KeyCorp Has Lowered Expectations for Cogent Communications (NASDAQ:CCOI) Stock Price

Cogent Communications (NASDAQ:CCOI) had its price target cut by research analysts at KeyCorp from $30.00 to $25.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. KeyCorp’s target price points to a potential upside of 32.00% from the company’s previous close.

Several other research firms have also recently commented on CCOI. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $27.00 price objective (down from $45.00) on shares of Cogent Communications in a research report on Friday, November 7th. Weiss Ratings restated a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. Citigroup reduced their price target on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. UBS Group reissued a “neutral” rating and set a $27.00 price objective (down from $50.00) on shares of Cogent Communications in a report on Friday, November 7th. Finally, Zacks Research upgraded shares of Cogent Communications from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $27.22.

Cogent Communications Trading Up 6.0%

NASDAQ:CCOI opened at $18.94 on Monday. The stock has a market cap of $948.14 million, a price-to-earnings ratio of -4.97 and a beta of 0.81. The company has a quick ratio of 2.02, a current ratio of 2.04 and a debt-to-equity ratio of 49.06. The company’s 50 day moving average price is $23.26 and its 200-day moving average price is $29.76. Cogent Communications has a 52 week low of $15.96 and a 52 week high of $80.45.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, beating 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 business had revenue of $240.52 million for the quarter, compared to analysts’ expectations of $243.82 million. During the same period in the prior year, the firm posted ($0.91) EPS. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. On average, equities research analysts forecast that Cogent Communications will post -4.55 earnings per share for the current fiscal year.

Insider Activity at Cogent Communications

In related news, Director Lewis H. Ferguson sold 4,000 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total value of $81,360.00. Following the transaction, the director directly owned 19,267 shares of the company’s stock, valued at approximately $391,890.78. This trade represents a 17.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 10.20% of the stock is owned by company insiders.

Institutional Trading of Cogent Communications

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. raised its stake in shares of Cogent Communications by 3.6% in the third quarter. Envestnet Portfolio Solutions Inc. now owns 7,534 shares of the technology company’s stock worth $289,000 after buying an additional 262 shares during the period. 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 worth $343,000 after acquiring an additional 314 shares in the last quarter. Ipswich Investment Management Co. Inc. raised its stake in 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 worth $1,697,000 after acquiring an additional 369 shares during the period. Keybank National Association OH lifted its holdings in 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 holdings in Cogent Communications by 17.5% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 2,850 shares of the technology company’s stock valued at $61,000 after purchasing an additional 425 shares in the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Company Profile

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.