Analysts Set Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Price Target at $25.71

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has earned an average rating of “Hold” from the nine brokerages that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $25.7143.

Several research firms have issued reports on CCOI. Zacks Research raised Cogent Communications from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. KeyCorp reaffirmed an “overweight” rating on shares of Cogent Communications in a research report on Wednesday, December 10th. The Goldman Sachs Group reduced their target price on Cogent Communications from $40.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, November 7th. Weiss Ratings reissued a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. Finally, Royal Bank Of Canada cut their price objective on Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating on the stock in a report on Thursday, November 13th.

Insider Buying and Selling

In other Cogent Communications news, Director Lewis H. Ferguson sold 4,000 shares of Cogent Communications stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $20.34, for a total transaction of $81,360.00. Following the transaction, the director directly owned 19,267 shares in the company, valued at approximately $391,890.78. The trade was a 17.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sheryl Lynn Kennedy sold 2,400 shares of the stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $21.34, for a total value of $51,216.00. Following the completion of the sale, the director owned 10,012 shares of the company’s stock, valued at $213,656.08. The trade was a 19.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

A number of institutional investors have recently bought and sold shares of the business. CIBC Bancorp USA Inc. acquired a new position in shares of Cogent Communications in the 3rd quarter valued at about $4,162,000. DigitalBridge Group Inc. boosted its holdings in shares of Cogent Communications by 45.8% during the third quarter. DigitalBridge Group Inc. now owns 850,073 shares of the technology company’s stock worth $32,600,000 after purchasing an additional 267,099 shares during the period. NewEdge Advisors LLC grew its position in Cogent Communications by 277.8% during the third quarter. NewEdge Advisors LLC now owns 31,161 shares of the technology company’s stock valued at $1,195,000 after purchasing an additional 22,912 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Cogent Communications by 14.5% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 55,880 shares of the technology company’s stock valued at $2,133,000 after buying an additional 7,079 shares during the period. Finally, Turtle Creek Asset Management Inc. increased its stake in Cogent Communications by 64.9% in the 3rd quarter. Turtle Creek Asset Management Inc. now owns 4,603,933 shares of the technology company’s stock valued at $176,561,000 after buying an additional 1,811,222 shares during the period. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Stock Performance

NASDAQ:CCOI opened at $21.86 on Friday. The company has a 50-day moving average of $25.30 and a 200-day moving average of $36.59. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -5.36 and a beta of 0.83. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 49.06. Cogent Communications has a twelve month low of $15.96 and a twelve month high of $84.06.

Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, November 6th. The technology company reported ($0.87) EPS for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.28. The business had revenue of $241.95 million for the quarter, compared to the consensus estimate of $246.13 million. Cogent Communications had a negative net margin of 19.72% and a negative return on equity of 208.70%. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.33) EPS. Analysts forecast that Cogent Communications will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 8th. Investors of record on Friday, November 21st were given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Friday, November 21st. Cogent Communications’s dividend payout ratio is -1.96%.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.