Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Given Consensus Rating of “Hold” by Analysts

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have been assigned a consensus recommendation of “Hold” from the eleven analysts that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $24.90.

Several analysts have weighed in on CCOI shares. Citigroup lowered their target price on Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Tuesday, May 19th. TD Cowen reduced their price objective on Cogent Communications from $40.00 to $34.00 and set a “buy” rating on the stock in a research report on Tuesday, May 5th. Weiss Ratings downgraded Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, May 20th. Williams Trading set a $40.00 price objective on Cogent Communications in a research report on Monday, February 23rd. Finally, Wall Street Zen upgraded Cogent Communications from a “strong sell” rating to a “sell” rating in a research report on Sunday, April 26th.

Insider Buying and Selling

In other news, VP Henry W. Kilmer sold 2,400 shares of the company’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $23.35, for a total value of $56,040.00. Following the sale, the vice president directly owned 41,000 shares in the company, valued at $957,350. This represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $22.63, for a total value of $109,755.50. Following the completion of the sale, the chief financial officer owned 202,750 shares in the company, valued at $4,588,232.50. This represents a 2.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,756 shares of company stock valued at $292,467 over the last three months. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

A number of large investors have recently modified their holdings of CCOI. Turtle Creek Asset Management Inc. grew its stake in shares of Cogent Communications by 64.9% in the third 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 in the last quarter. Park West Asset Management LLC acquired a new stake in shares of Cogent Communications in the fourth quarter valued at about $30,380,000. Bank of America Corp DE grew its stake in shares of Cogent Communications by 551.2% in the third quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock valued at $43,965,000 after buying an additional 970,367 shares in the last quarter. MIG Capital LLC acquired a new stake in shares of Cogent Communications in the fourth quarter valued at about $12,272,000. Finally, First Trust Advisors LP grew its stake in shares of Cogent Communications by 86.8% in the fourth quarter. First Trust Advisors LP now owns 1,177,398 shares of the technology company’s stock valued at $25,385,000 after buying an additional 547,188 shares in the last quarter. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Stock Performance

Cogent Communications stock opened at $17.40 on Wednesday. The firm has a market capitalization of $871.36 million, a price-to-earnings ratio of -4.90 and a beta of 0.77. Cogent Communications has a fifty-two week low of $14.82 and a fifty-two week high of $54.37. The stock’s fifty day moving average is $19.66 and its two-hundred day moving average is $21.05.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share for the quarter, beating the consensus estimate of ($1.03) by $0.20. The company had revenue of $239.19 million for the quarter, compared to analyst estimates of $241.31 million. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.Cogent Communications’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.09) earnings per share. As a group, sell-side analysts forecast that Cogent Communications will post -4.25 EPS for the current fiscal year.

Cogent Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Monday, May 18th. Cogent Communications’s dividend payout ratio is currently -2.25%.

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.