Cogent Communications Holdings, Inc. to Post Q2 2022 Earnings of $0.18 Per Share, William Blair Forecasts (NASDAQ:CCOI)

Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Rating) – Stock analysts at William Blair reduced their Q2 2022 earnings per share (EPS) estimates for shares of Cogent Communications in a report issued on Monday, May 2nd. William Blair analyst J. Breen now forecasts that the technology company will earn $0.18 per share for the quarter, down from their prior forecast of $0.19. William Blair also issued estimates for Cogent Communications’ Q3 2022 earnings at $0.20 EPS and FY2022 earnings at $0.63 EPS.

Cogent Communications (NASDAQ:CCOIGet Rating) last issued its quarterly earnings data on Thursday, February 24th. The technology company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.04. The company had revenue of $147.20 million during the quarter, compared to analyst estimates of $149.14 million. Cogent Communications had a negative return on equity of 6.63% and a net margin of 5.15%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.19 earnings per share.

Other research analysts have also recently issued reports about the company. Credit Suisse Group decreased their price target on Cogent Communications from $89.00 to $80.00 and set an “outperform” rating on the stock in a research note on Monday, January 24th. Citigroup decreased their price target on Cogent Communications from $73.00 to $70.00 in a research note on Monday. StockNews.com started coverage on Cogent Communications in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Wells Fargo & Company cut Cogent Communications from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $75.00 to $65.00 in a research note on Wednesday, January 12th. Finally, JPMorgan Chase & Co. upgraded Cogent Communications from a “neutral” rating to an “overweight” rating and set a $82.00 price target on the stock in a research note on Thursday, February 10th. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $75.38.

NASDAQ:CCOI opened at $60.08 on Tuesday. The stock’s fifty day moving average is $64.37 and its two-hundred day moving average is $68.84. Cogent Communications has a 52 week low of $56.53 and a 52 week high of $80.50. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of 93.88 and a beta of 0.31.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 27th. Stockholders of record on Friday, May 13th will be paid a $0.88 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $0.86. This represents a $3.52 annualized dividend and a dividend yield of 5.86%. The ex-dividend date is Thursday, May 12th. Cogent Communications’s dividend payout ratio (DPR) is presently 534.38%.

In related news, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO James Bubeck sold 1,920 shares of the stock in a transaction on Tuesday, March 1st. The shares were sold at an average price of $62.94, for a total value of $120,844.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,170 shares of company stock worth $201,846. Insiders own 11.00% of the company’s stock.

Several hedge funds have recently modified their holdings of CCOI. Morgan Stanley grew its holdings in shares of Cogent Communications by 46.3% during the second quarter. Morgan Stanley now owns 171,957 shares of the technology company’s stock worth $13,223,000 after purchasing an additional 54,446 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Cogent Communications by 5.5% during the third quarter. Raymond James & Associates now owns 24,064 shares of the technology company’s stock worth $1,705,000 after purchasing an additional 1,264 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Cogent Communications during the third quarter worth about $368,000. Van ECK Associates Corp grew its holdings in shares of Cogent Communications by 1,058.4% during the third quarter. Van ECK Associates Corp now owns 5,595 shares of the technology company’s stock worth $396,000 after purchasing an additional 5,112 shares during the last quarter. Finally, Duality Advisers LP purchased a new position in shares of Cogent Communications during the third quarter worth about $275,000. 86.06% of the stock is currently owned by institutional investors.

About Cogent Communications (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.

See Also

Earnings History and Estimates for Cogent Communications (NASDAQ:CCOI)

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