Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Receives $77.57 Consensus Target Price from Brokerages

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have earned a consensus recommendation of “Moderate Buy” from the six brokerages that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $77.57.

A number of research firms recently weighed in on CCOI. JPMorgan Chase & Co. reduced their price objective on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating for the company in a research report on Wednesday, March 6th. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a research note on Thursday, February 29th. StockNews.com downgraded Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. Bank of America downgraded Cogent Communications from a “buy” rating to a “neutral” rating and cut their target price for the company from $85.00 to $75.00 in a research note on Thursday, March 7th. Finally, KeyCorp increased their target price on Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, March 1st.

Cogent Communications Stock Down 0.7 %

CCOI stock opened at $63.07 on Friday. Cogent Communications has a twelve month low of $57.35 and a twelve month high of $86.00. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 2.24. The firm has a market cap of $2.99 billion, a PE ratio of 2.36 and a beta of 0.39. The business has a 50 day moving average of $66.73 and a 200 day moving average of $69.48.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, February 29th. The technology company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.95) by $0.79. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. The company had revenue of $272.10 million during the quarter, compared to analyst estimates of $275.82 million. On average, research analysts forecast that Cogent Communications will post -3.35 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 9th. Investors of record on Friday, March 15th were given a dividend of $0.965 per share. The ex-dividend date was Thursday, March 14th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.96. This represents a $3.86 annualized dividend and a yield of 6.12%. Cogent Communications’s payout ratio is 14.43%.

Insider Activity at Cogent Communications

In related news, CRO James Bubeck sold 1,920 shares of Cogent Communications stock in a transaction on Friday, March 1st. The stock was sold at an average price of $76.62, for a total transaction of $147,110.40. Following the transaction, the executive now directly owns 54,822 shares in the company, valued at $4,200,461.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Dave Schaeffer sold 8,826 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $72.55, for a total value of $640,326.30. Following the transaction, the chief executive officer now directly owns 4,815,764 shares in the company, valued at $349,383,678.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $76.62, for a total value of $147,110.40. Following the completion of the transaction, the executive now owns 54,822 shares in the company, valued at $4,200,461.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,320 shares of company stock worth $4,669,997. Corporate insiders own 11.40% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

Large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its position in shares of Cogent Communications by 895.0% in the third quarter. EverSource Wealth Advisors LLC now owns 398 shares of the technology company’s stock valued at $25,000 after acquiring an additional 358 shares in the last quarter. SRS Capital Advisors Inc. lifted its position in shares of Cogent Communications by 313.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock valued at $38,000 after acquiring an additional 383 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in shares of Cogent Communications by 109.9% in the fourth quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock valued at $48,000 after acquiring an additional 333 shares in the last quarter. Strs Ohio lifted its position in shares of Cogent Communications by 20.0% in the third quarter. Strs Ohio now owns 1,800 shares of the technology company’s stock worth $111,000 after buying an additional 300 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Cogent Communications by 56.7% in the fourth quarter. Fifth Third Bancorp now owns 2,026 shares of the technology company’s stock worth $154,000 after buying an additional 733 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

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.