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

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have received a consensus recommendation of “Hold” from the seven analysts that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $75.86.

Several research firms have recently commented on CCOI. Citigroup boosted their price target on shares of Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a report on Monday, August 19th. TD Cowen upped their target price on Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. The Goldman Sachs Group boosted their price target on Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. KeyCorp raised their price objective on shares of Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Finally, Bank of America downgraded shares of Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st.

Insider Buying and Selling

In related news, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction dated 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 transaction, 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 related news, CFO Thaddeus Gerard Weed sold 2,400 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $52.60, for a total value of $126,240.00. Following the completion of the sale, the chief financial officer now owns 93,300 shares in the company, valued at $4,907,580. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction, the chief executive officer now owns 4,433,038 shares in the company, valued at $229,542,707.64. The disclosure for this sale can be found here. Insiders have sold 186,350 shares of company stock worth $11,125,201 in the last quarter. 11.40% of the stock is currently owned by company insiders.

Institutional Trading of Cogent Communications

Several institutional investors have recently modified their holdings of CCOI. Federated Hermes Inc. increased its holdings in Cogent Communications by 34.6% in the 4th quarter. Federated Hermes Inc. now owns 3,430 shares of the technology company’s stock valued at $261,000 after buying an additional 881 shares during the period. New York State Common Retirement Fund raised its position in Cogent Communications by 4.4% in the fourth quarter. New York State Common Retirement Fund now owns 37,345 shares of the technology company’s stock worth $2,840,000 after purchasing an additional 1,579 shares in the last quarter. Yousif Capital Management LLC lifted its stake in Cogent Communications by 2.3% during the fourth quarter. Yousif Capital Management LLC now owns 22,104 shares of the technology company’s stock worth $1,681,000 after purchasing an additional 497 shares during the period. Truist Financial Corp boosted its holdings in Cogent Communications by 5.9% during the fourth quarter. Truist Financial Corp now owns 4,221 shares of the technology company’s stock valued at $321,000 after purchasing an additional 237 shares in the last quarter. Finally, Kestra Private Wealth Services LLC bought a new stake in shares of Cogent Communications in the 4th quarter valued at approximately $413,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Stock Down 0.3 %

Shares of Cogent Communications stock opened at $69.98 on Friday. Cogent Communications has a 1 year low of $50.80 and a 1 year high of $86.00. The company has a market cap of $3.43 billion, a P/E ratio of 2.77 and a beta of 0.41. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 4.43. The stock has a 50-day moving average price of $65.68 and a 200 day moving average price of $64.43.

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

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Thursday, August 22nd will be issued a dividend of $0.985 per share. This is an increase from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 annualized dividend and a dividend yield of 5.63%. The ex-dividend date of this dividend is Thursday, August 22nd. Cogent Communications’s dividend payout ratio is currently 15.61%.

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.