Analysts Set Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Price Target at $24.90

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have been assigned a consensus rating of “Hold” from the eleven research firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $24.90.

Several equities research analysts have weighed in on CCOI shares. TD Cowen reissued a “buy” rating on shares of Cogent Communications in a research note on Monday, June 22nd. Wells Fargo & Company reduced their price objective on Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 7th. Citigroup cut their target price on Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 19th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $22.00 target price on shares of Cogent Communications in a research note on Friday, May 29th. Finally, Weiss Ratings lowered shares of Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $17.01, for a total transaction of $40,824.00. Following the sale, the vice president directly owned 38,600 shares of the company’s stock, valued at approximately $656,586. This trade represents a 5.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total value of $81,431.50. Following the sale, the chief financial officer owned 197,900 shares in the company, valued at $3,322,741. This trade represents a 2.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

Several institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC lifted its stake in Cogent Communications by 208.6% in the first quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock valued at $27,000 after acquiring an additional 968 shares during the last quarter. Quarry LP acquired a new stake in Cogent Communications in the third quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd acquired a new stake in Cogent Communications in the fourth quarter valued at approximately $28,000. Hantz Financial Services Inc. lifted its stake 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 during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Cogent Communications in the fourth quarter worth $43,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Price Performance

Shares of CCOI opened at $13.41 on Friday. The stock has a market cap of $671.57 million, a PE ratio of -3.78 and a beta of 0.77. The firm has a 50-day simple moving average of $18.09 and a two-hundred day simple moving average of $20.62. Cogent Communications has a 1-year low of $12.84 and a 1-year 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 for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.20. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The firm had revenue of $239.19 million during the quarter, compared to analysts’ expectations of $241.31 million. During the same quarter in the previous year, the business posted ($1.09) earnings per share. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, sell-side analysts expect that Cogent Communications will post -4.25 earnings per share for the current fiscal year.

Cogent Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were paid a $0.02 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.08 annualized dividend and a yield of 0.6%. Cogent Communications’s dividend payout ratio is -2.25%.

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.