Royal Bank Of Canada Issues Pessimistic Forecast for Cogent Communications (NASDAQ:CCOI) Stock Price

Cogent Communications (NASDAQ:CCOI) had its price objective lowered by equities researchers at Royal Bank Of Canada from $40.00 to $23.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the technology company’s stock. Royal Bank Of Canada’s target price would suggest a potential upside of 36.02% from the stock’s previous close.

CCOI has been the topic of a number of other research reports. KeyCorp lowered their price objective on shares of Cogent Communications from $65.00 to $30.00 and set an “overweight” rating on the stock in a research report on Friday, November 7th. Wells Fargo & Company reissued an “equal weight” rating and issued a $27.00 price objective (down from $45.00) on shares of Cogent Communications in a research note on Friday, November 7th. Zacks Research downgraded Cogent Communications from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Citigroup decreased their price target on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Cogent Communications in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $26.17.

Cogent Communications Stock Down 8.6%

NASDAQ CCOI traded down $1.58 during mid-day trading on Thursday, reaching $16.91. The stock had a trading volume of 1,391,519 shares, compared to its average volume of 952,627. The stock has a market cap of $830.59 million, a PE ratio of -3.73 and a beta of 0.77. Cogent Communications has a 1 year low of $16.91 and a 1 year high of $85.18. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.31 and a quick ratio of 2.31. The company has a fifty day moving average price of $38.64 and a 200 day moving average price of $43.65.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 6th. The technology company reported ($0.87) EPS for the quarter, beating the consensus estimate of ($1.15) by $0.28. Cogent Communications had a negative return on equity of 117.56% and a negative net margin of 21.57%.The business had revenue of $241.95 million for the quarter, compared to the consensus estimate of $246.13 million. During the same period last year, the business posted ($1.33) EPS. The company’s revenue was down 5.9% compared to the same quarter last year. On average, research analysts expect that Cogent Communications will post -4.55 earnings per share for the current year.

Cogent Communications declared that its Board of Directors has initiated a stock buyback plan on Thursday, August 7th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 4.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Cogent Communications

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction on Friday, September 5th. The shares were sold at an average price of $36.99, for a total value of $88,776.00. Following the completion of the transaction, the vice president owned 36,200 shares of the company’s stock, valued at approximately $1,339,038. This trade represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sheryl Lynn Kennedy sold 2,400 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $21.34, for a total value of $51,216.00. Following the completion of the transaction, the director owned 10,012 shares of the company’s stock, valued at $213,656.08. This trade represents a 19.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,800 shares of company stock valued at $212,692 over the last ninety days. 11.40% of the stock is currently owned by insiders.

Institutional Trading of Cogent Communications

Several institutional investors have recently bought and sold shares of CCOI. AlphaQuest LLC acquired a new position in shares of Cogent Communications during the 1st quarter worth approximately $36,000. Farther Finance Advisors LLC raised its position in Cogent Communications by 297.8% during the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock worth $36,000 after acquiring an additional 554 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in shares of Cogent Communications in the second quarter valued at about $40,000. Byrne Asset Management LLC purchased a new stake in shares of Cogent Communications during the second quarter worth about $41,000. Finally, Resources Management Corp CT ADV acquired a new position in shares of Cogent Communications during the 1st quarter worth about $48,000. 92.45% of the stock is 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.