Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Receives Consensus Rating of “Hold” from Analysts

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have earned a consensus recommendation of “Hold” from the seven research firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $75.86.

CCOI has been the subject of a number of research reports. JPMorgan Chase & Co. raised their price target on shares of Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a report on Monday, August 12th. Citigroup boosted their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, August 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $74.00 target price on shares of Cogent Communications in a research note on Tuesday, September 3rd. KeyCorp boosted their price target on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, The Goldman Sachs Group raised their price target on Cogent Communications from $56.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th.

Insider Transactions at Cogent Communications

In other news, Director Lewis H. Ferguson sold 1,550 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $72.62, for a total value of $112,561.00. Following the sale, the director now owns 17,748 shares of the company’s stock, valued at $1,288,859.76. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Lewis H. Ferguson sold 1,550 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the completion of the sale, the director now owns 17,748 shares of the company’s stock, valued at approximately $1,288,859.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $71.67, for a total transaction of $100,338.00. Following the transaction, the vice president now owns 71,580 shares in the company, valued at $5,130,138.60. The disclosure for this sale can be found here. Insiders sold 64,870 shares of company stock valued at $4,716,057 in the last ninety days. 11.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cogent Communications

A number of large investors have recently added to or reduced their stakes in CCOI. Thrivent Financial for Lutherans grew its holdings in Cogent Communications by 2,739.1% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock valued at $58,430,000 after buying an additional 998,796 shares in the last quarter. EdgePoint Investment Group Inc. increased its position in shares of Cogent Communications by 500.1% in the first quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock worth $68,699,000 after purchasing an additional 876,326 shares during the period. Capital World Investors grew its stake in Cogent Communications by 327.7% during the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after buying an additional 752,133 shares in the last quarter. Norges Bank bought a new position in Cogent Communications in the 4th quarter valued at about $50,430,000. Finally, Westwood Holdings Group Inc. acquired a new position in shares of Cogent Communications in the 4th quarter valued at approximately $48,184,000. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Up 0.8 %

CCOI opened at $72.90 on Tuesday. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of 2.89 and a beta of 0.40. The company has a debt-to-equity ratio of 4.43, a quick ratio of 2.20 and a current ratio of 2.20. The firm’s 50-day simple moving average is $70.23 and its 200-day simple moving average is $63.85. Cogent Communications has a twelve month low of $50.80 and a twelve month high of $86.00.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.59. The business had revenue of $260.40 million during the quarter, compared to analysts’ expectations of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.13) earnings per share. Equities research analysts anticipate that Cogent Communications will post -4.46 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were issued a $0.985 dividend. This represents a $3.94 dividend on an annualized basis and a dividend yield of 5.40%. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, August 22nd. Cogent Communications’s payout ratio is 15.61%.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.