Cogent Communications’ (CCOI) Underweight Rating Reaffirmed at JPMorgan Chase & Co.

Cogent Communications (NASDAQ:CCOI)‘s stock had its “underweight” rating reiterated by analysts at JPMorgan Chase & Co. in a note issued to investors on Wednesday,Benzinga reports. They currently have a $9.00 price target on the technology company’s stock, down from their previous price target of $22.00. JPMorgan Chase & Co.‘s target price indicates a potential downside of 11.15% from the stock’s previous close.

A number of other analysts have also issued reports on the stock. KeyCorp dropped their price target on shares of Cogent Communications from $25.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Wells Fargo & Company reduced their price objective on shares of Cogent Communications from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Citigroup decreased their price objective on shares of Cogent Communications from $20.00 to $11.50 and set a “neutral” rating for the company in a report on Thursday, August 13th. TD Cowen dropped their target price on shares of Cogent Communications from $34.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Finally, UBS Group set a $9.00 target price on shares of Cogent Communications in a research note on Wednesday. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and an average price target of $19.55.

Cogent Communications Stock Down 5.8%

Shares of NASDAQ CCOI opened at $10.13 on Wednesday. Cogent Communications has a fifty-two week low of $9.00 and a fifty-two week high of $45.69. The business has a 50 day moving average price of $12.81 and a two-hundred day moving average price of $17.87. The firm has a market cap of $518.86 million, a PE ratio of -10.55 and a beta of 0.80.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 6th. The technology company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.00) by $2.38. The company had revenue of $235.56 million for the quarter, compared to analyst estimates of $239.55 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 4.73%.Cogent Communications’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the company posted ($1.21) EPS. On average, analysts anticipate that Cogent Communications will post -2.7 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total transaction of $81,431.50. Following the completion of the transaction, the chief financial officer owned 197,900 shares in the company, valued at approximately $3,322,741. This represents a 2.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $17.01, for a total transaction of $40,824.00. Following the transaction, the vice president directly owned 38,600 shares of the company’s stock, valued at $656,586. The trade was a 5.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new position in Cogent Communications during the 2nd quarter valued at about $26,000. Bank of New York Mellon Corp bought a new position in Cogent Communications during the second quarter valued at about $3,685,000. Shrier Wealth Management LLC lifted its holdings in Cogent Communications by 33.1% in the 2nd quarter. Shrier Wealth Management LLC now owns 23,453 shares of the technology company’s stock valued at $326,000 after acquiring an additional 5,835 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Cogent Communications by 208.6% in the 1st quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock worth $27,000 after purchasing an additional 968 shares in the last quarter. Finally, Turtle Creek Asset Management Inc. grew its position in Cogent Communications by 7.7% in the first quarter. Turtle Creek Asset Management Inc. now owns 4,348,897 shares of the technology company’s stock worth $81,933,000 after buying an additional 312,050 shares during the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

About Cogent Communications

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.