Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Given Consensus Rating of “Hold” by Analysts

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has earned a consensus recommendation of “Hold” from the eleven research firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $26.6667.

Several equities analysts have recently weighed in on CCOI shares. Williams Trading set a $40.00 target price on shares of Cogent Communications in a research note on Monday, February 23rd. Royal Bank Of Canada reduced their target price on shares of Cogent Communications from $23.00 to $22.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 18th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. TD Cowen reiterated a “buy” rating on shares of Cogent Communications in a research note on Monday, February 23rd. Finally, Oppenheimer reduced their target price on shares of Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Monday, February 23rd.

Insider Buying and Selling at Cogent Communications

In related news, Director Lewis H. Ferguson sold 2,206 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $23.03, for a total transaction of $50,804.18. Following the completion of the transaction, the director owned 20,449 shares of the company’s stock, valued at approximately $470,940.47. The trade was a 9.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sheryl Lynn Kennedy sold 3,300 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $22.99, for a total transaction of $75,867.00. Following the transaction, the director directly owned 10,100 shares of the company’s stock, valued at approximately $232,199. This represents a 24.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,756 shares of company stock worth $292,467 over the last three months. Company insiders own 11.40% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

Several hedge funds have recently bought and sold shares of CCOI. Turtle Creek Asset Management Inc. grew its stake in Cogent Communications by 64.9% during the third quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock valued at $176,561,000 after acquiring an additional 1,811,222 shares in the last quarter. Park West Asset Management LLC purchased a new position in Cogent Communications during the fourth quarter valued at approximately $30,380,000. Bank of America Corp DE grew its stake in Cogent Communications by 551.2% during the third quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock valued at $43,965,000 after acquiring an additional 970,367 shares in the last quarter. MIG Capital LLC purchased a new position in Cogent Communications during the fourth quarter valued at approximately $12,272,000. Finally, First Trust Advisors LP grew its stake in Cogent Communications by 86.8% during the fourth quarter. First Trust Advisors LP now owns 1,177,398 shares of the technology company’s stock valued at $25,385,000 after acquiring an additional 547,188 shares in the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $19.22 on Tuesday. Cogent Communications has a 52-week low of $15.96 and a 52-week high of $56.88. The company has a 50-day simple moving average of $21.63 and a 200 day simple moving average of $26.31. The company has a market capitalization of $962.15 million, a PE ratio of -5.04 and a beta of 0.77.

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

Cogent Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were paid a $0.02 dividend. The ex-dividend date was Friday, March 6th. This represents a $0.08 annualized dividend and a dividend yield of 0.4%. Cogent Communications’s dividend payout ratio (DPR) is presently -2.10%.

About Cogent Communications

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.