Brokerages Set Cogent Communications Holdings, Inc. (NASDAQ:CCOI) PT at $24.90

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has received an average rating of “Hold” from the eleven research firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $24.90.

CCOI has been the subject of a number of research analyst reports. Citigroup cut their price target on shares of Cogent Communications from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Tuesday, May 19th. Wall Street Zen upgraded shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Saturday, June 27th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $22.00 target price on shares of Cogent Communications in a research note on Friday, May 29th. UBS Group reduced their target price on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, May 5th. Finally, Royal Bank Of Canada decreased their price target on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating on the stock in a research report on Wednesday, May 6th.

Insider Buying and Selling at Cogent Communications

In related news, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $17.01, for a total value of $40,824.00. Following the transaction, the vice president directly owned 38,600 shares of the company’s stock, valued at approximately $656,586. This trade represents a 5.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total transaction of $81,431.50. Following the sale, the chief financial officer directly owned 197,900 shares of the company’s stock, valued at approximately $3,322,741. This represents a 2.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cogent Communications

Institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC raised its position in shares of Cogent Communications by 208.6% during the 1st quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock valued at $27,000 after acquiring an additional 968 shares during the last quarter. Quarry LP bought a new stake in Cogent Communications during the 3rd quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd bought a new stake in Cogent Communications in the 4th quarter valued at $28,000. Hantz Financial Services Inc. boosted its position in shares of Cogent Communications by 313.9% during the fourth quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock worth $32,000 after buying an additional 1,127 shares during the period. Finally, Kestra Advisory Services LLC bought a new position in shares of Cogent Communications during the 4th quarter worth approximately $43,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Stock Performance

CCOI opened at $10.97 on Thursday. The company has a market capitalization of $549.38 million, a P/E ratio of -3.09 and a beta of 0.80. The company has a 50-day moving average of $15.29 and a 200-day moving average of $19.57. Cogent Communications has a 1-year low of $10.93 and a 1-year high of $52.83.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Monday, May 4th. The technology company reported ($0.83) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.20. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The company had revenue of $239.19 million during the quarter, compared to analyst estimates of $241.31 million. During the same quarter last year, the firm earned ($1.09) EPS. The business’s revenue was down 3.2% on a year-over-year basis. As a group, sell-side analysts expect that Cogent Communications will post -4.25 earnings per share for the current fiscal year.

Cogent Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were paid a $0.02 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.7%. Cogent Communications’s dividend payout ratio is -2.25%.

Cogent Communications Company Profile

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.