The Goldman Sachs Group Raises Cogent Communications (NASDAQ:CCOI) Price Target to $71.00

by · The Markets Daily

Cogent Communications (NASDAQ:CCOI – Get Free Report) had its target price hoisted by analysts at The Goldman Sachs Group from $62.00 to $71.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. The Goldman Sachs Group’s price target indicates a potential downside of 6.69% from the stock’s current price.

CCOI has been the topic of several other reports. Citigroup boosted their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, August 19th. TD Cowen boosted their target price on Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Royal Bank of Canada restated an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a research report on Tuesday, September 3rd. KeyCorp boosted their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research report 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 stock a “neutral” rating in a report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $77.14.

Read Our Latest Research Report on Cogent Communications

Cogent Communications Stock Up 0.7 %

NASDAQ CCOI opened at $76.09 on Friday. The stock has a 50 day moving average price of $71.80 and a 200-day moving average price of $64.43. Cogent Communications has a one year low of $50.80 and a one year high of $86.00. The company has a market capitalization of $3.73 billion, a P/E ratio of 3.01 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 – Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) EPS for the quarter, topping analysts’ consensus estimates of ($1.27) by $0.59. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The business had revenue of $260.40 million during the quarter, compared to analysts’ expectations of $264.32 million. During the same period last year, the company posted ($0.13) EPS. The business’s revenue was up 8.6% on a year-over-year basis. As a group, equities analysts predict that Cogent Communications will post -4.46 EPS for the current fiscal year.

Insider Transactions at Cogent Communications

In related news, VP John B. Chang sold 1,400 shares of Cogent Communications 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 sale, 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $69.77, for a total transaction of $133,958.40. Following the transaction, the executive now owns 50,982 shares in the company, valued at approximately $3,557,014.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was 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 directly owns 71,580 shares of the company’s stock, valued at $5,130,138.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 64,870 shares of company stock worth $4,716,057. Insiders own 11.40% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

A number of hedge funds have recently made changes to their positions in the stock. EntryPoint Capital LLC bought a new position in Cogent Communications in the first quarter worth about $26,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cogent Communications by 127.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after acquiring an additional 441 shares in the last quarter. Covestor Ltd lifted its position in Cogent Communications by 17.2% during the first quarter. Covestor Ltd now owns 1,880 shares of the technology company’s stock valued at $123,000 after acquiring an additional 276 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Cogent Communications in the first quarter valued at approximately $136,000. Finally, Syon Capital LLC purchased a new position in Cogent Communications in the fourth quarter worth $211,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Cogent Communications Company Profile

(Get Free Report)

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.

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