888 Reaffirms Reiterates Rating for Cogent Communications (NASDAQ:CCOI)

888 reaffirmed their reiterates rating on shares of Cogent Communications (NASDAQ:CCOI – Get Rating) in a report published on Monday morning, Benzinga reports.

A number of other research firms also recently issued reports on CCOI. William Blair reiterated an outperform rating on shares of Cogent Communications in a research note on Thursday, February 23rd. Bank of America upgraded shares of Cogent Communications from an underperform rating to a buy rating and raised their target price for the company from $45.00 to $85.00 in a research note on Wednesday, May 3rd. JPMorgan Chase & Co. downgraded shares of Cogent Communications from an overweight rating to a neutral rating and lowered their target price for the company from $72.00 to $70.00 in a research note on Monday, May 8th. StockNews.com initiated coverage on shares of Cogent Communications in a research note on Thursday, May 18th. They issued a hold rating for the company. Finally, Credit Suisse Group raised their target price on shares of Cogent Communications from $57.00 to $60.00 and gave the company a neutral rating in a research note on Friday, February 24th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $67.33.

Cogent Communications Price Performance

Shares of CCOI stock traded up $2.22 during mid-day trading on Monday, hitting $63.37. The company had a trading volume of 269,666 shares, compared to its average volume of 293,920. Cogent Communications has a 52-week low of $46.75 and a 52-week high of $75.00. The stock’s 50 day moving average price is $65.03 and its 200-day moving average price is $62.65. The company has a market capitalization of $3.06 billion, a P/E ratio of 288.06 and a beta of 0.44.

Cogent Communications (NASDAQ:CCOI – Get Rating) last released its earnings results on Thursday, May 4th. The technology company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.12 by $0.01. Cogent Communications had a net margin of 1.68% and a negative return on equity of 2.48%. The firm had revenue of $116.10 million for the quarter, compared to the consensus estimate of $153.79 million. During the same quarter in the previous year, the firm earned $0.02 earnings per share. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. On average, equities research analysts expect that Cogent Communications will post 0.36 earnings per share for the current year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 2nd. Shareholders of record on Thursday, May 18th will be paid a dividend of $0.935 per share. The ex-dividend date of this dividend is Wednesday, May 17th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.93. This represents a $3.74 dividend on an annualized basis and a yield of 5.90%. Cogent Communications’s payout ratio is 1,700.08%.

Insiders Place Their Bets

In other news, Director Sheryl Lynn Kennedy sold 600 shares of the business’s stock in a transaction that occurred on Monday, March 13th. The shares were sold at an average price of $61.66, for a total value of $36,996.00. Following the sale, the director now directly owns 7,209 shares of the company’s stock, valued at approximately $444,506.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Sheryl Lynn Kennedy sold 600 shares of the business’s stock in a transaction that occurred on Monday, March 13th. The shares were sold at an average price of $61.66, for a total value of $36,996.00. Following the sale, the director now directly owns 7,209 shares of the company’s stock, valued at approximately $444,506.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John B. Chang sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $73.00, for a total transaction of $365,000.00. Following the completion of the sale, the vice president now directly owns 42,360 shares in the company, valued at $3,092,280. The disclosure for this sale can be found here. Insiders have sold 64,068 shares of company stock valued at $4,209,866 over the last ninety days. Company insiders own 11.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC boosted its holdings in shares of Cogent Communications by 71.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,960 shares of the technology company’s stock valued at $112,000 after buying an additional 815 shares in the last quarter. CAPROCK Group Inc. boosted its holdings in shares of Cogent Communications by 7.9% in the 3rd quarter. CAPROCK Group Inc. now owns 4,314 shares of the technology company’s stock valued at $225,000 after buying an additional 314 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Cogent Communications by 46.0% in the 3rd quarter. IFP Advisors Inc now owns 5,926 shares of the technology company’s stock valued at $307,000 after buying an additional 1,868 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Cogent Communications by 731.5% in the 3rd quarter. Victory Capital Management Inc. now owns 80,302 shares of the technology company’s stock valued at $4,189,000 after buying an additional 70,645 shares in the last quarter. Finally, Belpointe Asset Management LLC acquired a new position in shares of Cogent Communications in the 4th quarter valued at $44,000. Institutional investors and hedge funds own 85.15% of the company’s stock.

About Cogent Communications

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Cogent Communications Holdings, Inc engages in the provision of Internet access and Internet Protocol (IP) communications solutions. It offers Internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.