Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Given Consensus Rating of “Hold” by Brokerages

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have earned a consensus rating of “Hold” from the eleven analysts that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $24.90.

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. restated a “neutral” rating and set a $22.00 price objective on shares of Cogent Communications in a research report on Friday, May 29th. Weiss Ratings downgraded Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, May 20th. Royal Bank Of Canada cut their price target on Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating on the stock in a research note on Wednesday, May 6th. TD Cowen reaffirmed a “buy” rating on shares of Cogent Communications in a research note on Monday, June 22nd. Finally, Wells Fargo & Company lowered their price objective on Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a research note on Thursday, May 7th.

Cogent Communications Price Performance

Shares of Cogent Communications stock opened at $12.93 on Thursday. Cogent Communications has a fifty-two week low of $10.93 and a fifty-two week high of $50.37. The firm has a market capitalization of $647.53 million, a P/E ratio of -3.64 and a beta of 0.80. The company’s 50 day moving average price is $15.08 and its two-hundred day moving average price is $19.36.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.03) by $0.20. Cogent Communications had a negative net margin of 17.53% and a negative return on equity of 842.48%. The company had revenue of $239.19 million during the quarter, compared to the consensus estimate of $241.31 million. During the same period in the prior year, the business earned ($1.09) earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, analysts expect that Cogent Communications will post -4.25 earnings per share for the current year.

Cogent Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Monday, May 18th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, May 18th. Cogent Communications’s payout ratio is presently -2.25%.

Insider Activity at Cogent Communications

In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of Cogent Communications stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $16.79, for a total transaction of $81,431.50. Following the transaction, the chief financial officer owned 197,900 shares in the company, valued at approximately $3,322,741. The trade was a 2.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Henry W. Kilmer sold 2,400 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $17.01, for a total value of $40,824.00. Following the completion of the sale, the vice president owned 38,600 shares of the company’s stock, valued at $656,586. The trade was a 5.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP acquired a new stake in Cogent Communications during the 3rd quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Cogent Communications in the 4th quarter worth approximately $28,000. Parallel Advisors LLC boosted its stake in shares of Cogent Communications by 208.6% in the 1st quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock valued at $27,000 after purchasing an additional 968 shares during the last quarter. Hantz Financial Services Inc. increased its position in shares of Cogent Communications by 313.9% during the fourth quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock worth $32,000 after buying an additional 1,127 shares during the period. Finally, Strs Ohio acquired a new stake in shares of Cogent Communications during the first quarter worth $104,000. 92.45% of the stock is owned by institutional investors and hedge funds.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.