Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Free Report) have been given an average recommendation of “Moderate Buy” by the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three investment 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 brokerages that have issued ratings on the stock in the last year is $75.14.

A number of brokerages recently commented on CCOI. Bank of America cut shares of Cogent Communications from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $85.00 to $75.00 in a research report on Thursday, March 7th. KeyCorp reduced their price target on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. TD Cowen lowered their price objective on Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Friday, May 10th. JPMorgan Chase & Co. cut their target price on shares of Cogent Communications from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Monday, May 13th. Finally, StockNews.com lowered shares of Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th.

Check Out Our Latest Stock Report on Cogent Communications

Cogent Communications Price Performance

CCOI stock opened at $52.36 on Friday. The firm has a 50 day simple moving average of $59.53 and a two-hundred day simple moving average of $67.60. The stock has a market cap of $2.57 billion, a PE ratio of 2.07 and a beta of 0.41. Cogent Communications has a one year low of $50.80 and a one year high of $86.00. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.12 and a quick ratio of 1.12.

Cogent Communications (NASDAQ:CCOIGet Free Report) last announced its earnings results on Thursday, May 9th. The technology company reported ($1.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.10) by ($0.19). Cogent Communications had a negative return on equity of 24.63% and a net margin of 114.09%. The company had revenue of $266.17 million during the quarter, compared to analysts’ expectations of $274.13 million. On average, analysts predict that Cogent Communications will post -4.63 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Thursday, May 23rd were paid a $0.975 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $0.97. This represents a $3.90 dividend on an annualized basis and a dividend yield of 7.45%. The ex-dividend date of this dividend was Wednesday, May 22nd. Cogent Communications’s dividend payout ratio (DPR) is presently 15.45%.

Insider Activity

In related news, CEO Dave Schaeffer sold 50,000 shares of Cogent Communications stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $59.44, for a total value of $2,972,000.00. Following the completion of the transaction, the chief executive officer now owns 4,553,038 shares in the company, valued at $270,632,578.72. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cogent Communications news, CEO Dave Schaeffer sold 50,000 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $59.44, for a total value of $2,972,000.00. Following the completion of the sale, the chief executive officer now directly owns 4,553,038 shares of the company’s stock, valued at approximately $270,632,578.72. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Henry W. Kilmer sold 2,400 shares of Cogent Communications stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $56.00, for a total value of $134,400.00. Following the sale, the vice president now directly owns 38,600 shares of the company’s stock, valued at $2,161,600. The disclosure for this sale can be found here. In the last three months, insiders have sold 178,440 shares of company stock worth $9,828,016. 11.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Swiss National Bank increased its stake in shares of Cogent Communications by 0.8% in the third quarter. Swiss National Bank now owns 95,500 shares of the technology company’s stock worth $5,911,000 after acquiring an additional 800 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Cogent Communications by 33.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 10,338 shares of the technology company’s stock valued at $640,000 after buying an additional 2,591 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cogent Communications by 2.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 449,356 shares of the technology company’s stock valued at $27,815,000 after buying an additional 10,970 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Cogent Communications in the third quarter worth about $254,000. Finally, HighTower Advisors LLC grew its holdings in Cogent Communications by 493.8% during the third quarter. HighTower Advisors LLC now owns 18,253 shares of the technology company’s stock worth $1,120,000 after acquiring an additional 15,179 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Company Profile

(Get Free Report

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.

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Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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