Cogent Communications (NASDAQ:CCOI) Given New $61.00 Price Target at JPMorgan Chase & Co.

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Cogent Communications (NASDAQ:CCOI) had its price objective raised by research analysts at JPMorgan Chase & Co. from $59.00 to $61.00 in a research report issued on Friday, Stock Target Advisor reports. The firm currently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential downside of 2.18% from the company’s previous close.

CCOI has been the topic of several other research reports. ValuEngine lowered Cogent Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Zacks Investment Research lowered Cogent Communications from a “hold” rating to a “sell” rating in a research note on Wednesday, October 9th. TheStreet lowered Cogent Communications from a “b” rating to a “c+” rating in a research note on Monday, August 12th. Wells Fargo & Co reissued a “hold” rating on shares of Cogent Communications in a research note on Friday, August 9th. Finally, BidaskClub raised Cogent Communications from a “sell” rating to a “hold” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. Cogent Communications presently has an average rating of “Hold” and a consensus target price of $61.33.

NASDAQ CCOI traded up $1.53 during trading on Friday, hitting $62.36. The company’s stock had a trading volume of 466,300 shares, compared to its average volume of 261,687. The firm has a 50 day moving average price of $56.78 and a 200 day moving average price of $58.57. The firm has a market cap of $2.70 billion, a P/E ratio of 98.98, a price-to-earnings-growth ratio of 9.38 and a beta of 0.56. Cogent Communications has a 52 week low of $42.40 and a 52 week high of $64.24.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported $0.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.12. The business had revenue of $136.94 million for the quarter, compared to analyst estimates of $136.50 million. Cogent Communications had a negative return on equity of 20.58% and a net margin of 5.97%. Cogent Communications’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 EPS. As a group, analysts predict that Cogent Communications will post 0.77 earnings per share for the current year.

In other news, CFO Thaddeus Gerard Weed sold 5,000 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $60.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now owns 67,550 shares in the company, valued at $4,053,000. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Timothy G. Oneill sold 1,000 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $60.98, for a total value of $60,980.00. Following the sale, the vice president now owns 37,252 shares of the company’s stock, valued at approximately $2,271,626.96. The disclosure for this sale can be found here. In the last three months, insiders sold 31,080 shares of company stock worth $1,239,512. Insiders own 10.17% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CCOI. Capital Insight Partners LLC raised its position in shares of Cogent Communications by 1.2% during the second quarter. Capital Insight Partners LLC now owns 24,099 shares of the technology company’s stock worth $1,431,000 after acquiring an additional 294 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new stake in shares of Cogent Communications during the second quarter worth $253,000. Nisa Investment Advisors LLC raised its position in shares of Cogent Communications by 60.1% during the second quarter. Nisa Investment Advisors LLC now owns 17,320 shares of the technology company’s stock worth $1,028,000 after acquiring an additional 6,500 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. raised its position in shares of Cogent Communications by 3.6% during the second quarter. Leith Wheeler Investment Counsel Ltd. now owns 88,855 shares of the technology company’s stock worth $5,274,000 after acquiring an additional 3,080 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in Cogent Communications by 1.9% in the second quarter. Oregon Public Employees Retirement Fund now owns 16,500 shares of the technology company’s stock valued at $979,000 after purchasing an additional 300 shares during the last quarter. Institutional investors own 86.91% of the company’s stock.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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