Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Receives $75.86 Consensus PT from Analysts

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has been assigned a consensus rating of “Hold” from the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $75.86.

A number of equities analysts have issued reports on CCOI shares. Bank of America cut Cogent Communications from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $75.00 to $65.00 in a report on Wednesday, August 21st. The Goldman Sachs Group lifted their target price on Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. upped their price target on Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. TD Cowen lifted their price objective on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, KeyCorp increased their target price on shares of Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th.

Insider Transactions at Cogent Communications

In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $51.78, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $56.00, for a total value of $134,400.00. Following the completion of the sale, the vice president now directly owns 38,600 shares in the company, valued at approximately $2,161,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Dave Schaeffer sold 60,000 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $51.78, for a total value of $3,106,800.00. Following the transaction, the chief executive officer now owns 4,433,038 shares in the company, valued at approximately $229,542,707.64. The disclosure for this sale can be found here. In the last three months, insiders sold 186,350 shares of company stock worth $11,125,201. 11.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cogent Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in CCOI. Senator Investment Group LP grew its stake in Cogent Communications by 7.5% during the second quarter. Senator Investment Group LP now owns 716,768 shares of the technology company’s stock worth $40,454,000 after buying an additional 50,000 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Cogent Communications by 127.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock worth $44,000 after acquiring an additional 441 shares in the last quarter. Creative Planning increased its stake in Cogent Communications by 58.3% in the second quarter. Creative Planning now owns 12,575 shares of the technology company’s stock valued at $710,000 after acquiring an additional 4,632 shares during the last quarter. Algert Global LLC acquired a new position in Cogent Communications during the second quarter valued at approximately $251,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Cogent Communications by 5.1% during the second quarter. The Manufacturers Life Insurance Company now owns 25,887 shares of the technology company’s stock worth $1,461,000 after purchasing an additional 1,256 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Trading Down 1.3 %

NASDAQ CCOI opened at $69.07 on Friday. The company has a debt-to-equity ratio of 4.43, a current ratio of 2.20 and a quick ratio of 2.20. The stock’s 50-day moving average is $66.36 and its 200-day moving average is $64.33. Cogent Communications has a one year low of $50.80 and a one year high of $86.00. The firm has a market cap of $3.39 billion, a P/E ratio of 2.74 and a beta of 0.41.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($1.27) by $0.59. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The company had revenue of $260.40 million during the quarter, compared to analysts’ expectations of $264.32 million. During the same quarter in the prior year, the company earned ($0.13) earnings per share. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. Sell-side analysts anticipate that Cogent Communications will post -4.66 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd will be given a $0.985 dividend. This represents a $3.94 dividend on an annualized basis and a dividend yield of 5.70%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Thursday, August 22nd. Cogent Communications’s dividend payout ratio (DPR) is presently 15.61%.

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, 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.