Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Receives $75.75 Consensus Target Price from Brokerages

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has received a consensus recommendation of “Moderate Buy” from the eight analysts that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $75.75.

CCOI has been the subject of a number of recent analyst reports. UBS Group decreased their target price on Cogent Communications from $102.00 to $75.00 and set a “buy” rating for the company in a report on Friday, May 9th. StockNews.com upgraded shares of Cogent Communications to a “sell” rating in a report on Monday, March 3rd. Finally, The Goldman Sachs Group dropped their target price on shares of Cogent Communications from $71.00 to $62.00 and set a “neutral” rating for the company in a research report on Friday, May 9th.

Cogent Communications Stock Performance

Cogent Communications stock opened at $46.05 on Friday. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 5.87. The firm has a market cap of $2.27 billion, a P/E ratio of 59.04 and a beta of 0.76. Cogent Communications has a 1-year low of $45.00 and a 1-year high of $86.76. The firm has a 50-day moving average of $55.92 and a 200-day moving average of $69.81.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, May 8th. The technology company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.04). The business had revenue of $247.05 million for the quarter, compared to the consensus estimate of $250.81 million. Cogent Communications had a net margin of 3.73% and a negative return on equity of 36.31%. The company’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the previous year, the company earned ($1.38) EPS. Sell-side analysts expect that Cogent Communications will post -4.55 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Thursday, May 22nd will be issued a $1.01 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $1.01. The ex-dividend date of this dividend is Thursday, May 22nd. This represents a $4.04 dividend on an annualized basis and a yield of 8.77%. Cogent Communications’s dividend payout ratio is -100.75%.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,900 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $72.06, for a total value of $353,094.00. Following the sale, the chief financial officer now owns 103,000 shares in the company, valued at approximately $7,422,180. This represents a 4.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lewis H. Ferguson sold 956 shares of Cogent Communications stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $69.36, for a total transaction of $66,308.16. Following the transaction, the director now owns 18,652 shares of the company’s stock, valued at $1,293,702.72. The trade was a 4.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,681 shares of company stock valued at $840,878. 10.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cogent Communications

Several hedge funds have recently added to or reduced their stakes in the stock. AlphaQuest LLC purchased a new position in shares of Cogent Communications in the 1st quarter worth about $36,000. Hillsdale Investment Management Inc. bought a new stake in Cogent Communications during the 4th quarter valued at about $46,000. Blue Trust Inc. increased its stake in Cogent Communications by 53.8% during the 4th quarter. Blue Trust Inc. now owns 623 shares of the technology company’s stock valued at $47,000 after purchasing an additional 218 shares in the last quarter. Itau Unibanco Holding S.A. raised its holdings in Cogent Communications by 58.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 618 shares of the technology company’s stock worth $48,000 after buying an additional 229 shares during the last quarter. Finally, Resources Management Corp CT ADV bought a new position in shares of Cogent Communications in the first quarter worth approximately $48,000. 92.45% of the stock is owned by 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.