Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock Now Rated “Hold” by Wall Street Analysts

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have been given an average rating of “Hold” by the eleven ratings firms that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $19.55.

CCOI has been the subject of several analyst reports. KeyCorp cut their target price on shares of Cogent Communications from $25.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Wells Fargo & Company decreased their price target on shares of Cogent Communications from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Wall Street Zen upgraded shares of Cogent Communications from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $9.00 price objective (down from $22.00) on shares of Cogent Communications in a research report on Wednesday, August 19th. Finally, UBS Group set a $9.00 price objective on shares of Cogent Communications in a research note on Wednesday, August 19th.

Cogent Communications Price Performance

Shares of CCOI opened at $7.48 on Friday. The firm has a 50 day simple moving average of $8.94 and a 200-day simple moving average of $13.63. Cogent Communications has a 1-year low of $7.04 and a 1-year high of $44.31. The stock has a market cap of $383.13 million, a price-to-earnings ratio of -7.79 and a beta of 0.81.

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 analysts’ consensus estimates of ($1.00) by $2.38. The company had revenue of $235.56 million during the quarter, compared to analysts’ expectations of $239.55 million. During the same period in the previous year, the company posted ($1.21) EPS. Cogent Communications’s quarterly 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 fiscal year.

Cogent Communications Announces Dividend

The firm also recently declared 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 1.1%. Cogent Communications’s payout ratio is -8.33%.

Insider Activity at Cogent Communications

In other news, CFO Thaddeus Weed sold 4,850 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $9.37, for a total transaction of $45,444.50. Following the completion of the transaction, the chief financial officer owned 193,050 shares of the company’s stock, valued at $1,808,878.50. This represents a 2.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cogent Communications

A number of large investors have recently bought and sold shares of the stock. Turtle Creek Asset Management Inc. grew its position in Cogent Communications by 7.7% during the first quarter. Turtle Creek Asset Management Inc. now owns 4,348,897 shares of the technology company’s stock valued at $81,933,000 after acquiring an additional 312,050 shares during the period. Newtyn Management LLC raised its holdings in shares of Cogent Communications by 3.5% in the 2nd quarter. Newtyn Management LLC now owns 1,655,895 shares of the technology company’s stock worth $22,984,000 after purchasing an additional 55,895 shares during the period. Magnolia Group LLC lifted its stake in shares of Cogent Communications by 3.5% in the 1st quarter. Magnolia Group LLC now owns 1,290,204 shares of the technology company’s stock valued at $24,307,000 after purchasing an additional 43,867 shares in the last quarter. Granahan Investment Management LLC lifted its stake in shares of Cogent Communications by 46.3% in the 1st quarter. Granahan Investment Management LLC now owns 317,447 shares of the technology company’s stock valued at $5,981,000 after purchasing an additional 100,422 shares in the last quarter. Finally, FourWorld Capital Management LLC purchased a new stake in shares of Cogent Communications during the 1st quarter worth about $5,002,000. Hedge funds and other institutional investors own 92.45% of the company’s stock.

About Cogent Communications

Cogent Communications Holdings, Inc (NASDAQ: CCOI) is a telecommunications company that provides high-speed Internet connectivity and data transport services to businesses, telecommunications carriers, content providers, government agencies and educational institutions. The company operates a global, facilities-based fiber-optic network and is recognized as a Tier 1 Internet service provider.

Cogent’s offerings include dedicated Internet access, IP transit, Ethernet and other private network connectivity services.