Cogent Communications (NASDAQ:CCOI – Get Rating) was upgraded by investment analysts at KeyCorp from a "sector weight" rating to an "overweight" rating in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has a $64.00 price target on the technology company's stock. KeyCorp's price objective indicates a potential upside of 18.72% from the stock's previous close. KeyCorp also issued estimates for Cogent Communications' Q3 2022 earnings at $0.31 EPS, FY2022 earnings at $0.91 EPS, Q1 2023 earnings at $0.27 EPS, Q2 2023 earnings at $0.31 EPS, Q3 2023 earnings at $0.37 EPS, Q4 2023 earnings at $0.40 EPS and FY2023 earnings at $1.35 EPS.
A number of other equities analysts have also commented on the company. Cowen dropped their price objective on Cogent Communications to $62.00 in a research note on Tuesday, August 9th. Credit Suisse Group dropped their price objective on Cogent Communications to $74.00 in a research note on Tuesday, August 9th. Finally, StockNews.com lowered Cogent Communications from a "buy" rating to a "hold" rating in a research note on Saturday, August 13th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $67.71.
Get Cogent Communications alerts:Cogent Communications Price Performance
NASDAQ CCOI opened at $53.91 on Tuesday. Cogent Communications has a fifty-two week low of $49.01 and a fifty-two week high of $80.50. The stock's 50-day moving average is $56.93 and its two-hundred day moving average is $60.09. The firm has a market cap of $2.59 billion, a P/E ratio of 57.97, a price-to-earnings-growth ratio of 4.03 and a beta of 0.36.
Cogent Communications (NASDAQ:CCOI – Get Rating) last posted its quarterly earnings data on Thursday, August 4th. The technology company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.02. The business had revenue of $148.50 million for the quarter, compared to analyst estimates of $150.68 million. Cogent Communications had a negative return on equity of 9.43% and a net margin of 7.44%. The firm's revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.05) earnings per share. On average, equities analysts expect that Cogent Communications will post 0.8 EPS for the current year.Insider Buying and Selling at Cogent Communications
In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $52.35, for a total transaction of $253,897.50. Following the sale, the chief financial officer now directly owns 53,550 shares of the company's stock, valued at $2,803,342.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of the business's stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $52.35, for a total value of $253,897.50. Following the transaction, the chief financial officer now directly owns 53,550 shares of the company's stock, valued at approximately $2,803,342.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lewis H. Ferguson sold 940 shares of the business's stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $55.13, for a total value of $51,822.20. Following the completion of the transaction, the director now directly owns 13,471 shares in the company, valued at $742,656.23. The disclosure for this sale can be found here. Company insiders own 11.00% of the company's stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. Hennion & Walsh Asset Management Inc. lifted its holdings in Cogent Communications by 37.3% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 15,273 shares of the technology company's stock worth $1,013,000 after buying an additional 4,146 shares in the last quarter. Advisor Group Holdings Inc. lifted its holdings in Cogent Communications by 6.5% during the 1st quarter. Advisor Group Holdings Inc. now owns 22,051 shares of the technology company's stock worth $2,627,000 after buying an additional 1,354 shares in the last quarter. Swiss National Bank lifted its holdings in Cogent Communications by 7.5% during the 1st quarter. Swiss National Bank now owns 101,400 shares of the technology company's stock worth $6,728,000 after buying an additional 7,100 shares in the last quarter. Harber Asset Management LLC lifted its holdings in Cogent Communications by 150.4% during the 1st quarter. Harber Asset Management LLC now owns 76,620 shares of the technology company's stock worth $5,084,000 after buying an additional 46,020 shares in the last quarter. Finally, MQS Management LLC bought a new stake in shares of Cogent Communications during the 1st quarter valued at $281,000. 86.84% of the stock is owned by institutional investors and hedge funds.
About Cogent Communications
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Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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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