Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Receives Average Rating of “Hold” from Brokerages

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has been assigned an average recommendation of “Hold” from the eleven brokerages that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $19.55.

A number of analysts recently weighed in on CCOI shares. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $9.00 price target (down from $22.00) on shares of Cogent Communications in a report on Wednesday, August 19th. TD Cowen reduced their price objective on Cogent Communications from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Citigroup decreased their price objective on Cogent Communications from $20.00 to $11.50 and set a “neutral” rating on the stock in a research report on Thursday, August 13th. Royal Bank Of Canada lowered their target price on Cogent Communications from $18.00 to $12.00 and set a “sector perform” rating for the company in a research note on Thursday, August 13th. Finally, UBS Group set a $9.00 target price on Cogent Communications in a research report on Wednesday, August 19th.

Cogent Communications Stock Up 2.8%

Shares of NASDAQ CCOI opened at $8.46 on Tuesday. Cogent Communications has a 12-month low of $7.13 and a 12-month high of $45.69. The firm’s 50-day simple moving average is $10.00 and its 200 day simple moving average is $14.71. The company has a market cap of $433.32 million, a price-to-earnings ratio of -8.81 and a beta of 0.81.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings data on Thursday, August 6th. The technology company reported $1.38 earnings per share for the quarter, beating the consensus estimate of ($1.00) by $2.38. The company had revenue of $235.56 million during the quarter, compared to analyst estimates of $239.55 million. During the same quarter in the previous year, the business posted ($1.21) EPS. The company’s revenue was down 4.4% compared to the same quarter last year. On average, equities analysts expect that Cogent Communications will post -3.13 earnings per share for the current year.

Cogent Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Friday, August 21st were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Friday, August 21st. Cogent Communications’s dividend payout ratio (DPR) is presently -8.33%.

Insider Buying and Selling

In other Cogent Communications news, CFO Thaddeus Weed sold 4,850 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $9.37, for a total transaction of $45,444.50. Following the completion of 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio bought a new stake in shares of Cogent Communications during the second quarter worth approximately $26,000. Parallel Advisors LLC boosted its stake in Cogent Communications by 208.6% in the first quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock valued at $27,000 after acquiring an additional 968 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Cogent Communications during the 4th quarter worth $28,000. Hantz Financial Services Inc. grew its holdings in Cogent Communications by 313.9% during the 4th quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock worth $32,000 after acquiring an additional 1,127 shares during the period. Finally, Nykredit A S bought a new stake in shares of Cogent Communications during the 2nd quarter valued at $32,000. Institutional investors own 92.45% of the company’s stock.

About Cogent Communications

Cogent Communications Holdings, Inc provides high-speed Internet connectivity and data communications services to businesses, carriers, Internet service providers and other organizations. Through its wholly owned subsidiary, Cogent Communications, the company operates an Internet Protocol (IP) network designed to support the transmission of data across metropolitan, national and international routes.

The company’s service offerings include dedicated Internet access, IP transit, Ethernet transport, virtual private network services and colocation.