Analysts Set Cogent Communications Holdings, Inc. (NASDAQ:CCOI) PT at $26.67

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has received an average recommendation of “Hold” from the eleven analysts that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $25.40.

Several analysts recently commented on CCOI shares. TD Cowen cut their price objective on Cogent Communications from $40.00 to $34.00 and set a “buy” rating for the company in a report on Tuesday. Wall Street Zen raised Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Sunday, April 26th. Royal Bank Of Canada cut their price target on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating for the company in a report on Wednesday. Oppenheimer cut their price target on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a report on Monday, February 23rd. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $22.00 price target (down from $23.00) on shares of Cogent Communications in a report on Tuesday.

Cogent Communications Trading Up 2.0%

Shares of NASDAQ:CCOI opened at $16.65 on Friday. The stock has a fifty day simple moving average of $20.67 and a two-hundred day simple moving average of $23.43. The stock has a market capitalization of $833.83 million, a price-to-earnings ratio of -4.69 and a beta of 0.85. Cogent Communications has a 12-month low of $14.82 and a 12-month high of $54.37.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.20. The business had revenue of $239.19 million during the quarter, compared to analysts’ expectations of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.09) earnings per share. As a group, equities research analysts predict that Cogent Communications will post -3.9 EPS for the current year.

Cogent Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th will be given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, May 18th. Cogent Communications’s payout ratio is presently -2.25%.

Insiders Place Their Bets

In other news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $23.35, for a total value of $56,040.00. Following the transaction, the vice president directly owned 41,000 shares in the company, valued at $957,350. The trade was a 5.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lewis H. Ferguson sold 2,206 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $23.03, for a total value of $50,804.18. Following the completion of the transaction, the director owned 20,449 shares in the company, valued at $470,940.47. The trade was a 9.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,756 shares of company stock valued at $292,467 over the last three months. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

Large investors have recently made changes to their positions in the business. Quarry LP purchased a new position in shares of Cogent Communications in the third quarter valued at about $27,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Cogent Communications in the fourth quarter worth about $28,000. Farther Finance Advisors LLC lifted its position in shares of Cogent Communications by 80.5% in the third quarter. Farther Finance Advisors LLC now owns 1,336 shares of the technology company’s stock worth $51,000 after buying an additional 596 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Cogent Communications by 208.6% in the first quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock worth $27,000 after buying an additional 968 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its position in shares of Cogent Communications by 313.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock worth $32,000 after buying an additional 1,127 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

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.