UBS Group Initiates Coverage on Cogent Communications (NASDAQ:CCOI)

Research analysts at UBS Group began coverage on shares of Cogent Communications (NASDAQ:CCOI) in a research note issued on Thursday, MarketBeat Ratings reports. The firm set a “buy” rating and a $102.00 price target on the technology company’s stock. UBS Group’s price objective would suggest a potential upside of 28.46% from the stock’s current price.

Several other research firms have also recently weighed in on CCOI. Royal Bank of Canada reiterated an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a report on Tuesday, September 3rd. Bank of America lowered shares of Cogent Communications from a “neutral” rating to an “underperform” rating and cut their target price for the company from $75.00 to $65.00 in a research note on Wednesday, August 21st. JPMorgan Chase & Co. increased their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. KeyCorp increased their target price on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Finally, The Goldman Sachs Group lifted their price target on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a research report on Friday, October 4th. Two analysts have rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $80.25.

Cogent Communications Stock Performance

Shares of NASDAQ:CCOI opened at $79.40 on Thursday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. The company has a 50-day moving average price of $78.20 and a 200-day moving average price of $68.12. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 101.79 and a beta of 0.40. Cogent Communications has a 12 month low of $50.80 and a 12 month high of $86.76.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.01. The business had revenue of $257.20 million during the quarter, compared to analyst estimates of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. Cogent Communications’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.13) EPS. As a group, equities analysts anticipate that Cogent Communications will post -4.54 EPS for the current year.

Insider Transactions at Cogent Communications

In related news, VP John B. Chang sold 2,280 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $80.41, for a total value of $183,334.80. Following the transaction, the vice president now directly owns 69,300 shares of the company’s stock, valued at approximately $5,572,413. This represents a 3.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total value of $4,369,200.00. Following the completion of the sale, the chief executive officer now directly owns 4,373,038 shares of the company’s stock, valued at approximately $318,444,627.16. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,500 shares of company stock valued at $5,008,175 in the last quarter. 11.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Cogent Communications

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp raised its holdings in shares of Cogent Communications by 1.3% during the third quarter. State Street Corp now owns 1,750,810 shares of the technology company’s stock valued at $132,921,000 after purchasing an additional 22,738 shares during the last quarter. EdgePoint Investment Group Inc. raised its stake in Cogent Communications by 0.3% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 1,542,503 shares of the technology company’s stock valued at $117,107,000 after buying an additional 5,307 shares during the last quarter. Harspring Capital Management LLC lifted its holdings in shares of Cogent Communications by 6.0% during the 2nd quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock valued at $66,402,000 after buying an additional 66,500 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of Cogent Communications by 0.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 1,039,458 shares of the technology company’s stock worth $78,916,000 after buying an additional 4,197 shares during the last quarter. Finally, Capital World Investors increased its position in Cogent Communications by 327.7% during the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock valued at $64,129,000 after acquiring an additional 752,133 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.