Cogent Communications (NASDAQ:CCOI) Given New $90.00 Price Target at KeyCorp

Cogent Communications (NASDAQ:CCOI) had its price objective raised by KeyCorp from $80.00 to $90.00 in a report published on Tuesday, Benzinga reports. KeyCorp currently has an overweight rating on the technology company’s stock.

Other equities analysts have also recently issued reports about the stock. TD Cowen lifted their price target on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a buy rating in a research report on Friday, August 9th. The Goldman Sachs Group lifted their price target on shares of Cogent Communications from $56.00 to $62.00 and gave the stock a neutral rating in a research report on Friday, August 9th. Bank of America cut shares of Cogent Communications from a neutral rating to an underperform rating and reduced their price target for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. Citigroup lifted their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a buy rating in a research report on Monday, August 19th. Finally, Royal Bank of Canada reissued an outperform rating and set a $74.00 price target on shares of Cogent Communications in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Cogent Communications currently has an average rating of Hold and an average price target of $75.86.

Cogent Communications Price Performance

Shares of CCOI stock opened at $69.98 on Tuesday. Cogent Communications has a 52-week low of $50.80 and a 52-week high of $86.00. The stock has a market cap of $3.43 billion, a PE ratio of 2.77 and a beta of 0.41. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.12 and a current ratio of 1.12. The firm’s 50 day moving average price is $65.68 and its two-hundred day moving average price is $64.58.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.59. Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. The firm had revenue of $260.40 million for the quarter, compared to analysts’ expectations of $264.32 million. During the same period last year, the firm earned ($0.13) earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, analysts forecast that Cogent Communications will post -4.81 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Thursday, August 22nd will be given a $0.985 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 annualized dividend and a yield of 5.63%. The ex-dividend date of this dividend is Thursday, August 22nd. Cogent Communications’s payout ratio is currently 15.61%.

Insider Activity at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $54.60, for a total value of $3,276,000.00. Following the sale, the chief executive officer now directly owns 4,493,038 shares in the company, valued at approximately $245,319,874.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $54.60, for a total value of $3,276,000.00. Following the sale, the chief executive officer now directly owns 4,493,038 shares in the company, valued at approximately $245,319,874.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thaddeus Gerard Weed sold 2,400 shares of Cogent Communications stock in a transaction on Monday, June 10th. The shares were sold at an average price of $52.60, for a total transaction of $126,240.00. Following the completion of the sale, the chief financial officer now owns 93,300 shares in the company, valued at $4,907,580. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 186,350 shares of company stock valued at $11,125,201. 11.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CCOI. Strs Ohio increased its stake in shares of Cogent Communications by 16.7% during the 4th quarter. Strs Ohio now owns 2,100 shares of the technology company’s stock worth $159,000 after purchasing an additional 300 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of Cogent Communications during the 4th quarter worth about $202,000. Federated Hermes Inc. increased its stake in shares of Cogent Communications by 34.6% during the 4th quarter. Federated Hermes Inc. now owns 3,430 shares of the technology company’s stock worth $261,000 after purchasing an additional 881 shares during the last quarter. New York State Common Retirement Fund increased its stake in shares of Cogent Communications by 4.4% during the 4th quarter. New York State Common Retirement Fund now owns 37,345 shares of the technology company’s stock worth $2,840,000 after purchasing an additional 1,579 shares during the last quarter. Finally, Yousif Capital Management LLC increased its stake in shares of Cogent Communications by 2.3% during the 4th quarter. Yousif Capital Management LLC now owns 22,104 shares of the technology company’s stock worth $1,681,000 after purchasing an additional 497 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

About Cogent Communications

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.