Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock Has Consensus Price Target of $19.55

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have earned an average recommendation of “Hold” from the eleven ratings firms that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $19.55.

Several analysts recently weighed in on CCOI shares. KeyCorp cut their price target on shares of Cogent Communications from $25.00 to $15.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. UBS Group set a $9.00 price objective on shares of Cogent Communications in a report on Wednesday, August 19th. Wells Fargo & Company dropped their target price on shares of Cogent Communications from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Friday, August 7th. Wall Street Zen raised shares of Cogent Communications from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, TD Cowen reduced their price target on shares of Cogent Communications from $34.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, August 7th.

Insiders Place Their Bets

In other Cogent Communications news, CFO Thaddeus Weed sold 4,850 shares of Cogent Communications stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $9.37, for a total transaction of $45,444.50. Following the sale, the chief financial officer directly owned 193,050 shares of the company’s stock, valued at approximately $1,808,878.50. The trade was a 2.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Harspring Capital Management LLC boosted its holdings in shares of Cogent Communications by 60.3% during the 4th quarter. Harspring Capital Management LLC now owns 1,402,500 shares of the technology company’s stock valued at $30,238,000 after buying an additional 527,500 shares in the last quarter. CenterBook Partners LP grew its position in shares of Cogent Communications by 254.5% in the 4th quarter. CenterBook Partners LP now owns 601,735 shares of the technology company’s stock worth $12,973,000 after buying an additional 431,974 shares during the period. Turtle Creek Asset Management Inc. increased its stake in shares of Cogent Communications by 7.7% in the 1st quarter. Turtle Creek Asset Management Inc. now owns 4,348,897 shares of the technology company’s stock worth $81,933,000 after acquiring an additional 312,050 shares in the last quarter. FourWorld Capital Management LLC bought a new position in shares of Cogent Communications in the 1st quarter worth about $5,002,000. Finally, Bank of New York Mellon Corp purchased a new position in Cogent Communications during the 2nd quarter valued at about $3,685,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $8.23 on Tuesday. The stock has a market cap of $421.54 million, a P/E ratio of -8.57 and a beta of 0.81. Cogent Communications has a fifty-two week low of $7.13 and a fifty-two week high of $45.69. The stock has a 50 day simple moving average of $10.07 and a two-hundred day simple moving average of $14.76.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, August 6th. The technology company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.00) by $2.38. The business had revenue of $235.56 million for the quarter, compared to analysts’ expectations of $239.55 million. Cogent Communications’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period last year, the firm posted ($1.21) earnings per share. Sell-side analysts predict that Cogent Communications will post -3.13 earnings per share for the current year.

Cogent Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Friday, August 21st were issued a $0.02 dividend. The ex-dividend date was Friday, August 21st. This represents a $0.08 annualized dividend and a yield of 1.0%. Cogent Communications’s dividend payout ratio (DPR) is -8.33%.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc is a telecommunications company that provides high-speed Internet connectivity and other communications services to businesses, service providers and other organizations. Through its wholly owned subsidiary, Cogent Communications, the company operates a global, facilities-based network designed to deliver reliable data transport and Internet access.

Cogent’s primary services include dedicated Internet access, IP transit, Ethernet transport and colocation.