Cogent Communications Holdings, Inc. (CCOI) Sets New 52-Week High at $50.40
Cogent Communications Holdings, Inc. (NASDAQ:CCOI) hit a new 52-week high on Tuesday . The company traded as high as $50.40 and last traded at $50.35, with a volume of 84,270 shares trading hands. The stock had previously closed at $49.45.
A number of equities research analysts have weighed in on CCOI shares. Deutsche Bank AG reiterated a “buy” rating and issued a $48.00 price objective (up previously from $47.00) on shares of Cogent Communications Holdings in a research note on Friday, July 14th. BidaskClub lowered Cogent Communications Holdings from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Zacks Investment Research lowered Cogent Communications Holdings from a “hold” rating to a “sell” rating in a report on Friday, August 4th. Royal Bank Of Canada boosted their target price on Cogent Communications Holdings from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Monday, August 7th. Finally, Off Wall Street started coverage on Cogent Communications Holdings in a report on Monday, July 31st. They issued a “sell” rating and a $29.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. Cogent Communications Holdings currently has a consensus rating of “Hold” and a consensus target price of $42.45.
The company has a market cap of $2.29 billion, a price-to-earnings ratio of 146.71 and a beta of 0.66. The stock’s 50 day moving average is $46.41 and its 200 day moving average is $43.00.
Cogent Communications Holdings (NASDAQ:CCOI) last issued its earnings results on Thursday, August 3rd. The technology company reported $0.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.02). The company had revenue of $119.80 million during the quarter, compared to analyst estimates of $120.23 million. Cogent Communications Holdings had a negative return on equity of 27.66% and a net margin of 3.39%. The business’s revenue was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.09 earnings per share. Analysts anticipate that Cogent Communications Holdings, Inc. will post $0.47 EPS for the current fiscal year.
In other news, VP Timothy G. Oneill sold 1,000 shares of Cogent Communications Holdings stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $41.95, for a total transaction of $41,950.00. Following the transaction, the vice president now owns 42,052 shares in the company, valued at $1,764,081.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven D. Brooks sold 10,000 shares of Cogent Communications Holdings stock in a transaction on Monday, August 7th. The shares were sold at an average price of $43.25, for a total value of $432,500.00. Following the transaction, the director now owns 26,400 shares in the company, valued at approximately $1,141,800. The disclosure for this sale can be found here. Insiders have sold 31,466 shares of company stock worth $1,422,354 in the last quarter. 9.48% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its position in Cogent Communications Holdings by 125,208.8% during the first quarter. BlackRock Inc. now owns 4,955,963 shares of the technology company’s stock valued at $213,356,000 after purchasing an additional 4,952,008 shares during the last quarter. Copeland Capital Management LLC acquired a new stake in Cogent Communications Holdings during the second quarter valued at $10,759,000. First Trust Advisors LP boosted its position in Cogent Communications Holdings by 23.0% during the second quarter. First Trust Advisors LP now owns 1,413,588 shares of the technology company’s stock valued at $56,685,000 after purchasing an additional 264,597 shares during the last quarter. Renaissance Technologies LLC boosted its position in Cogent Communications Holdings by 13.5% during the second quarter. Renaissance Technologies LLC now owns 2,058,600 shares of the technology company’s stock valued at $82,550,000 after purchasing an additional 245,100 shares during the last quarter. Finally, River Road Asset Management LLC acquired a new stake in Cogent Communications Holdings during the second quarter valued at $8,800,000. Institutional investors and hedge funds own 93.48% of the company’s stock.
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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