Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Free Report) was the target of a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 4,400,000 shares, an increase of 15.5% from the May 31st total of 3,810,000 shares. Currently, 10.0% of the company’s stock are sold short. Based on an average trading volume of 485,600 shares, the days-to-cover ratio is presently 9.1 days.
Analyst Ratings Changes
CCOI has been the subject of a number of research reports. StockNews.com downgraded Cogent Communications from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th. TD Cowen decreased their target price on Cogent Communications from $84.00 to $78.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Bank of America downgraded Cogent Communications from a “buy” rating to a “neutral” rating and decreased their target price for the company from $85.00 to $75.00 in a research note on Thursday, March 7th. JPMorgan Chase & Co. decreased their target price on Cogent Communications from $73.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, May 13th. Finally, KeyCorp decreased their target price on Cogent Communications from $88.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $75.14.
View Our Latest Stock Analysis on CCOI
Insider Transactions at Cogent Communications
Institutional Investors Weigh In On Cogent Communications
A number of hedge funds have recently made changes to their positions in CCOI. Goldman Sachs Group Inc. raised its holdings in Cogent Communications by 12.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 218,174 shares of the technology company’s stock worth $16,594,000 after purchasing an additional 24,185 shares in the last quarter. PEAK6 Investments LLC raised its holdings in Cogent Communications by 175.1% during the fourth quarter. PEAK6 Investments LLC now owns 37,599 shares of the technology company’s stock worth $2,860,000 after purchasing an additional 23,934 shares in the last quarter. Jennison Associates LLC raised its holdings in Cogent Communications by 46.6% during the fourth quarter. Jennison Associates LLC now owns 828,664 shares of the technology company’s stock worth $63,028,000 after purchasing an additional 263,276 shares in the last quarter. Reaves W H & Co. Inc. raised its holdings in Cogent Communications by 16.2% during the fourth quarter. Reaves W H & Co. Inc. now owns 482,532 shares of the technology company’s stock worth $36,701,000 after purchasing an additional 67,201 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its holdings in Cogent Communications by 1.8% during the fourth quarter. Westfield Capital Management Co. LP now owns 88,263 shares of the technology company’s stock worth $6,713,000 after purchasing an additional 1,582 shares in the last quarter. Institutional investors own 92.45% of the company’s stock.
Cogent Communications Stock Performance
CCOI opened at $56.44 on Monday. The business’s 50 day moving average is $58.37 and its 200-day moving average is $66.95. The stock has a market cap of $2.77 billion, a PE ratio of 2.24 and a beta of 0.41. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.80. Cogent Communications has a twelve month low of $50.80 and a twelve month high of $86.00.
Cogent Communications (NASDAQ:CCOI – Get Free Report) last released its quarterly earnings results on Thursday, May 9th. The technology company reported ($1.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.19). The business had revenue of $266.17 million for the quarter, compared to the consensus estimate of $274.13 million. Cogent Communications had a net margin of 114.09% and a negative return on equity of 24.63%. On average, analysts predict that Cogent Communications will post -4.81 earnings per share for the current year.
Cogent Communications Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Thursday, May 23rd were issued a dividend of $0.975 per share. This represents a $3.90 dividend on an annualized basis and a dividend yield of 6.91%. The ex-dividend date of this dividend was Wednesday, May 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.97. Cogent Communications’s payout ratio is 15.45%.
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.
See Also
- Five stocks we like better than Cogent Communications
- Want to Profit on the Downtrend? Downtrends, Explained.
- 3 Stocks Upgraded by Analysts: Home Depot, U.S. Steel, Alcoa
- Using the MarketBeat Stock Split Calculator
- NVIDIA and TSM Stock: Is Semiconductor Sector Momentum Slowing?
- Dividend King Proctor & Gamble Is A Buy On Post-Earnings Weakness
- Palo Alto Networks Stock Gains AI-Powered Cybersecurity Solutions
Receive News & Ratings for Cogent Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cogent Communications and related companies with MarketBeat.com's FREE daily email newsletter.