Cogent Communications (NASDAQ:CCOI – Free Report) had its price objective boosted by The Goldman Sachs Group from $60.00 to $67.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.
A number of other equities analysts also recently issued reports on CCOI. KeyCorp increased their price target on Cogent Communications from $77.00 to $80.00 and gave the stock an overweight rating in a research report on Friday, August 11th. TheStreet raised Cogent Communications from a c rating to a b- rating in a research report on Friday, August 11th. TD Cowen raised Cogent Communications from a market perform rating to an outperform rating and set a $85.00 price objective on the stock in a research report on Friday, August 11th. Royal Bank of Canada raised their price objective on Cogent Communications from $69.00 to $74.00 and gave the company an outperform rating in a research report on Tuesday, September 5th. Finally, StockNews.com assumed coverage on Cogent Communications in a research report on Thursday, October 5th. They set a hold rating on the stock. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $77.33.
Cogent Communications Price Performance
Cogent Communications (NASDAQ:CCOI – Get Free Report) last posted its quarterly earnings results on Thursday, August 10th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.19). Cogent Communications had a negative return on equity of 2.48% and a net margin of 130.87%. The firm had revenue of $239.81 million for the quarter, compared to the consensus estimate of $259.80 million. On average, equities research analysts anticipate that Cogent Communications will post -2.14 earnings per share for the current fiscal year.
Cogent Communications Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 24th will be paid a $0.955 dividend. The ex-dividend date is Wednesday, November 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.95. This represents a $3.82 dividend on an annualized basis and a yield of 5.86%. Cogent Communications’s dividend payout ratio (DPR) is 16.73%.
Insider Buying and Selling at Cogent Communications
In other Cogent Communications news, CFO Thaddeus Gerard Weed sold 4,850 shares of the stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $69.43, for a total value of $336,735.50. Following the completion of the sale, the chief financial officer now directly owns 53,550 shares in the company, valued at $3,717,976.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $69.43, for a total value of $336,735.50. Following the completion of the transaction, the chief financial officer now directly owns 53,550 shares in the company, valued at $3,717,976.50. The sale 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 firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $70.96, for a total value of $136,243.20. Following the completion of the transaction, the executive now owns 38,582 shares of the company’s stock, valued at $2,737,778.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 90,314 shares of company stock worth $6,082,400. 11.40% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of CCOI. Spire Wealth Management raised its position in Cogent Communications by 155.8% during the first quarter. Spire Wealth Management now owns 399 shares of the technology company’s stock valued at $25,000 after acquiring an additional 243 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Cogent Communications by 895.0% during the third quarter. EverSource Wealth Advisors LLC now owns 398 shares of the technology company’s stock valued at $25,000 after acquiring an additional 358 shares in the last quarter. 1832 Asset Management L.P. raised its position in Cogent Communications by 70.0% during the second quarter. 1832 Asset Management L.P. now owns 408 shares of the technology company’s stock valued at $27,000 after acquiring an additional 168 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in Cogent Communications by 153.4% in the second quarter. Geneos Wealth Management Inc. now owns 413 shares of the technology company’s stock valued at $28,000 after purchasing an additional 250 shares during the period. Finally, Fortis Capital Advisors LLC acquired a new stake in Cogent Communications in the fourth quarter valued at approximately $28,000. 85.79% of the stock is currently owned by hedge funds and other institutional investors.
Cogent Communications Company Profile
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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