What is Zacks Research’s Estimate for CCOI FY2024 Earnings?

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) – Equities research analysts at Zacks Research lifted their FY2024 earnings per share (EPS) estimates for Cogent Communications in a note issued to investors on Monday, January 27th. Zacks Research analyst R. Department now anticipates that the technology company will post earnings of ($4.65) per share for the year, up from their previous forecast of ($4.66). The consensus estimate for Cogent Communications’ current full-year earnings is ($4.55) per share. Zacks Research also issued estimates for Cogent Communications’ Q4 2024 earnings at ($1.28) EPS, Q4 2025 earnings at ($0.70) EPS, FY2025 earnings at ($3.92) EPS, Q4 2026 earnings at ($0.11) EPS and FY2026 earnings at ($0.99) EPS.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.34) by $0.01. The business had revenue of $257.20 million for the quarter, compared to the consensus estimate of $258.69 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company’s quarterly revenue was down 6.6% on a year-over-year basis. During the same period last year, the firm earned ($1.13) earnings per share.

CCOI has been the topic of several other reports. UBS Group initiated coverage on Cogent Communications in a research report on Thursday, November 14th. They issued a “buy” rating and a $102.00 price objective on the stock. The Goldman Sachs Group lifted their price target on Cogent Communications from $62.00 to $71.00 and gave the stock a “neutral” rating in a research report on Friday, October 4th. Two analysts have rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Cogent Communications has a consensus rating of “Hold” and an average price target of $80.25.

Cogent Communications Price Performance

NASDAQ CCOI opened at $74.85 on Thursday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. Cogent Communications has a 12 month low of $50.80 and a 12 month high of $86.76. The company’s 50 day moving average is $76.30 and its two-hundred day moving average is $75.28. The stock has a market cap of $3.67 billion, a price-to-earnings ratio of 95.96 and a beta of 0.40.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a $0.995 dividend. This represents a $3.98 annualized dividend and a dividend yield of 5.32%. The ex-dividend date of this dividend was Friday, November 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. Cogent Communications’s dividend payout ratio is presently 510.26%.

Insider Activity

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 1,350 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $80.58, for a total value of $108,783.00. Following the completion of the sale, the director now directly owns 10,318 shares in the company, valued at approximately $831,424.44. This trade represents a 11.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,800 shares of Cogent Communications stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $81.58, for a total transaction of $391,584.00. Following the completion of the sale, the chief financial officer now owns 88,500 shares of the company’s stock, valued at $7,219,830. This trade represents a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,136 shares of company stock worth $1,939,749. 11.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new stake in Cogent Communications during the 3rd quarter valued at approximately $30,000. Blue Trust Inc. lifted its position in Cogent Communications by 204.5% during the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after purchasing an additional 272 shares during the period. Hexagon Capital Partners LLC boosted its holdings in Cogent Communications by 72.9% in the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock valued at $41,000 after purchasing an additional 226 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Cogent Communications by 127.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after purchasing an additional 441 shares during the period. Finally, Quest Partners LLC purchased a new position in shares of Cogent Communications during the 3rd quarter valued at about $46,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Cogent Communications Company Profile

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.