Financial Advisors acquired a new stake in Cogent Communications in the 2nd quarter valued at $266,000. Sei Investments Co. grew its position in Cogent Communications by 29.7% in the 1st quarter. Sei Investments Co. now owns 5,344 shares of the technology company’s stock valued at $232,000 after purchasing an additional 1,223 shares during the period. Parametrica Management Ltd acquired a new stake in Cogent Communications in the 3rd quarter valued at $317,000. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Cogent Communications in the 2nd quarter valued at $311,000. 90.36% of the stock is owned by institutional investors and hedge funds.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.

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Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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