Cogent Communications (NASDAQ:CCOI) Coverage Initiated at UBS Group

Equities research analysts at UBS Group started coverage on shares of Cogent Communications (NASDAQ:CCOI) in a research note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $102.00 price target on the technology company’s stock. UBS Group’s target price would indicate a potential upside of 28.46% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. raised their target price on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. Citigroup lifted their target price on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, August 19th. KeyCorp increased their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. TD Cowen upped their price objective on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, Bank of America cut Cogent Communications from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cogent Communications presently has an average rating of “Hold” and a consensus target price of $80.25.

Cogent Communications Trading Up 2.0 %

Shares of CCOI stock opened at $79.40 on Thursday. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 101.79 and a beta of 0.40. Cogent Communications has a 1 year low of $50.80 and a 1 year high of $86.76. The firm has a fifty day moving average price of $78.20 and a 200-day moving average price of $68.12.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The business had revenue of $257.20 million during the quarter, compared to analysts’ expectations of $258.69 million. During the same quarter in the prior year, the business posted ($1.13) earnings per share. The business’s quarterly revenue was down 6.6% on a year-over-year basis. As a group, equities analysts predict that Cogent Communications will post -4.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the transaction, the chief executive officer now owns 4,373,038 shares in the company, valued at approximately $318,444,627.16. This trade represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP John B. Chang sold 2,280 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $80.41, for a total value of $183,334.80. Following the sale, the vice president now owns 69,300 shares in the company, valued at approximately $5,572,413. This trade represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,500 shares of company stock valued at $5,008,175 in the last quarter. 11.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cogent Communications

Several hedge funds and other institutional investors have recently made changes to their positions in CCOI. EdgePoint Investment Group Inc. grew its holdings in Cogent Communications by 0.3% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 1,542,503 shares of the technology company’s stock valued at $117,107,000 after purchasing an additional 5,307 shares during the last quarter. State Street Corp increased its position in shares of Cogent Communications by 1.3% during the third quarter. State Street Corp now owns 1,750,810 shares of the technology company’s stock worth $132,921,000 after acquiring an additional 22,738 shares during the period. Parallax Volatility Advisers L.P. raised its position in Cogent Communications by 48.0% during the 3rd quarter. Parallax Volatility Advisers L.P. now owns 11,795 shares of the technology company’s stock valued at $895,000 after purchasing an additional 3,825 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in Cogent Communications in the third quarter worth about $30,000. Finally, Cinctive Capital Management LP purchased a new stake in shares of Cogent Communications in the 3rd quarter worth approximately $2,425,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Company Profile

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.