Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Given Consensus Recommendation of “Hold” by Analysts

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has been assigned a consensus rating of “Hold” from the nine analysts that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $25.7143.

CCOI has been the subject of several research reports. Citigroup lowered their price objective on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. UBS Group restated a “neutral” rating and issued a $27.00 target price (down previously from $50.00) on shares of Cogent Communications in a research note on Friday, November 7th. Royal Bank Of Canada lowered their price target on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating for the company in a research report on Thursday, November 13th. JPMorgan Chase & Co. dropped their price target on Cogent Communications from $37.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, November 13th. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $27.00 price objective (down from $45.00) on shares of Cogent Communications in a research note on Friday, November 7th.

Insider Activity at Cogent Communications

In other news, Director Sheryl Lynn Kennedy sold 2,400 shares of the company’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $21.34, for a total value of $51,216.00. Following the sale, the director directly owned 10,012 shares of the company’s stock, valued at $213,656.08. This represents a 19.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lewis H. Ferguson sold 4,000 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total transaction of $81,360.00. Following the transaction, the director directly owned 19,267 shares of the company’s stock, valued at approximately $391,890.78. This trade represents a 17.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 11.40% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

Several institutional investors and hedge funds have recently modified their holdings of the stock. AlphaQuest LLC purchased a new stake in shares of Cogent Communications in the first quarter worth about $36,000. Quarry LP purchased a new stake in Cogent Communications in the 3rd quarter worth approximately $27,000. Farther Finance Advisors LLC boosted its position in Cogent Communications by 297.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock worth $36,000 after purchasing an additional 554 shares in the last quarter. Resources Management Corp CT ADV acquired a new stake in shares of Cogent Communications during the 1st quarter worth approximately $48,000. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of Cogent Communications during the 2nd quarter valued at approximately $40,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Price Performance

Shares of CCOI stock opened at $21.56 on Friday. Cogent Communications has a fifty-two week low of $15.96 and a fifty-two week high of $84.06. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.02 and a current ratio of 2.02. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of -5.28 and a beta of 0.81. The stock’s 50-day simple moving average is $24.44 and its 200-day simple moving average is $36.38.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.87) EPS for the quarter, beating the consensus estimate of ($1.15) by $0.28. The firm had revenue of $241.95 million during the quarter, compared to analyst estimates of $246.13 million. Cogent Communications had a negative net margin of 19.72% and a negative return on equity of 208.70%. Cogent Communications’s revenue was down 5.9% on a year-over-year basis. During the same period last year, the firm posted ($1.33) EPS. As a group, equities analysts forecast that Cogent Communications will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 8th. Shareholders of record on Friday, November 21st were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Friday, November 21st. This represents a $0.08 dividend on an annualized basis and a yield of 0.4%. Cogent Communications’s dividend payout ratio (DPR) is currently -1.96%.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.