Wells Fargo & Co Boosts Cogent Communications (NASDAQ:CCOI) Price Target to $63.00

Cogent Communications (NASDAQ:CCOI) had its target price lifted by Wells Fargo & Co from $50.00 to $63.00 in a report published on Thursday morning, The Fly reports. Wells Fargo & Co currently has a market perform rating on the technology company’s stock.

Other analysts also recently issued research reports about the company. Zacks Investment Research downgraded GALP ENERGIA SG/ADR from a hold rating to a sell rating in a research report on Monday, May 6th. ValuEngine downgraded Zagg from a sell rating to a strong sell rating in a research report on Thursday, March 14th. Oppenheimer set a $2.00 target price on Valeritas and gave the stock a buy rating in a research report on Friday, May 10th. CIBC boosted their target price on Quebecor from C$34.00 to C$35.00 in a research report on Friday, May 10th. Finally, BidaskClub downgraded Vertex Pharmaceuticals from a buy rating to a hold rating in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $53.57.

Shares of CCOI opened at $62.93 on Thursday. The company has a market cap of $2.92 billion, a P/E ratio of 92.54, a PEG ratio of 8.81 and a beta of 0.56. The firm’s 50-day simple moving average is $59.49. Cogent Communications has a 12-month low of $42.40 and a 12-month high of $63.03.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, May 2nd. The technology company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. The company had revenue of $134.20 million during the quarter, compared to the consensus estimate of $135.21 million. Cogent Communications had a negative return on equity of 22.47% and a net margin of 5.92%. Cogent Communications’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.15 EPS. Sell-side analysts forecast that Cogent Communications will post 0.89 earnings per share for the current fiscal year.

In other Cogent Communications news, VP Raymond B. Kummer sold 2,400 shares of Cogent Communications stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $61.24, for a total value of $146,976.00. Following the transaction, the vice president now directly owns 41,400 shares of the company’s stock, valued at approximately $2,535,336. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thaddeus Gerard Weed sold 1,500 shares of Cogent Communications stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $57.11, for a total value of $85,665.00. Following the completion of the transaction, the chief financial officer now directly owns 78,950 shares in the company, valued at $4,508,834.50. The disclosure for this sale can be found here. Insiders sold a total of 33,425 shares of company stock worth $1,949,397 over the last ninety days. Insiders own 10.17% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Cogent Communications by 3.2% during the fourth quarter. BlackRock Inc. now owns 6,865,395 shares of the technology company’s stock valued at $310,385,000 after buying an additional 210,635 shares during the period. First Trust Advisors LP increased its stake in shares of Cogent Communications by 3.4% during the first quarter. First Trust Advisors LP now owns 1,785,559 shares of the technology company’s stock valued at $96,867,000 after buying an additional 59,007 shares during the period. FMR LLC increased its stake in shares of Cogent Communications by 33.2% during the first quarter. FMR LLC now owns 1,488,748 shares of the technology company’s stock valued at $80,764,000 after buying an additional 370,945 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Cogent Communications by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,385,819 shares of the technology company’s stock valued at $62,654,000 after buying an additional 22,196 shares during the period. Finally, TimesSquare Capital Management LLC increased its stake in shares of Cogent Communications by 36.5% during the first quarter. TimesSquare Capital Management LLC now owns 701,570 shares of the technology company’s stock valued at $38,060,000 after buying an additional 187,725 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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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