A number of other analysts have also commented on CCOI. TheStreet raised Cogent Communications from a c+ rating to a b- rating in a research note on Thursday, November 21st. Zacks Investment Research downgraded Cogent Communications from a hold rating to a sell rating in a research note on Wednesday, October 9th. ValuEngine lowered shares of Cogent Communications from a buy rating to a hold rating in a report on Wednesday, October 2nd. Royal Bank of Canada lifted their target price on shares of Cogent Communications from $54.00 to $65.00 and gave the stock a sector perform rating in a research report on Wednesday, November 13th. Finally, BidaskClub raised shares of Cogent Communications from a hold rating to a buy rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company’s stock. Cogent Communications has an average rating of Hold and a consensus target price of $64.40.
NASDAQ CCOI opened at $61.65 on Friday. The firm’s fifty day moving average price is $60.50 and its two-hundred day moving average price is $59.38. The stock has a market cap of $2.89 billion, a PE ratio of 97.86, a PEG ratio of 8.90 and a beta of 0.57. Cogent Communications has a fifty-two week low of $42.40 and a fifty-two week high of $64.91.
Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported $0.30 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.12. Cogent Communications had a negative return on equity of 21.84% and a net margin of 6.91%. The company had revenue of $136.94 million during the quarter, compared to analysts’ expectations of $136.50 million. During the same period in the prior year, the company earned $0.18 EPS. Cogent Communications’s revenue was up 5.2% compared to the same quarter last year. As a group, analysts expect that Cogent Communications will post 0.87 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Friday, November 22nd will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend is Thursday, November 21st. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.62. Cogent Communications’s payout ratio is 406.35%.
In other news, VP Timothy G. Oneill sold 2,500 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $63.29, for a total transaction of $158,225.00. Following the completion of the sale, the vice president now directly owns 34,752 shares in the company, valued at $2,199,454.08. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Thaddeus Gerard Weed sold 5,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $61.74, for a total transaction of $308,700.00. Following the sale, the chief financial officer now owns 62,550 shares of the company’s stock, valued at $3,861,837. The disclosure for this sale can be found here. Insiders have sold 18,345 shares of company stock valued at $1,133,503 over the last 90 days. 10.17% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in CCOI. Bank of Montreal Can raised its position in shares of Cogent Communications by 0.5% in the 2nd quarter. Bank of Montreal Can now owns 37,673 shares of the technology company’s stock worth $2,236,000 after acquiring an additional 201 shares in the last quarter. Mason Street Advisors LLC increased its holdings in Cogent Communications by 1.6% in the third quarter. Mason Street Advisors LLC now owns 14,148 shares of the technology company’s stock worth $780,000 after purchasing an additional 220 shares in the last quarter. Chesley Taft & Associates LLC increased its holdings in Cogent Communications by 1.5% in the third quarter. Chesley Taft & Associates LLC now owns 15,450 shares of the technology company’s stock worth $851,000 after purchasing an additional 225 shares in the last quarter. Arizona State Retirement System lifted its stake in Cogent Communications by 0.6% in the second quarter. Arizona State Retirement System now owns 64,724 shares of the technology company’s stock valued at $3,842,000 after buying an additional 377 shares during the period. Finally, Zebra Capital Management LLC lifted its stake in Cogent Communications by 7.1% in the second quarter. Zebra Capital Management LLC now owns 5,774 shares of the technology company’s stock valued at $343,000 after buying an additional 381 shares during the period. Institutional investors and hedge funds own 85.14% of the company’s stock.
About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.
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