Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Receives Average Rating of “Hold” from Analysts

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has received an average recommendation of “Hold” from the eleven research firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $26.6667.

A number of equities research analysts have recently commented on the company. Oppenheimer dropped their price target on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating on the stock in a research report on Monday, February 23rd. TD Cowen reiterated a “buy” rating on shares of Cogent Communications in a research report on Monday, February 23rd. Wells Fargo & Company dropped their target price on shares of Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating on the stock in a report on Thursday, March 5th. Royal Bank Of Canada cut their price target on shares of Cogent Communications from $23.00 to $22.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 18th. Finally, Williams Trading set a $40.00 price target on shares of Cogent Communications in a report on Monday, February 23rd.

Insider Activity at Cogent Communications

In other Cogent Communications news, Director Sheryl Lynn Kennedy sold 3,300 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $22.99, for a total transaction of $75,867.00. Following the completion of the transaction, the director owned 10,100 shares in the company, valued at approximately $232,199. This represents a 24.63% decrease in their position. The transaction 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 Cogent Communications stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $22.63, for a total value of $109,755.50. Following the completion of the sale, the chief financial officer directly owned 202,750 shares in the company, valued at $4,588,232.50. This represents a 2.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 12,756 shares of company stock valued at $292,467 in the last quarter. 4.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cogent Communications

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Cogent Communications by 5.3% in the third quarter. Vanguard Group Inc. now owns 5,362,821 shares of the technology company’s stock worth $205,664,000 after purchasing an additional 270,975 shares in the last quarter. ProShare Advisors LLC grew its position in Cogent Communications by 30.1% in the third quarter. ProShare Advisors LLC now owns 177,113 shares of the technology company’s stock valued at $6,792,000 after purchasing an additional 40,970 shares in the last quarter. Arvin Capital Management LP bought a new position in Cogent Communications in the third quarter valued at $2,301,000. Boothbay Fund Management LLC increased its stake in Cogent Communications by 123.4% in the 3rd quarter. Boothbay Fund Management LLC now owns 312,626 shares of the technology company’s stock valued at $11,989,000 after buying an additional 172,676 shares during the last quarter. Finally, Tyro Capital Management LLC increased its stake in Cogent Communications by 46.9% in the 3rd quarter. Tyro Capital Management LLC now owns 935,287 shares of the technology company’s stock valued at $35,868,000 after buying an additional 298,392 shares during the last quarter. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Up 5.3%

Shares of CCOI stock opened at $21.38 on Tuesday. Cogent Communications has a 12-month low of $15.96 and a 12-month high of $56.88. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of -5.61 and a beta of 0.77. The firm has a fifty day moving average of $21.26 and a 200-day moving average of $25.64.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) EPS for the quarter, topping the consensus estimate of ($1.09) by $0.45. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 18.67%.The business had revenue of $240.52 million for the quarter, compared to the consensus estimate of $243.82 million. During the same quarter last year, the business posted ($0.91) EPS. The firm’s revenue was down 4.7% compared to the same quarter last year. Research analysts expect that Cogent Communications will post -4.55 earnings per share for the current year.

Cogent Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were given a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Friday, March 6th. Cogent Communications’s payout ratio is currently -2.10%.

Cogent Communications Company Profile

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.