Cogent Communications Holdings Inc (NASDAQ:CCOI)’s share price reached a new 52-week high on Monday . The company traded as high as $57.92 and last traded at $56.89, with a volume of 2413 shares traded. The stock had previously closed at $57.44.
A number of equities analysts have recently weighed in on CCOI shares. Zacks Investment Research raised shares of Cogent Communications from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research note on Monday, January 7th. ValuEngine raised shares of Cogent Communications from a “hold” rating to a “buy” rating in a research note on Thursday, March 14th. BidaskClub cut shares of Cogent Communications from a “hold” rating to a “sell” rating in a research note on Friday, February 8th. Finally, Royal Bank of Canada upped their price target on shares of Cogent Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Monday, February 25th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Cogent Communications currently has a consensus rating of “Hold” and an average price target of $50.14.
The stock has a market capitalization of $2.64 billion, a P/E ratio of 90.41, a PEG ratio of 8.04 and a beta of 0.71.
Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Thursday, February 21st. The technology company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.02). Cogent Communications had a negative return on equity of 23.57% and a net margin of 5.51%. The business had revenue of $132.05 million during the quarter, compared to analysts’ expectations of $132.63 million. During the same quarter in the prior year, the firm earned ($0.14) earnings per share. Cogent Communications’s quarterly revenue was up 5.4% on a year-over-year basis. Equities analysts forecast that Cogent Communications Holdings Inc will post 0.88 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were given a $0.58 dividend. The ex-dividend date was Thursday, March 7th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 4.07%. Cogent Communications’s payout ratio is currently 368.25%.
In related news, CFO Thaddeus Gerard Weed sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $50.00, for a total value of $250,000.00. Following the sale, the chief financial officer now directly owns 61,050 shares in the company, valued at approximately $3,052,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Timothy G. Oneill sold 1,000 shares of the business’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $50.00, for a total transaction of $50,000.00. Following the completion of the sale, the vice president now owns 37,652 shares in the company, valued at $1,882,600. The disclosure for this sale can be found here. Insiders sold a total of 24,150 shares of company stock worth $1,229,209 over the last quarter. Insiders own 10.17% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Slow Capital Inc. lifted its holdings in Cogent Communications by 1.8% in the 4th quarter. Slow Capital Inc. now owns 13,619 shares of the technology company’s stock valued at $616,000 after purchasing an additional 239 shares in the last quarter. Capital Insight Partners LLC lifted its holdings in Cogent Communications by 1.1% in the 1st quarter. Capital Insight Partners LLC now owns 23,805 shares of the technology company’s stock valued at $1,291,000 after purchasing an additional 259 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Cogent Communications by 2.0% in the 4th quarter. State of Alaska Department of Revenue now owns 14,017 shares of the technology company’s stock valued at $633,000 after purchasing an additional 280 shares in the last quarter. Piedmont Investment Advisors Inc. lifted its holdings in Cogent Communications by 3.4% in the 4th quarter. Piedmont Investment Advisors Inc. now owns 9,954 shares of the technology company’s stock valued at $450,000 after purchasing an additional 324 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its holdings in Cogent Communications by 7.0% in the 4th quarter. GSA Capital Partners LLP now owns 5,993 shares of the technology company’s stock valued at $271,000 after purchasing an additional 393 shares in the last quarter. Institutional investors own 90.35% of the company’s stock.
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About Cogent Communications (NASDAQ:CCOI)
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.
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