KeyCorp Cuts Cogent Communications (NASDAQ:CCOI) Price Target to $15.00

Cogent Communications (NASDAQ:CCOI) had its target price decreased by investment analysts at KeyCorp from $25.00 to $15.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s target price would suggest a potential upside of 53.03% from the stock’s current price.

CCOI has been the topic of several other reports. Wall Street Zen raised shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 27th. TD Cowen reaffirmed a “buy” rating on shares of Cogent Communications in a report on Monday, June 22nd. UBS Group decreased their target price on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. Citigroup lowered their price target on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Tuesday, May 19th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $22.00 price objective on shares of Cogent Communications in a research note on Friday, May 29th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Cogent Communications currently has an average rating of “Hold” and an average target price of $23.90.

Cogent Communications Trading Down 10.2%

Shares of CCOI traded down $1.11 during mid-day trading on Friday, reaching $9.80. 441,962 shares of the stock traded hands, compared to its average volume of 1,232,951. The company has a market cap of $490.88 million, a price-to-earnings ratio of -2.72 and a beta of 0.80. Cogent Communications has a 1 year low of $9.76 and a 1 year high of $45.69. The firm has a fifty day moving average price of $13.85 and a 200 day moving average price of $18.62.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 6th. The technology company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of ($1.00) by $2.38. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The business had revenue of $235.56 million for the quarter, compared to the consensus estimate of $239.55 million. During the same period last year, the firm posted ($1.21) earnings per share. Cogent Communications’s quarterly revenue was down 4.4% on a year-over-year basis. On average, sell-side analysts anticipate that Cogent Communications will post -4.25 EPS for the current year.

Insider Activity

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total transaction of $81,431.50. Following the completion of the transaction, the chief financial officer owned 197,900 shares of the company’s stock, valued at $3,322,741. This represents a 2.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $17.01, for a total value of $40,824.00. Following the completion of the sale, the vice president owned 38,600 shares of the company’s stock, valued at approximately $656,586. This trade represents a 5.85% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in CCOI. AQR Capital Management LLC purchased a new position in Cogent Communications during the 1st quarter valued at $202,000. Goldman Sachs Group Inc. lifted its position in shares of Cogent Communications by 26.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 476,513 shares of the technology company’s stock worth $29,215,000 after purchasing an additional 100,969 shares during the period. Empowered Funds LLC boosted its stake in shares of Cogent Communications by 10.3% during the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock valued at $335,000 after purchasing an additional 510 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Cogent Communications by 23.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 161,791 shares of the technology company’s stock valued at $9,919,000 after purchasing an additional 30,630 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Cogent Communications during the first quarter valued at about $104,000. Institutional investors own 92.45% of the company’s stock.

Key Stories Impacting Cogent Communications

Here are the key news stories impacting Cogent Communications this week:

• Positive Sentiment: Cogent reported second-quarter 2026 earnings that exceeded consensus on a headline basis. Results included a $130.7 million gain from the sale of 10 data centers, generating $224.2 million in net proceeds. Cogent Communications Reports Second Quarter 2026 Results
• Neutral Sentiment: Cogent declared a quarterly dividend of $0.02 per share, payable September 4 to shareholders of record August 21. The payout provides limited income, with an annualized yield of approximately 0.7%; the ex-dividend date is August 21.
• Negative Sentiment: Underlying operating performance was weak: second-quarter service revenue of approximately $235.6 million missed estimates of $239.6 million and declined 4.4% year over year. The company remains unprofitable, and the headline earnings benefit was significantly influenced by the data-center sale rather than recurring operations. Cogent Communications Reports Q2 Loss and Misses Revenue Estimates
• Negative Sentiment: Several law firms publicized a securities class action concerning alleged misstatements or omissions about Cogent’s optical wavelength services, demand outlook and purported backlog. The allegations are unproven, but the litigation adds reputational, legal and financial risk. Investors who purchased shares during February 29, 2024–May 1, 2026 have until September 21, 2026 to seek lead-plaintiff status. Robbins Geller Class Action Notice
• Negative Sentiment: The company’s reduced dividend and questions about wavelength backlog conversion appear to have undermined confidence in its prior growth and income outlook, intensifying selling pressure after the earnings release.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.