Cogent Communications (NASDAQ:CCOI) Given New $11.50 Price Target at Citigroup

Cogent Communications (NASDAQ:CCOI) had its price target reduced by research analysts at Citigroup from $20.00 to $11.50 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Citigroup’s target price suggests a potential upside of 11.11% from the company’s current price.

Several other brokerages also recently issued reports on CCOI. TD Cowen cut 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 note on Friday, August 7th. Weiss Ratings downgraded Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $22.00 target price on shares of Cogent Communications in a report on Friday, May 29th. Royal Bank Of Canada dropped their price target on Cogent Communications from $18.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Thursday. Finally, KeyCorp reduced their price objective on shares of Cogent Communications from $25.00 to $15.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Cogent Communications has a consensus rating of “Hold” and a consensus target price of $21.65.

Cogent Communications Stock Up 1.0%

Shares of NASDAQ:CCOI traded up $0.10 during midday trading on Thursday, hitting $10.35. The stock had a trading volume of 2,205,089 shares, compared to its average volume of 1,275,841. The company has a market cap of $530.13 million, a P/E ratio of -10.78 and a beta of 0.80. Cogent Communications has a 12 month low of $9.00 and a 12 month high of $45.69. The business’s 50-day simple moving average is $13.29 and its 200-day simple moving average is $18.24.

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

Insider Buying and Selling

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total value of $81,431.50. Following the transaction, the chief financial officer directly owned 197,900 shares of the company’s stock, valued at $3,322,741. This represents a 2.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction on Monday, June 15th. The stock was sold at an average price of $17.01, for a total value of $40,824.00. Following the sale, the vice president directly owned 38,600 shares of the company’s stock, valued at $656,586. This represents a 5.85% decrease in their position. The SEC filing for this sale provides additional information. 4.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cogent Communications

A number of hedge funds have recently bought and sold shares of the business. Turtle Creek Asset Management Inc. increased its holdings in shares of Cogent Communications by 64.9% during the third quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock worth $176,561,000 after purchasing an additional 1,811,222 shares during the period. Park West Asset Management LLC bought a new stake in shares of Cogent Communications in the fourth quarter valued at approximately $30,380,000. Bank of America Corp DE boosted its stake in shares of Cogent Communications by 551.2% in the third quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock valued at $43,965,000 after buying an additional 970,367 shares during the period. MIG Capital LLC acquired a new stake in Cogent Communications during the fourth quarter worth approximately $12,272,000. Finally, First Trust Advisors LP increased its stake in Cogent Communications by 86.8% during the 4th quarter. First Trust Advisors LP now owns 1,177,398 shares of the technology company’s stock worth $25,385,000 after acquiring an additional 547,188 shares during the period. 92.45% of the stock is owned by institutional investors.

Trending Headlines about Cogent Communications

Here are the key news stories impacting Cogent Communications this week:

• Positive Sentiment: Royal Bank of Canada maintained a “sector perform” rating while lowering its price target from $18 to $12. Although the reduction signals diminished expectations, the new target still implies potential upside from recent trading levels. Benzinga analyst price-target report
• Neutral Sentiment: Multiple law firms are publicizing the same previously filed securities class action covering investors who purchased CCOI shares between February 29, 2024, and May 1, 2026. The September 21, 2026 lead-plaintiff deadline is procedural and does not establish that Cogent violated securities laws. Kaplan Fox class-action notice
• Negative Sentiment: The concentration of investor-alert releases is increasing the perceived legal and reputational risk surrounding Cogent. Potential litigation costs, damages, and additional scrutiny could further weigh on valuation, particularly because the company has recently reported declining revenue, negative margins, and an expected full-year loss. Allegations also raise concerns about the sustainability of Cogent’s dividend and its financial flexibility. ClaimsFiler Cogent shareholder alert

Cogent Communications Company Profile

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.