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

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

A number of brokerages recently issued reports on CCOI. TD Cowen reissued a “buy” rating on shares of Cogent Communications in a research report on Monday. Citigroup reduced their price target on Cogent Communications from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 19th. Wells Fargo & Company reduced their target price on Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. Weiss Ratings cut Cogent Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. 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 Activity

In related news, CFO Thaddeus Gerard Weed sold 4,850 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $16.79, for a total value of $81,431.50. Following the sale, the chief financial officer directly owned 197,900 shares of the company’s stock, valued at $3,322,741. This trade represents a 2.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Henry W. Kilmer sold 2,400 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $17.01, for a total value of $40,824.00. Following the completion of the sale, the vice president directly owned 38,600 shares in the company, valued at $656,586. This trade represents a 5.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 4.20% of the company’s stock.

Institutional Trading of Cogent Communications

Several large investors have recently bought and sold shares of CCOI. Turtle Creek Asset Management Inc. boosted its holdings in shares of Cogent Communications by 64.9% during 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 acquiring an additional 1,811,222 shares in the last quarter. Park West Asset Management LLC acquired a new stake in shares of Cogent Communications during the 4th quarter valued at $30,380,000. Bank of America Corp DE boosted its holdings in shares of Cogent Communications by 551.2% during the 3rd quarter. Bank of America Corp DE now owns 1,146,417 shares of the technology company’s stock valued at $43,965,000 after acquiring an additional 970,367 shares in the last quarter. MIG Capital LLC acquired a new stake in shares of Cogent Communications during the 4th quarter valued at $12,272,000. Finally, First Trust Advisors LP boosted its holdings in shares of Cogent Communications by 86.8% during the 4th quarter. First Trust Advisors LP now owns 1,177,398 shares of the technology company’s stock valued at $25,385,000 after acquiring an additional 547,188 shares in the last quarter. 92.45% of the stock is owned by institutional investors and hedge funds.

Cogent Communications Price Performance

Shares of NASDAQ:CCOI opened at $13.16 on Friday. The company has a market capitalization of $659.05 million, a P/E ratio of -3.71 and a beta of 0.77. Cogent Communications has a 1 year low of $13.02 and a 1 year high of $54.37. The business’s 50 day simple moving average is $18.29 and its 200 day simple moving average is $20.67.

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

Cogent Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Monday, May 18th were paid a $0.02 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.08 annualized dividend and a yield of 0.6%. Cogent Communications’s dividend payout ratio (DPR) is -2.25%.

Cogent Communications Company Profile

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.