Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Given Consensus Recommendation of “Moderate Buy” by Analysts

Cogent Communications Holdings, Inc. (NASDAQ:CCOIGet Free Report) has earned an average rating of “Moderate Buy” from the six ratings firms that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $73.57.

CCOI has been the topic of a number of research reports. TD Cowen cut their target price on shares of Cogent Communications from $84.00 to $78.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. The Goldman Sachs Group assumed coverage on shares of Cogent Communications in a research note on Monday, July 1st. They issued a “neutral” rating and a $56.00 target price on the stock. StockNews.com downgraded shares of Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. KeyCorp dropped their price target on shares of Cogent Communications from $88.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, May 10th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Cogent Communications from $73.00 to $70.00 and set a “neutral” rating on the stock in a research note on Monday, May 13th.

View Our Latest Research Report on CCOI

Insider Transactions at Cogent Communications

In other news, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $51.78, for a total value of $3,106,800.00. Following the completion of the sale, the chief executive officer now owns 4,433,038 shares of the company’s stock, valued at approximately $229,542,707.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Sheryl Lynn Kennedy sold 1,640 shares of Cogent Communications stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $57.79, for a total value of $94,775.60. Following the completion of the transaction, the director now directly owns 10,091 shares of the company’s stock, valued at approximately $583,158.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $51.78, for a total transaction of $3,106,800.00. Following the completion of the transaction, the chief executive officer now directly owns 4,433,038 shares of the company’s stock, valued at $229,542,707.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 178,440 shares of company stock valued at $9,828,016. Insiders own 11.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. EdgePoint Investment Group Inc. lifted its stake in shares of Cogent Communications by 500.1% in the 1st quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock worth $68,699,000 after acquiring an additional 876,326 shares during the period. Capital World Investors lifted its stake in shares of Cogent Communications by 327.7% in the 1st quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after acquiring an additional 752,133 shares during the period. Norges Bank acquired a new stake in shares of Cogent Communications in the 4th quarter worth approximately $50,430,000. Westwood Holdings Group Inc. acquired a new stake in shares of Cogent Communications in the 4th quarter worth approximately $48,184,000. Finally, M&G Plc acquired a new stake in shares of Cogent Communications in the 1st quarter worth approximately $27,942,000. 92.45% of the stock is owned by institutional investors and hedge funds.

Cogent Communications Stock Up 0.7 %

Shares of CCOI opened at $58.83 on Thursday. The firm has a market cap of $2.88 billion, a PE ratio of 2.33 and a beta of 0.41. The company’s fifty day moving average is $57.01 and its two-hundred day moving average is $66.06. Cogent Communications has a fifty-two week low of $50.80 and a fifty-two week high of $86.00. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.80.

Cogent Communications (NASDAQ:CCOIGet Free Report) last issued its earnings results on Thursday, May 9th. The technology company reported ($1.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.19). Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. The business had revenue of $266.17 million during the quarter, compared to analysts’ expectations of $274.13 million. Analysts forecast that Cogent Communications will post -4.81 earnings per share for the current year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Thursday, May 23rd were given a $0.975 dividend. The ex-dividend date was Wednesday, May 22nd. This represents a $3.90 annualized dividend and a dividend yield of 6.63%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.97. Cogent Communications’s payout ratio is presently 15.45%.

About Cogent Communications

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