Zacks Research Has Positive Outlook of CCOI FY2024 Earnings

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) – Research analysts at Zacks Research boosted their FY2024 earnings per share estimates for shares of Cogent Communications in a report issued on Monday, January 27th. Zacks Research analyst R. Department now forecasts that the technology company will post earnings per share of ($4.65) for the year, up from their previous forecast of ($4.66). The consensus estimate for Cogent Communications’ current full-year earnings is ($4.55) per share. Zacks Research also issued estimates for Cogent Communications’ Q4 2024 earnings at ($1.28) EPS, Q4 2025 earnings at ($0.70) EPS, FY2025 earnings at ($3.92) EPS, Q4 2026 earnings at ($0.11) EPS and FY2026 earnings at ($0.99) EPS.

Several other equities research analysts have also weighed in on the company. UBS Group began coverage on Cogent Communications in a report on Thursday, November 14th. They issued a “buy” rating and a $102.00 price objective for the company. The Goldman Sachs Group lifted their target price on Cogent Communications from $62.00 to $71.00 and gave the company a “neutral” rating in a report on Friday, October 4th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Cogent Communications presently has a consensus rating of “Hold” and a consensus price target of $80.25.

Cogent Communications Trading Down 0.3 %

Shares of Cogent Communications stock opened at $74.49 on Thursday. The stock has a fifty day moving average price of $76.48 and a 200-day moving average price of $75.28. Cogent Communications has a 1 year low of $50.80 and a 1 year high of $86.76. The firm has a market cap of $3.65 billion, a PE ratio of 95.50 and a beta of 0.40. The company has a debt-to-equity ratio of 5.87, a current ratio of 2.03 and a quick ratio of 2.03.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, November 7th. The technology company reported ($1.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.34) by $0.01. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm had revenue of $257.20 million during the quarter, compared to analyst estimates of $258.69 million. During the same period last year, the firm posted ($1.13) EPS. The business’s revenue was down 6.6% compared to the same quarter last year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $0.995 dividend. This is an increase from Cogent Communications’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $3.98 dividend on an annualized basis and a yield of 5.34%. Cogent Communications’s payout ratio is presently 510.26%.

Insider Buying and Selling

In related news, VP Henry W. Kilmer sold 4,800 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $75.61, for a total value of $362,928.00. Following the completion of the sale, the vice president now owns 33,800 shares in the company, valued at $2,555,618. The trade was a 12.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP John B. Chang sold 2,280 shares of Cogent Communications stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $80.41, for a total value of $183,334.80. Following the completion of the transaction, the vice president now directly owns 69,300 shares in the company, valued at $5,572,413. This trade represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,136 shares of company stock worth $1,939,749 in the last quarter. 11.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Cogent Communications

Large investors have recently bought and sold shares of the stock. Itau Unibanco Holding S.A. purchased a new position in shares of Cogent Communications during the third quarter valued at approximately $30,000. Blue Trust Inc. increased its stake in shares of Cogent Communications by 204.5% during the third quarter. Blue Trust Inc. now owns 405 shares of the technology company’s stock valued at $31,000 after buying an additional 272 shares during the period. Hexagon Capital Partners LLC increased its stake in shares of Cogent Communications by 72.9% during the third quarter. Hexagon Capital Partners LLC now owns 536 shares of the technology company’s stock valued at $41,000 after buying an additional 226 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cogent Communications by 127.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 787 shares of the technology company’s stock valued at $44,000 after buying an additional 441 shares during the period. Finally, Quest Partners LLC purchased a new position in shares of Cogent Communications during the third quarter valued at approximately $46,000. 92.45% of the stock is owned by hedge funds and other institutional investors.

About Cogent Communications

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.