Oppenheimer Cuts Cogent Communications (NASDAQ:CCOI) Price Target to $30.00

Cogent Communications (NASDAQ:CCOI) had its target price trimmed by Oppenheimer from $40.00 to $30.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

Several other analysts also recently commented on the stock. Royal Bank Of Canada lowered their target price on shares of Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating for the company in a report on Thursday, November 13th. JPMorgan Chase & Co. decreased their price objective on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating for the company in a research note on Thursday, November 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of Cogent Communications in a research report on Monday, December 22nd. KeyCorp reduced their target price on Cogent Communications from $30.00 to $25.00 and set an “overweight” rating for the company in a report on Monday. Finally, Zacks Research raised Cogent Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $27.22.

Cogent Communications Trading Down 2.4%

NASDAQ:CCOI opened at $18.49 on Monday. Cogent Communications has a one year low of $15.96 and a one year high of $80.45. The company has a market cap of $925.61 million, a PE ratio of -4.85 and a beta of 0.81. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.04 and a quick ratio of 2.02. The firm has a 50-day moving average of $23.17 and a 200-day moving average of $29.68.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) EPS for the quarter, topping the consensus estimate of ($1.09) by $0.45. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 18.67%.The firm had revenue of $240.52 million during the quarter, compared to the consensus estimate of $243.82 million. During the same period in the prior year, the business posted ($0.91) earnings per share. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, equities research analysts expect that Cogent Communications will post -4.55 EPS for the current fiscal year.

Cogent Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, March 6th. Cogent Communications’s payout ratio is presently -2.10%.

Insider Buying and Selling

In other Cogent Communications news, Director Lewis H. Ferguson sold 4,000 shares of Cogent Communications stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total transaction of $81,360.00. Following the completion of the transaction, the director owned 19,267 shares of the company’s stock, valued at $391,890.78. The trade was a 17.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 11.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Cogent Communications

Several institutional investors and hedge funds have recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. grew its holdings in Cogent Communications by 3.6% during the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 7,534 shares of the technology company’s stock valued at $289,000 after buying an additional 262 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in Cogent Communications by 4.6% in the 2nd quarter. Teacher Retirement System of Texas now owns 7,122 shares of the technology company’s stock valued at $343,000 after acquiring an additional 314 shares during the last quarter. Ipswich Investment Management Co. Inc. boosted its holdings in shares of Cogent Communications by 0.8% during the 3rd quarter. Ipswich Investment Management Co. Inc. now owns 44,259 shares of the technology company’s stock valued at $1,697,000 after purchasing an additional 369 shares during the last quarter. Keybank National Association OH grew its position in shares of Cogent Communications by 5.7% during the third quarter. Keybank National Association OH now owns 6,835 shares of the technology company’s stock valued at $262,000 after purchasing an additional 370 shares in the last quarter. Finally, Federation des caisses Desjardins du Quebec lifted its position in shares of Cogent Communications by 17.5% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 2,850 shares of the technology company’s stock worth $61,000 after buying an additional 425 shares in the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.