Brokerages Set Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Price Target at $77.88

Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Rating) has received an average rating of “Hold” from the ten analysts that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $77.88.

A number of research firms have commented on CCOI. The Goldman Sachs Group cut Cogent Communications from a “neutral” rating to a “sell” rating and decreased their price target for the company from $70.00 to $57.00 in a research note on Tuesday, January 11th. StockNews.com began coverage on Cogent Communications in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Credit Suisse Group decreased their price target on Cogent Communications from $89.00 to $80.00 and set an “outperform” rating for the company in a research note on Monday, January 24th. JPMorgan Chase & Co. upgraded Cogent Communications from a “neutral” rating to an “overweight” rating and set a $82.00 price objective for the company in a research note on Thursday, February 10th. Finally, Wells Fargo & Company cut Cogent Communications from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $75.00 to $65.00 in a research note on Wednesday, January 12th.

In related news, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $62.94, for a total transaction of $120,844.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP John B. Chang sold 600 shares of the stock in a transaction on Thursday, March 17th. The stock was sold at an average price of $62.96, for a total value of $37,776.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,170 shares of company stock valued at $201,846. Insiders own 11.00% of the company’s stock.

Several institutional investors have recently made changes to their positions in CCOI. BlackRock Inc. grew its holdings in shares of Cogent Communications by 10.2% during the 4th quarter. BlackRock Inc. now owns 7,072,055 shares of the technology company’s stock worth $517,534,000 after purchasing an additional 654,635 shares in the last quarter. Norges Bank bought a new stake in Cogent Communications in the fourth quarter valued at about $26,124,000. Goldman Sachs Group Inc. lifted its stake in Cogent Communications by 160.2% in the third quarter. Goldman Sachs Group Inc. now owns 400,460 shares of the technology company’s stock valued at $28,369,000 after buying an additional 246,528 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Cogent Communications by 1,363.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 116,726 shares of the technology company’s stock valued at $8,542,000 after purchasing an additional 108,751 shares during the period. Finally, SG Americas Securities LLC raised its holdings in shares of Cogent Communications by 239.4% in the fourth quarter. SG Americas Securities LLC now owns 99,110 shares of the technology company’s stock valued at $7,253,000 after purchasing an additional 69,912 shares during the last quarter. Institutional investors and hedge funds own 86.55% of the company’s stock.

Cogent Communications stock traded up $0.05 during mid-day trading on Friday, hitting $68.61. The company’s stock had a trading volume of 2,409 shares, compared to its average volume of 289,166. The company has a 50 day moving average of $64.36 and a 200-day moving average of $69.76. The stock has a market cap of $3.29 billion, a PE ratio of 66.56 and a beta of 0.23. Cogent Communications has a one year low of $57.23 and a one year high of $80.50.

Cogent Communications (NASDAQ:CCOIGet Rating) last posted its quarterly earnings results on Thursday, February 24th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. The business had revenue of $147.20 million for the quarter, compared to the consensus estimate of $149.14 million. Cogent Communications had a negative return on equity of 12.02% and a net margin of 8.17%. The business’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.19 EPS. Analysts expect that Cogent Communications will post 0.93 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 25th. Stockholders of record on Wednesday, March 9th were paid a $0.855 dividend. The ex-dividend date was Tuesday, March 8th. This is a boost from Cogent Communications’s previous quarterly dividend of $0.83. This represents a $3.42 dividend on an annualized basis and a dividend yield of 4.98%. Cogent Communications’s payout ratio is presently 332.04%.

Cogent Communications Company Profile (Get Rating)

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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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