Q3 2024 EPS Estimates for Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Reduced by Analyst

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) – Investment analysts at Zacks Research lowered their Q3 2024 EPS estimates for shares of Cogent Communications in a research note issued on Wednesday, August 28th. Zacks Research analyst R. Department now anticipates that the technology company will post earnings per share of ($1.46) for the quarter, down from their previous forecast of ($1.16). The consensus estimate for Cogent Communications’ current full-year earnings is ($4.66) per share. Zacks Research also issued estimates for Cogent Communications’ Q4 2024 earnings at ($1.19) EPS, FY2024 earnings at ($4.70) EPS, Q1 2025 earnings at ($1.08) EPS, Q2 2025 earnings at ($1.03) EPS, Q3 2025 earnings at ($0.99) EPS, Q4 2025 earnings at ($0.83) EPS, FY2025 earnings at ($3.93) EPS, Q1 2026 earnings at ($0.52) EPS, Q2 2026 earnings at ($0.53) EPS and FY2026 earnings at ($1.63) EPS.

Several other analysts have also weighed in on the stock. TD Cowen boosted their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $74.00 price objective on shares of Cogent Communications in a research report on Monday, July 29th. The Goldman Sachs Group increased their price objective on shares of Cogent Communications from $56.00 to $62.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Citigroup upped their target price on Cogent Communications from $70.00 to $82.00 and gave the company a “buy” rating in a report on Monday, August 19th. Finally, KeyCorp raised their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $75.86.

Cogent Communications Price Performance

Shares of NASDAQ CCOI opened at $69.98 on Monday. The business has a 50 day simple moving average of $65.68 and a 200-day simple moving average of $64.43. Cogent Communications has a twelve month low of $50.80 and a twelve month high of $86.00. The company has a market capitalization of $3.43 billion, a price-to-earnings 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.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data 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. The firm had revenue of $260.40 million during the quarter, compared to analyst estimates of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. Cogent Communications’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.13) earnings per share.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CCOI. Federated Hermes Inc. boosted its position in shares of Cogent Communications by 34.6% during the 4th quarter. Federated Hermes Inc. now owns 3,430 shares of the technology company’s stock valued at $261,000 after purchasing an additional 881 shares in the last quarter. New York State Common Retirement Fund grew 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 buying an additional 1,579 shares during the last quarter. Truist Financial Corp increased its holdings in shares of Cogent Communications by 5.9% in the fourth quarter. Truist Financial Corp now owns 4,221 shares of the technology company’s stock valued at $321,000 after buying an additional 237 shares in the last quarter. Kestra Private Wealth Services LLC acquired a new stake in shares of Cogent Communications during the 4th quarter valued at $413,000. Finally, SRS Capital Advisors Inc. boosted its stake in shares of Cogent Communications by 313.9% during the 4th quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock worth $38,000 after acquiring an additional 383 shares in the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Dave Schaeffer sold 60,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $54.60, for a total transaction of $3,276,000.00. Following the transaction, the chief executive officer now directly owns 4,493,038 shares of the company’s stock, valued at $245,319,874.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cogent Communications news, Director Lewis H. Ferguson sold 1,550 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total value of $112,561.00. Following the completion of the sale, the director now directly owns 17,748 shares in the company, valued at $1,288,859.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $54.60, for a total value of $3,276,000.00. Following the transaction, the chief executive officer now owns 4,493,038 shares in the company, valued at $245,319,874.80. The disclosure for this sale can be found here. Insiders sold 186,350 shares of company stock valued at $11,125,201 in the last three months. 11.40% of the stock is currently owned by corporate insiders.

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 dividend of $0.985 per share. The ex-dividend date of this dividend is Thursday, August 22nd. 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%. Cogent Communications’s payout ratio is currently 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.