The Goldman Sachs Group Has Lowered Expectations for Cogent Communications (NASDAQ:CCOI) Stock Price

Cogent Communications (NASDAQ:CCOI) had its price objective cut by research analysts at The Goldman Sachs Group from $71.00 to $62.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. The Goldman Sachs Group’s target price suggests a potential upside of 26.71% from the company’s current price.

Separately, StockNews.com raised shares of Cogent Communications to a “sell” rating in a research report on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cogent Communications has an average rating of “Hold” and a consensus price target of $75.75.

Cogent Communications Price Performance

Shares of Cogent Communications stock opened at $48.93 on Friday. The business’s fifty day moving average price is $59.10 and its 200 day moving average price is $71.48. Cogent Communications has a twelve month low of $45.00 and a twelve month high of $86.76. 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 stock has a market capitalization of $2.42 billion, a P/E ratio of 62.73 and a beta of 0.76.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, May 8th. The technology company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.04). The firm had revenue of $247.05 million during the quarter, compared to analyst estimates of $250.81 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The business’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.38) earnings per share. As a group, research analysts anticipate that Cogent Communications will post -4.55 earnings per share for the current year.

Insider Transactions at Cogent Communications

In other news, Director Sheryl Lynn Kennedy sold 1,425 shares of Cogent Communications stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $72.96, for a total value of $103,968.00. Following the completion of the transaction, the director now directly owns 10,147 shares of the company’s stock, valued at approximately $740,325.12. The trade was a 12.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Lewis H. Ferguson sold 956 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $69.36, for a total transaction of $66,308.16. Following the sale, the director now owns 18,652 shares in the company, valued at approximately $1,293,702.72. This trade represents a 4.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,681 shares of company stock worth $840,878. 11.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Cogent Communications

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co grew its stake in Cogent Communications by 0.3% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 52,679 shares of the technology company’s stock worth $4,055,000 after buying an additional 156 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Cogent Communications by 4.3% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,196 shares of the technology company’s stock worth $400,000 after acquiring an additional 212 shares during the period. Blue Trust Inc. lifted its position in Cogent Communications by 53.8% in the 4th quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock valued at $47,000 after purchasing an additional 218 shares during the last quarter. Royce & Associates LP boosted its stake in Cogent Communications by 0.6% during the 4th quarter. Royce & Associates LP now owns 33,883 shares of the technology company’s stock valued at $2,611,000 after purchasing an additional 218 shares during the period. Finally, Itau Unibanco Holding S.A. grew its position in Cogent Communications by 58.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company’s stock worth $48,000 after purchasing an additional 229 shares during the last quarter. 92.45% 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 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.