Cogent Communications Holdings Inc (NASDAQ:CCOI) – Analysts at Oppenheimer reduced their Q4 2018 earnings estimates for shares of Cogent Communications in a research report issued to clients and investors on Friday, October 5th. Oppenheimer analyst T. Horan now anticipates that the technology company will post earnings of $0.23 per share for the quarter, down from their previous estimate of $0.24. Oppenheimer has a “Outperform” rating and a $57.00 price target on the stock. Oppenheimer also issued estimates for Cogent Communications’ FY2020 earnings at $1.41 EPS.
Several other brokerages also recently weighed in on CCOI. Guggenheim reissued a “hold” rating and issued a $47.00 target price on shares of Cogent Communications in a research note on Friday, August 3rd. BidaskClub raised shares of Cogent Communications from a “hold” rating to a “buy” rating in a research note on Friday, August 17th. Finally, Zacks Investment Research raised shares of Cogent Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 8th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. Cogent Communications presently has an average rating of “Hold” and an average target price of $47.89.
Shares of CCOI opened at $55.03 on Monday. Cogent Communications has a twelve month low of $35.75 and a twelve month high of $57.65. The firm has a market capitalization of $2.59 billion, a PE ratio of 144.82, a PEG ratio of 8.51 and a beta of 0.59. The company has a current ratio of 3.96, a quick ratio of 3.96 and a debt-to-equity ratio of -6.22.
Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 2nd. The technology company reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.04). Cogent Communications had a net margin of 2.13% and a negative return on equity of 22.38%. The firm had revenue of $129.30 million during the quarter, compared to analysts’ expectations of $131.13 million. During the same period in the prior year, the company posted $0.10 EPS. The company’s revenue was up 7.9% compared to the same quarter last year.
In related news, CFO Thaddeus Gerard Weed sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $53.55, for a total value of $240,975.00. Following the transaction, the chief financial officer now owns 69,050 shares of the company’s stock, valued at approximately $3,697,627.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Timothy G. Oneill sold 1,000 shares of the firm’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $55.80, for a total transaction of $55,800.00. Following the completion of the transaction, the vice president now directly owns 38,652 shares in the company, valued at approximately $2,156,781.60. The disclosure for this sale can be found here. Insiders sold a total of 32,911 shares of company stock worth $1,796,751 in the last ninety days. 10.21% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Cogent Communications by 4.7% in the 2nd quarter. BlackRock Inc. now owns 6,421,881 shares of the technology company’s stock worth $342,928,000 after buying an additional 287,668 shares during the period. Renaissance Technologies LLC increased its stake in Cogent Communications by 9.5% in the 2nd quarter. Renaissance Technologies LLC now owns 3,289,400 shares of the technology company’s stock worth $175,654,000 after buying an additional 285,400 shares during the period. Brown Advisory Inc. increased its stake in Cogent Communications by 4.4% in the 2nd quarter. Brown Advisory Inc. now owns 2,102,017 shares of the technology company’s stock worth $112,247,000 after buying an additional 87,707 shares during the period. First Trust Advisors LP grew its holdings in Cogent Communications by 0.3% during the 2nd quarter. First Trust Advisors LP now owns 1,851,129 shares of the technology company’s stock worth $98,850,000 after acquiring an additional 5,273 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Cogent Communications by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,355,882 shares of the technology company’s stock worth $72,405,000 after acquiring an additional 3,782 shares in the last quarter. 90.40% of the stock is currently owned by institutional investors.
Cogent Communications Company Profile
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access and Internet protocol communications services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, and Asia.
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