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

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

CCOI has been the subject of a number of recent research reports. TD Cowen decreased their price objective on Cogent Communications from $34.00 to $30.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Wall Street Zen raised Cogent Communications from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Royal Bank Of Canada cut their price target on Cogent Communications from $18.00 to $12.00 and set a “sector perform” rating for the company in a research note on Thursday, August 13th. UBS Group set a $9.00 price target on Cogent Communications in a research note on Wednesday, August 19th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $9.00 price target (down from $22.00) on shares of Cogent Communications in a report on Wednesday, August 19th.

Cogent Communications Stock Performance

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

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, August 6th. The technology company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.00) by $2.38. The company had revenue of $235.56 million for the quarter, compared to analysts’ expectations of $239.55 million. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.21) EPS. As a group, research analysts forecast that Cogent Communications will post -3.13 EPS for the current fiscal year.

Cogent Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Friday, August 21st were given a dividend of $0.02 per share. The ex-dividend date was Friday, August 21st. This represents a $0.08 dividend on an annualized basis and a yield of 1.1%. Cogent Communications’s dividend payout ratio is presently -8.33%.

Insider Transactions at Cogent Communications

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 value of $45,444.50. Following the completion of the transaction, the chief financial officer owned 193,050 shares in the company, valued at approximately $1,808,878.50. This represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cogent Communications

A number of hedge funds and other institutional investors have recently modified their holdings of CCOI. Turtle Creek Asset Management Inc. grew its holdings in Cogent Communications by 7.7% in 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 purchasing an additional 312,050 shares during the last quarter. Newtyn Management LLC raised its stake in shares of Cogent Communications by 3.5% during the 2nd quarter. Newtyn Management LLC now owns 1,655,895 shares of the technology company’s stock worth $22,984,000 after buying an additional 55,895 shares during the last quarter. Magnolia Group LLC raised its stake in shares of Cogent Communications by 3.5% during the 1st quarter. Magnolia Group LLC now owns 1,290,204 shares of the technology company’s stock worth $24,307,000 after buying an additional 43,867 shares during the last quarter. Granahan Investment Management LLC raised its stake in shares of Cogent Communications by 46.3% during the 1st quarter. Granahan Investment Management LLC now owns 317,447 shares of the technology company’s stock worth $5,981,000 after buying an additional 100,422 shares during the last quarter. Finally, FourWorld Capital Management LLC purchased a new stake in shares of Cogent Communications in the 1st quarter worth about $5,002,000. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Company Profile

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.