Cogent Communications (NASDAQ: CCOI – Get Rated ) Research analysts at RBC cut their price target on the stock from $64.00 to $61.00 in a report on Tuesday, Benzinga reported. The brokerage currently has an “outperform” rating on the tech company’s shares. RBC’s price target suggests a possible upside of 7.32% for the stock from its previous close.
CCOI has been the subject of several other reports. Wells Fargo & Company cut their price target on Cogent Communications from $55.00 to $53.00 and set an “underweight” rating on the company in a research report on Friday, November 4th. KeyCorp raised shares of Cogent Communications from an “sector weight” rating to an “overweight” rating and set a $64.00 price objective for the company in a research report on Tuesday, September 27th. Cowen cut their price target on shares of Cogent Communications to $62.00 in a research report on Tuesday, August 9th. Credit Suisse Group upped their target price on shares of Cogent Communications from $56.00 to $57.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 8th. Finally, StockNews.com began coverage on shares of Cogent Communications in a research report on Wednesday, October 12th. They set a “hold” rating on the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $61.50.
Cogent Communications shares rose 0.0%
Cogent Communications shares opened at $56.84 on Tuesday. The company has a market cap of $2.73 billion, a P/E ratio of 118.42, a PEG ratio of 8.66, and a beta of 0.33. The company’s 50-day moving average is $52.80 and its 200-day moving average is $57.15. Cogent Communications had a 52-week low of $46.75 and a 52-week high of $80.50.
Internal Activities of Cogent Communications
In related news, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications in trading on Friday, September 9. These shares sold for an average of $52.35, for a total value of $253,897.50. Following the sale, the CFO now owns 53,550 shares of the company, worth approximately $2,803,342.50. The transaction was disclosed in a filing with the U.S. Securities and Exchange Commission, available at this hyperlink. In other Cogent Communications news, director Lewis H. Ferguson sold 940 shares of Cogent Communications stock in trading on Monday, September 12th. The average selling price of these stocks was $55.13, with a total transaction value of $51,822.20. Following the sale, the directors now own 13,471 shares of the company, worth approximately $742,656.23. The sale was disclosed in a filing with the SEC, which is available on the SEC website. Additionally, Chief Financial Officer Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications in trading on Friday, September 9. The stock had an average selling price of $52.35 and a total transaction value of $253,897.50. Following the sale, the CFO now directly owns 53,550 shares of the company, worth approximately $2,803,342.50. The disclosure for this sale can be found here. 11.00% of the shares are owned by company insiders.
Institutional Investors Weigh Persuasive Communications
Institutional investors and hedge funds have recently increased or decreased their stakes in the business. McIlrath & Eck LLC increased its stake in Cogent Communications by 70.8% in the second quarter. McIlrath & Eck LLC now owns 468 shares of the $28,000 tech company after buying an additional 194 shares last quarter. CWM LLC increased its stake in Cogent Communications by 862.5% during the third quarter. After buying an additional 552 shares last quarter, CWM LLC now owns 616 shares of the tech company worth $32,000. Byrne Asset Management LLC acquired a new stake in Cogent Communications in the third quarter, valued at $35,000. Prospera Financial Services Inc acquired a new stake in Cogent Communications for $45,000 in the first quarter. Finally, Signaturefd LLC increased its stake in Cogent Communications by 50.8% during the third quarter. Signaturefd LLC now owns 742 shares of the tech company worth $39,000 after buying an additional 250 shares last quarter. Institutional investors and hedge funds own 86.84% of the company.
Cogent Communications Company Profile
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private networks and data center colocation space services in North America, Europe, Asia, South America, Australia and Africa. The company provides online Internet access and private network services to law firms, financial services companies, advertising and marketing firms, as well as healthcare providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, and cable companies 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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