Cogent Communications (NASDAQ:CCOI) Stock Price Target Cut by Citigroup

Cogent Communications (NASDAQ:CCOI) had its price objective reduced by equities researchers at Citigroup from $11.50 to $5.20 in a report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Citigroup‘s price target indicates a potential upside of 16.99% from the company’s current price.

Several other equities analysts have also recently issued reports on CCOI. UBS Group set a $9.00 price objective on shares of Cogent Communications in a research note on Wednesday, August 19th. Wells Fargo & Company reduced their target price on shares of Cogent Communications from $18.00 to $14.00 and set an “equal weight” rating for the company in a research note on Friday, August 7th. KeyCorp downgraded shares of Cogent Communications from an “overweight” rating to a “sector weight” rating in a report on Friday. Weiss Ratings reiterated a “sell (d)” rating on shares of Cogent Communications in a research note on Monday, August 17th. Finally, TD Cowen dropped their price target on shares of Cogent Communications from $34.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $18.24.

Cogent Communications Price Performance

Shares of CCOI stock traded up $0.47 during midday trading on Monday, hitting $4.45. The company had a trading volume of 1,893,146 shares, compared to its average volume of 1,502,727. The company’s 50 day simple moving average is $8.24 and its 200 day simple moving average is $15.36. Cogent Communications has a 52-week low of $3.56 and a 52-week high of $28.70. The stock has a market cap of $227.66 million, a price-to-earnings ratio of -6.26 and a beta of 0.80.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 5th. The technology company reported ($0.62) EPS for the quarter, topping the consensus estimate of ($0.77) by $0.15. The company had revenue of $231.20 million for the quarter, compared to analysts’ expectations of $234.57 million. During the same quarter last year, the company earned ($0.87) EPS. Cogent Communications’s revenue for the quarter was down 4.4% compared to the same quarter last year. Analysts anticipate that Cogent Communications will post -3.13 EPS for the current year.

Insider Buying and Selling at Cogent Communications

In related news, CFO Thaddeus Weed sold 4,850 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $9.37, for a total transaction of $45,444.50. Following the transaction, the chief financial officer owned 193,050 shares of the company’s stock, valued at $1,808,878.50. This represents a 2.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cogent Communications

Hedge funds and other institutional investors have recently bought and sold shares of the business. FourWorld Capital Management LLC purchased a new stake in shares of Cogent Communications during the 1st quarter worth $5,002,000. Granahan Investment Management LLC increased its holdings in shares of Cogent Communications by 46.3% in the 1st quarter. Granahan Investment Management LLC now owns 317,447 shares of the technology company’s stock valued at $5,981,000 after purchasing an additional 100,422 shares in the last quarter. Squarepoint Ops LLC increased its holdings in shares of Cogent Communications by 341.1% in the 2nd quarter. Squarepoint Ops LLC now owns 226,035 shares of the technology company’s stock valued at $3,137,000 after purchasing an additional 174,787 shares in the last quarter. Walleye Capital LLC lifted its stake in shares of Cogent Communications by 145.4% in the first quarter. Walleye Capital LLC now owns 239,557 shares of the technology company’s stock valued at $4,513,000 after purchasing an additional 141,949 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Cogent Communications in the second quarter valued at about $3,685,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

About Cogent Communications

Cogent Communications Holdings, Inc (NASDAQ: CCOI) is a telecommunications company that provides high-speed Internet connectivity and data transport services to businesses, telecommunications carriers, content providers, government agencies and educational institutions. The company operates a global, facilities-based fiber-optic network and is recognized as a Tier 1 Internet service provider.

Cogent’s offerings include dedicated Internet access, IP transit, Ethernet and other private network connectivity services.