Brokerages expect Cogent Communications Holdings, Inc. (NASDAQ:CCOI) to report $123.56 million in sales for the current quarter, according to Zacks Investment Research. Nine analysts have issued estimates for Cogent Communications Holdings’ earnings. The lowest sales estimate is $122.97 million and the highest is $124.10 million. Cogent Communications Holdings posted sales of $113.06 million in the same quarter last year, which indicates a positive year-over-year growth rate of 9.3%. The firm is scheduled to report its next quarterly earnings results on Thursday, November 2nd.
On average, analysts expect that Cogent Communications Holdings will report full year sales of $123.56 million for the current fiscal year, with estimates ranging from $485.93 million to $488.40 million. For the next financial year, analysts anticipate that the business will report sales of $536.90 million per share, with estimates ranging from $533.16 million to $539.21 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Cogent Communications Holdings.
Cogent Communications Holdings (NASDAQ:CCOI) last issued its earnings results on Thursday, August 3rd. The technology company reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.02). The business had revenue of $119.80 million for the quarter, compared to analyst estimates of $120.23 million. Cogent Communications Holdings had a negative return on equity of 27.66% and a net margin of 3.39%. The firm’s revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.09 EPS.
Several analysts have weighed in on the company. Royal Bank Of Canada raised their price target on Cogent Communications Holdings from $45.00 to $48.00 and gave the company an “outperform” rating in a report on Monday, August 7th. KeyCorp reaffirmed a “hold” rating on shares of Cogent Communications Holdings in a report on Wednesday. Wells Fargo & Company cut Cogent Communications Holdings from an “outperform” rating to a “market perform” rating and raised their price target for the company from $46.00 to $48.00 in a report on Monday. Zacks Investment Research raised Cogent Communications Holdings from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a report on Monday. Finally, Cowen and Company reaffirmed a “hold” rating and issued a $42.00 price target on shares of Cogent Communications Holdings in a report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. Cogent Communications Holdings currently has an average rating of “Hold” and an average target price of $44.23.
In related news, Director Steven D. Brooks sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $43.25, for a total transaction of $432,500.00. Following the transaction, the director now directly owns 26,400 shares of the company’s stock, valued at approximately $1,141,800. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Thaddeus Gerard Weed sold 2,250 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $43.51, for a total value of $97,897.50. Following the transaction, the chief financial officer now directly owns 72,650 shares in the company, valued at $3,161,001.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,466 shares of company stock worth $1,422,354. 9.48% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Flinton Capital Management LLC grew its position in Cogent Communications Holdings by 63.4% during the 2nd quarter. Flinton Capital Management LLC now owns 2,640 shares of the technology company’s stock worth $106,000 after acquiring an additional 1,024 shares during the last quarter. Sei Investments Co. grew its position in Cogent Communications Holdings by 29.7% during the 2nd quarter. Sei Investments Co. now owns 2,923 shares of the technology company’s stock worth $117,000 after acquiring an additional 670 shares during the last quarter. Pacad Investment Ltd. bought a new position in Cogent Communications Holdings during the 2nd quarter worth approximately $140,000. Ameritas Investment Partners Inc. bought a new position in Cogent Communications Holdings during the 1st quarter worth approximately $155,000. Finally, PNC Financial Services Group Inc. grew its position in Cogent Communications Holdings by 1,919.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,776 shares of the technology company’s stock worth $151,000 after acquiring an additional 3,589 shares during the last quarter. Institutional investors and hedge funds own 93.48% of the company’s stock.
Shares of Cogent Communications Holdings (CCOI) traded up 0.20% on Monday, reaching $49.90. The company’s stock had a trading volume of 278,540 shares. Cogent Communications Holdings has a 12 month low of $34.45 and a 12 month high of $51.85. The stock has a market cap of $2.23 billion, a P/E ratio of 142.57 and a beta of 0.66. The firm’s 50-day moving average price is $47.62 and its 200-day moving average price is $43.32.
Cogent Communications Holdings Company Profile
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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