Cogent Communications (NASDAQ:CCOI) Stock Rating Reaffirmed by Royal Bank of Canada

Cogent Communications (NASDAQ:CCOI)‘s stock had its “outperform” rating reiterated by Royal Bank of Canada in a note issued to investors on Monday, Benzinga reports. They presently have a $74.00 target price on the technology company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 8.97% from the company’s previous close.

A number of other research firms have also weighed in on CCOI. The Goldman Sachs Group started coverage on Cogent Communications in a report on Monday, July 1st. They set a “neutral” rating and a $56.00 target price for the company. TD Cowen reduced their target price on Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a report on Friday, May 10th. KeyCorp cut their price objective on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, May 10th. StockNews.com lowered Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. Finally, JPMorgan Chase & Co. cut their price objective on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, May 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $73.57.

Cogent Communications Stock Performance

Shares of NASDAQ CCOI traded down $0.65 during mid-day trading on Monday, reaching $67.91. 29,561 shares of the company’s stock were exchanged, compared to its average volume of 463,808. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 2.69 and a beta of 0.41. Cogent Communications has a 52 week low of $50.80 and a 52 week high of $86.00. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a 50-day moving average price of $58.24 and a two-hundred day moving average price of $65.23.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, May 9th. The technology company reported ($1.29) earnings per share for the quarter, missing the consensus estimate of ($1.10) by ($0.19). Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The firm had revenue of $266.17 million during the quarter, compared to analysts’ expectations of $274.13 million. Analysts predict that Cogent Communications will post -4.81 EPS for the current year.

Insider Buying and Selling

In related news, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $51.78, for a total value of $3,106,800.00. Following the completion of the sale, the chief executive officer now owns 4,433,038 shares in the company, valued at approximately $229,542,707.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $51.78, for a total value of $3,106,800.00. Following the completion of the sale, the chief executive officer now owns 4,433,038 shares in the company, valued at approximately $229,542,707.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $56.00, for a total value of $134,400.00. Following the completion of the sale, the vice president now owns 38,600 shares of the company’s stock, valued at approximately $2,161,600. The disclosure for this sale can be found here. Insiders sold 178,440 shares of company stock worth $9,828,016 in the last quarter. 11.40% of the stock is owned by insiders.

Institutional Trading of Cogent Communications

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. EdgePoint Investment Group Inc. grew its stake in Cogent Communications by 500.1% in the first quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock worth $68,699,000 after purchasing an additional 876,326 shares during the period. Harspring Capital Management LLC grew its stake in shares of Cogent Communications by 3.6% in the fourth quarter. Harspring Capital Management LLC now owns 1,019,500 shares of the technology company’s stock worth $77,543,000 after acquiring an additional 35,500 shares during the last quarter. Capital World Investors grew its stake in shares of Cogent Communications by 327.7% in the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after acquiring an additional 752,133 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Cogent Communications by 46.6% in the fourth quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock worth $63,028,000 after acquiring an additional 263,276 shares during the last quarter. Finally, Westwood Holdings Group Inc. grew its stake in shares of Cogent Communications by 16.6% in the first quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock worth $48,257,000 after acquiring an additional 105,164 shares during the last quarter. 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.