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

Cogent Communications (NASDAQ:CCOI) had its price objective increased by JPMorgan Chase & Co. from $59.00 to $61.00 in a research report released on Friday, Stock Target Advisor reports. The brokerage currently has a neutral rating on the technology company’s stock.

A number of other research firms have also recently commented on CCOI. Zacks Investment Research cut shares of Cogent Communications from a hold rating to a sell rating in a report on Wednesday, October 9th. BidaskClub raised shares of Cogent Communications from a sell rating to a hold rating in a research note on Wednesday, October 9th. ValuEngine lowered shares of Cogent Communications from a buy rating to a hold rating in a research note on Wednesday, October 2nd. TheStreet lowered shares of Cogent Communications from a b rating to a c+ rating in a research note on Monday, August 12th. Finally, Wells Fargo & Co reaffirmed a hold rating on shares of Cogent Communications in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $61.33.

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

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.12. The business had revenue of $136.94 million during the quarter, compared to analysts’ expectations of $136.50 million. Cogent Communications had a net margin of 5.97% and a negative return on equity of 20.58%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the company posted $0.18 earnings per share. As a group, equities analysts expect that Cogent Communications will post 0.77 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Friday, November 22nd will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.11%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.62. The ex-dividend date is Thursday, November 21st. Cogent Communications’s dividend payout ratio (DPR) is 393.65%.

In related news, VP Timothy G. Oneill sold 1,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $60.98, for a total transaction of $60,980.00. Following the transaction, the vice president now directly owns 37,252 shares of the company’s stock, valued at $2,271,626.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mike Slessor sold 14,835 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $18.03, for a total transaction of $267,475.05. Insiders sold 31,080 shares of company stock worth $1,239,512 over the last ninety days. Insiders own 10.17% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCOI. Nuveen Asset Management LLC bought a new position in shares of Cogent Communications during the second quarter valued at about $14,995,000. Morgan Stanley lifted its position in shares of Cogent Communications by 414.7% during the second quarter. Morgan Stanley now owns 238,234 shares of the technology company’s stock valued at $14,141,000 after purchasing an additional 191,946 shares in the last quarter. BlackRock Inc. lifted its position in shares of Cogent Communications by 1.6% during the second quarter. BlackRock Inc. now owns 6,826,740 shares of the technology company’s stock valued at $405,235,000 after purchasing an additional 105,911 shares in the last quarter. Man Group plc raised its position in Cogent Communications by 17.9% in the second quarter. Man Group plc now owns 572,450 shares of the technology company’s stock worth $33,980,000 after acquiring an additional 87,092 shares during the period. Finally, Vanguard Group Inc. raised its position in Cogent Communications by 1.9% in the second quarter. Vanguard Group Inc. now owns 4,710,776 shares of the technology company’s stock worth $279,631,000 after acquiring an additional 86,496 shares during the period. 86.91% of the stock is currently owned by 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.

See Also: Quick Ratio

Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

Receive News & Ratings for Cogent Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cogent Communications and related companies with MarketBeat.com's FREE daily email newsletter.