Q3 2024 EPS Estimates for Cogent Communications Holdings, Inc. Increased by Zacks Research (NASDAQ:CCOI)

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) – Equities researchers at Zacks Research increased their Q3 2024 earnings per share (EPS) estimates for shares of Cogent Communications in a note issued to investors on Monday, September 9th. Zacks Research analyst R. Department now forecasts that the technology company will post earnings of ($1.45) per share for the quarter, up from their previous estimate of ($1.46). The consensus estimate for Cogent Communications’ current full-year earnings is ($4.46) per share. Zacks Research also issued estimates for Cogent Communications’ FY2024 earnings at ($4.69) EPS, Q1 2025 earnings at ($1.16) EPS, Q2 2025 earnings at ($1.10) EPS, Q3 2025 earnings at ($0.88) EPS, Q4 2025 earnings at ($0.82) EPS, FY2025 earnings at ($3.96) EPS, Q1 2026 earnings at ($0.53) EPS, Q2 2026 earnings at ($0.47) EPS and FY2026 earnings at ($1.54) EPS.

A number of other research firms have also weighed in on CCOI. Citigroup upped their price objective on Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. JPMorgan Chase & Co. increased their price target on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Bank of America downgraded Cogent Communications from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $75.00 to $65.00 in a research report on Wednesday, August 21st. TD Cowen raised their target price 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 boosted their price target 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. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $75.86.

Cogent Communications Price Performance

Cogent Communications stock opened at $71.96 on Wednesday. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 4.43. Cogent Communications has a 52-week low of $50.80 and a 52-week high of $86.00. The firm has a market cap of $3.53 billion, a PE ratio of 2.85 and a beta of 0.40. The company’s 50 day moving average is $68.69 and its two-hundred day moving average is $64.23.

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

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were given a $0.985 dividend. The ex-dividend date was Thursday, August 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.98. This represents a $3.94 dividend on an annualized basis and a yield of 5.48%. Cogent Communications’s payout ratio is 15.61%.

Insider Buying and Selling at Cogent Communications

In other news, Director Lewis H. Ferguson sold 1,550 shares of Cogent Communications stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $72.62, for a total transaction of $112,561.00. Following the sale, the director now 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 can be accessed through the SEC website. In other news, Director Lewis H. Ferguson sold 1,550 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $72.62, for a total transaction of $112,561.00. Following the transaction, the director now directly owns 17,748 shares in the company, valued at $1,288,859.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Dave Schaeffer sold 60,000 shares of Cogent Communications stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $72.82, for a total transaction of $4,369,200.00. Following the completion of the transaction, the chief executive officer now directly owns 4,373,038 shares in the company, valued at $318,444,627.16. The disclosure for this sale can be found here. Insiders sold 63,470 shares of company stock worth $4,615,719 over the last 90 days. Corporate insiders own 11.40% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in CCOI. Goldman Sachs Group Inc. grew its stake in shares of Cogent Communications by 12.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 218,174 shares of the technology company’s stock valued at $16,594,000 after purchasing an additional 24,185 shares during the last quarter. PEAK6 Investments LLC raised its position in Cogent Communications by 175.1% during the 4th quarter. PEAK6 Investments LLC now owns 37,599 shares of the technology company’s stock worth $2,860,000 after buying an additional 23,934 shares during the last quarter. M&G Plc acquired a new stake in shares of Cogent Communications in the 1st quarter worth $27,942,000. Capital World Investors boosted its holdings in shares of Cogent Communications by 327.7% in the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock valued at $64,129,000 after acquiring an additional 752,133 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Cogent Communications by 289.6% during the second quarter. Harbor Capital Advisors Inc. now owns 10,020 shares of the technology company’s stock worth $566,000 after acquiring an additional 7,448 shares during the period. Hedge funds and other institutional investors own 92.45% of the company’s stock.

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.