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

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have been given an average rating of “Hold” by the eleven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $19.55.

A number of analysts have commented on CCOI shares. UBS Group set a $9.00 price target on shares of Cogent Communications in a research note on Wednesday, August 19th. Wall Street Zen upgraded Cogent Communications from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $9.00 price target (down from $22.00) on shares of Cogent Communications in a research note on Wednesday, August 19th. KeyCorp decreased their price objective on shares of Cogent Communications from $25.00 to $15.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Cogent Communications in a research note on Monday, August 17th.

Insider Buying and Selling

In other Cogent Communications news, CFO Thaddeus Weed sold 4,850 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $9.37, for a total transaction of $45,444.50. Following the transaction, the chief financial officer owned 193,050 shares in the company, valued at $1,808,878.50. This trade represents a 2.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cogent Communications

A number of hedge funds have recently bought and sold shares of CCOI. Harspring Capital Management LLC grew its stake in shares of Cogent Communications by 60.3% during the fourth quarter. Harspring Capital Management LLC now owns 1,402,500 shares of the technology company’s stock worth $30,238,000 after buying an additional 527,500 shares during the last quarter. CenterBook Partners LP grew its position in Cogent Communications by 254.5% during the 4th quarter. CenterBook Partners LP now owns 601,735 shares of the technology company’s stock worth $12,973,000 after acquiring an additional 431,974 shares during the last quarter. Turtle Creek Asset Management Inc. increased its holdings in Cogent Communications by 7.7% in the 1st quarter. Turtle Creek Asset Management Inc. now owns 4,348,897 shares of the technology company’s stock worth $81,933,000 after purchasing an additional 312,050 shares in the last quarter. FourWorld Capital Management LLC bought a new position in Cogent Communications in the first quarter valued at about $5,002,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Cogent Communications during the second quarter valued at about $3,685,000. 92.45% of the stock is owned by institutional investors.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $8.88 on Tuesday. Cogent Communications has a 52-week low of $7.13 and a 52-week high of $45.69. The company has a market cap of $454.83 million, a P/E ratio of -9.25 and a beta of 0.81. The stock’s 50-day simple moving average is $9.93 and its 200 day simple moving average is $14.60.

Cogent Communications (NASDAQ:CCOI) last posted its quarterly earnings results on Thursday, August 6th. The technology company reported $1.38 earnings per share 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 the consensus estimate of $239.55 million. The firm’s revenue for the quarter was down 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.21) earnings per share. As a group, equities analysts predict that Cogent Communications will post -3.13 earnings per share for the current fiscal year.

Cogent Communications Announces Dividend

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

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.