Cogent Communications (NASDAQ:CCOI) PT Raised to $61.00 at JPMorgan Chase & Co.

Cogent Communications (NASDAQ:CCOI) had its price objective lifted by research analysts at JPMorgan Chase & Co. from $59.00 to $61.00 in a note issued to investors on Friday, November 8th, Stock Target Advisor reports. The firm presently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 3.25% from the company’s previous close.

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Several other equities analysts have also recently issued reports on the company. TheStreet cut Cogent Communications from a “b” rating to a “c+” rating in a report on Monday, August 12th. ValuEngine cut Cogent Communications from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Wells Fargo & Co restated a “hold” rating on shares of Cogent Communications in a report on Friday, August 9th. Zacks Investment Research cut Cogent Communications from a “hold” rating to a “sell” rating in a report on Wednesday, October 9th. Finally, BidaskClub upgraded Cogent Communications from a “sell” rating to a “hold” rating in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $63.83.

CCOI stock traded up $0.25 during trading on Friday, hitting $63.05. The company had a trading volume of 324,500 shares, compared to its average volume of 221,765. The business has a 50 day moving average of $57.62 and a 200 day moving average of $58.77. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 100.08, a P/E/G ratio of 9.06 and a beta of 0.56. Cogent Communications has a fifty-two week low of $42.40 and a fifty-two week high of $64.91.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.12. The business had revenue of $136.94 million for the quarter, compared to analysts’ expectations of $136.50 million. Cogent Communications had a negative return on equity of 21.84% and a net margin of 6.91%. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.18 earnings per share. As a group, equities analysts predict that Cogent Communications will post 0.87 EPS for the current fiscal year.

In related news, Director Lewis H. Ferguson sold 675 shares of Cogent Communications stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $58.28, for a total value of $39,339.00. Following the sale, the director now owns 4,430 shares of the company’s stock, valued at approximately $258,180.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Timothy G. Oneill sold 1,000 shares of Cogent Communications stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $60.98, for a total value of $60,980.00. Following the completion of the sale, the vice president now directly owns 37,252 shares in the company, valued at approximately $2,271,626.96. The disclosure for this sale can be found here. Insiders have sold a total of 33,580 shares of company stock worth $1,397,737 in the last quarter. 10.17% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. Usca Ria LLC acquired a new stake in Cogent Communications in the 3rd quarter valued at approximately $27,000. Point72 Asset Management L.P. acquired a new position in shares of Cogent Communications during the 2nd quarter worth approximately $30,000. Meeder Asset Management Inc. acquired a new position in shares of Cogent Communications during the 3rd quarter worth approximately $39,000. Arbor Wealth Management LLC acquired a new position in shares of Cogent Communications during the 2nd quarter worth approximately $59,000. Finally, Tower Research Capital LLC TRC increased its position in shares of Cogent Communications by 4,287.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 1,448 shares of the technology company’s stock worth $80,000 after purchasing an additional 1,415 shares during the last quarter. 83.48% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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