$126.21 Million in Sales Expected for Cogent Communications Holdings, Inc. (CCOI) This Quarter
Equities analysts forecast that Cogent Communications Holdings, Inc. (NASDAQ:CCOI) will post $126.21 million in sales for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have provided estimates for Cogent Communications Holdings’ earnings, with estimates ranging from $125.70 million to $127.01 million. Cogent Communications Holdings posted sales of $115.60 million during the same quarter last year, which would indicate a positive year over year growth rate of 9.2%. The company is expected to report its next quarterly earnings report on Thursday, February 22nd.
According to Zacks, analysts expect that Cogent Communications Holdings will report full year sales of $126.21 million for the current year, with estimates ranging from $485.60 million to $486.96 million. For the next fiscal year, analysts anticipate that the business will post sales of $532.23 million per share, with estimates ranging from $527.40 million to $536.65 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Cogent Communications Holdings.
Cogent Communications Holdings (NASDAQ:CCOI) last released its earnings results on Thursday, November 2nd. The technology company reported $0.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.06). Cogent Communications Holdings had a negative return on equity of 23.86% and a net margin of 3.37%. The business had revenue of $123.00 million for the quarter, compared to analysts’ expectations of $123.60 million. During the same quarter last year, the company posted $0.08 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year.
Several equities research analysts recently commented on the company. Zacks Investment Research upgraded Cogent Communications Holdings from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a report on Monday, October 9th. Off Wall Street assumed coverage on Cogent Communications Holdings in a report on Monday, July 31st. They set a “sell” rating and a $29.00 target price on the stock. BidaskClub upgraded Cogent Communications Holdings from a “hold” rating to a “buy” rating in a report on Monday, July 24th. Royal Bank Of Canada reiterated a “buy” rating and set a $48.00 target price on shares of Cogent Communications Holdings in a report on Monday, September 18th. Finally, Deutsche Bank AG raised their price objective on Cogent Communications Holdings from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, October 10th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $43.77.
Cogent Communications Holdings (NASDAQ CCOI) opened at $46.95 on Friday. The company has a market capitalization of $2,160.00, a PE ratio of 127.36, a PEG ratio of 11.96 and a beta of 0.65. The company has a quick ratio of 4.22, a current ratio of 4.22 and a debt-to-equity ratio of -8.84. Cogent Communications Holdings has a twelve month low of $35.75 and a twelve month high of $54.85.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 4th. Stockholders of record on Friday, November 17th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date is Thursday, November 16th. This is an increase from Cogent Communications Holdings’s previous quarterly dividend of $0.46. Cogent Communications Holdings’s payout ratio is currently 525.71%.
In related news, VP Timothy G. Oneill sold 2,000 shares of Cogent Communications Holdings stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $48.75, for a total value of $97,500.00. Following the transaction, the vice president now directly owns 39,052 shares in the company, valued at approximately $1,903,785. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Raymond B. Kummer sold 4,000 shares of Cogent Communications Holdings stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $46.62, for a total value of $186,480.00. Following the completion of the transaction, the vice president now owns 53,340 shares in the company, valued at $2,486,710.80. The disclosure for this sale can be found here. Insiders sold a total of 17,716 shares of company stock worth $828,227 in the last three months. Company insiders own 9.48% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. DF Dent & Co. Inc. grew its holdings in shares of Cogent Communications Holdings by 28.9% during the third quarter. DF Dent & Co. Inc. now owns 35,481 shares of the technology company’s stock valued at $1,735,000 after buying an additional 7,963 shares in the last quarter. California Public Employees Retirement System grew its holdings in shares of Cogent Communications Holdings by 4.8% during the third quarter. California Public Employees Retirement System now owns 83,762 shares of the technology company’s stock valued at $4,096,000 after buying an additional 3,862 shares in the last quarter. Vident Investment Advisory LLC purchased a new position in shares of Cogent Communications Holdings during the third quarter valued at $482,000. Asset Management One Co. Ltd. purchased a new position in shares of Cogent Communications Holdings during the third quarter valued at $1,418,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Cogent Communications Holdings by 225.7% during the third quarter. Envestnet Asset Management Inc. now owns 4,762 shares of the technology company’s stock valued at $232,000 after buying an additional 3,300 shares in the last quarter. Institutional investors and hedge funds own 92.30% of the company’s stock.
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Cogent Communications Holdings Company Profile
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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