Oppenheimer analyst Timothy Horan maintained a Buy rating on Cogent Comms (CCOI) today and set a price target of $60. The company’s shares opened today at $48.06.
“Cogent’s 4Q18 results were in line; revenue of $132M was up 5.4%, just 40 bps below our est. CCOI is seeing sustained success in corporate, up 11.7% Y/Y. Forex and volume discounts to large customers continue to weigh on the netcentric business, which was down 5% Y/Y. Solid traffic growth of 44% Y/Y was offset by declined in pricing as the majority of growth has come from CCOI’s largest customers. CCOI is investing in their sales team, adding 34 reps in the quarter (487 total quota bearing reps) and management noted that its new training program is showing early signs of success. CCOI revised its long-term revenue growth outlook downward to 10% (from 10-20%) due to netcentric weakness, but remained confident that netcentric will improve.”
According to TipRanks.com, Horan is a top 100 analyst with an average return of 15.7% and a 72.8% success rate. Horan covers the Technology sector, focusing on stocks such as Zayo Group Holdings, Limelight Networks, and CenturyLink Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Cogent Comms with a $54 average price target.
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The company has a one-year high of $57.65 and a one-year low of $41.11. Currently, Cogent Comms has an average volume of 290.7K.
Based on the recent corporate insider activity of 69 insiders, corporate insider sentiment is negative on the stock.
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Cogent Communications Holdings, Inc. engages in the provision of internet access and Internet Protocol communications services. It offers internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services.