Cogent Communications (NASDAQ:CCOI) Earns Neutral Rating from Analysts at The Goldman Sachs Group

Stock analysts at The Goldman Sachs Group began coverage on shares of Cogent Communications (NASDAQ:CCOI) in a research report issued on Monday, Briefing.com reports. The brokerage set a “neutral” rating and a $56.00 price target on the technology company’s stock. The Goldman Sachs Group’s target price indicates a potential downside of 0.78% from the stock’s previous close.

CCOI has been the topic of several other research reports. StockNews.com cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. JPMorgan Chase & Co. reduced their price target on shares of Cogent Communications from $73.00 to $70.00 and set a “neutral” rating on the stock in a research report on Monday, May 13th. Bank of America cut shares of Cogent Communications from a “buy” rating to a “neutral” rating and reduced their price target for the company from $85.00 to $75.00 in a research report on Thursday, March 7th. TD Cowen reduced their price target on shares of Cogent Communications from $84.00 to $78.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Finally, KeyCorp dropped their price objective on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $73.57.

Cogent Communications Price Performance

CCOI stock opened at $56.44 on Monday. The firm’s 50-day moving average price is $58.37 and its two-hundred day moving average price is $66.95. Cogent Communications has a 12-month low of $50.80 and a 12-month high of $86.00. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 2.24 and a beta of 0.41. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.80.

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

Insider Transactions at Cogent Communications

In other news, CEO Dave Schaeffer sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $51.78, for a total value of $3,106,800.00. Following the transaction, the chief executive officer now owns 4,433,038 shares in the company, valued at $229,542,707.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $51.78, for a total transaction of $3,106,800.00. Following the transaction, the chief executive officer now owns 4,433,038 shares in the company, valued at $229,542,707.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $56.00, for a total transaction of $134,400.00. Following the transaction, the vice president now owns 38,600 shares in the company, valued at approximately $2,161,600. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 178,440 shares of company stock worth $9,828,016. Corporate insiders own 11.00% of the company’s stock.

Institutional Trading of Cogent Communications

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jackson Wealth Management LLC increased its holdings in Cogent Communications by 4.2% during the first quarter. Jackson Wealth Management LLC now owns 32,925 shares of the technology company’s stock valued at $2,151,000 after buying an additional 1,313 shares during the last quarter. Westwood Holdings Group Inc. increased its holdings in Cogent Communications by 16.6% during the first quarter. Westwood Holdings Group Inc. now owns 738,664 shares of the technology company’s stock valued at $48,257,000 after buying an additional 105,164 shares during the last quarter. EdgePoint Investment Group Inc. increased its holdings in Cogent Communications by 500.1% during the first quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock valued at $68,699,000 after buying an additional 876,326 shares during the last quarter. Bayesian Capital Management LP purchased a new stake in Cogent Communications during the first quarter valued at approximately $381,000. Finally, Hood River Capital Management LLC increased its holdings in Cogent Communications by 19.2% during the first quarter. Hood River Capital Management LLC now owns 735,494 shares of the technology company’s stock valued at $48,050,000 after buying an additional 118,588 shares during the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

About Cogent Communications

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.