KeyCorp Cuts Cogent Communications (NASDAQ:CCOI) Price Target to $25.00

Cogent Communications (NASDAQ:CCOI) had its price target reduced by KeyCorp from $30.00 to $25.00 in a report issued on Monday morning,Benzinga reports. KeyCorp currently has an overweight rating on the technology company’s stock.

A number of other equities research analysts have also recently commented on CCOI. UBS Group reissued a “neutral” rating and issued a $27.00 price objective (down from $50.00) on shares of Cogent Communications in a research note on Friday, November 7th. Citigroup lowered 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 report on Tuesday, November 11th. Wells Fargo & Company reissued an “equal weight” rating and set a $27.00 price objective (down from $45.00) on shares of Cogent Communications in a research note on Friday, November 7th. The Goldman Sachs Group reduced their target price on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Finally, JPMorgan Chase & Co. dropped their price target on Cogent Communications from $37.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, November 13th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $27.22.

Cogent Communications Stock Performance

CCOI opened at $18.49 on Monday. Cogent Communications has a 1-year low of $15.96 and a 1-year high of $80.45. The stock has a market cap of $925.61 million, a P/E ratio of -4.85 and a beta of 0.81. The stock’s 50 day simple moving average is $23.17 and its 200 day simple moving average is $29.68. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.04 and a quick ratio of 2.02.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Friday, February 20th. The technology company reported ($0.64) EPS for the quarter, topping analysts’ consensus estimates of ($1.09) by $0.45. The company had revenue of $240.52 million for the quarter, compared to the consensus estimate of $243.82 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 18.67%.Cogent Communications’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.91) earnings per share. As a group, equities analysts anticipate that Cogent Communications will post -4.55 EPS for the current fiscal year.

Cogent Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a dividend of $0.02 per share. The ex-dividend date is Friday, March 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.4%. Cogent Communications’s dividend payout ratio (DPR) is -2.10%.

Insider Activity at Cogent Communications

In related news, Director Lewis H. Ferguson sold 4,000 shares of the company’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total value of $81,360.00. Following the completion of the transaction, the director directly owned 19,267 shares in the company, valued at approximately $391,890.78. This represents a 17.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 11.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new stake in Cogent Communications in the third quarter valued at approximately $27,000. Hantz Financial Services Inc. boosted its holdings in shares of Cogent Communications by 313.9% in the 4th quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock valued at $32,000 after purchasing an additional 1,127 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of Cogent Communications during the 2nd quarter valued at $40,000. Kestra Advisory Services LLC acquired a new stake in shares of Cogent Communications during the 4th quarter worth $43,000. Finally, Farther Finance Advisors LLC raised its position in shares of Cogent Communications by 56.6% in the 4th quarter. Farther Finance Advisors LLC now owns 2,092 shares of the technology company’s stock worth $45,000 after buying an additional 756 shares during the period. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Company Profile

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.