Cogent Communications (NASDAQ:CCOI) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Cogent Communications (NASDAQ:CCOI) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning.

CCOI has been the subject of several other research reports. KeyCorp lifted their price objective on Cogent Communications from $85.00 to $88.00 and gave the stock an overweight rating in a report on Friday, March 1st. JPMorgan Chase & Co. cut their price objective on Cogent Communications from $74.00 to $73.00 and set a neutral rating for the company in a report on Wednesday, March 6th. TheStreet raised Cogent Communications from a c+ rating to a b rating in a report on Thursday, February 29th. Bank of America lowered Cogent Communications from a buy rating to a neutral rating and cut their price objective for the stock from $85.00 to $75.00 in a report on Thursday, March 7th. Finally, TD Cowen lifted their price objective on Cogent Communications from $81.00 to $84.00 and gave the stock an outperform rating in a report on Friday, March 1st. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $77.57.

Cogent Communications Stock Up 0.3 %

Cogent Communications stock opened at $63.29 on Wednesday. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of 2.37 and a beta of 0.39. The stock has a fifty day simple moving average of $68.84 and a two-hundred day simple moving average of $69.36. Cogent Communications has a 12 month low of $57.35 and a 12 month high of $86.00. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 2.24.

Cogent Communications (NASDAQ:CCOI) last posted its earnings results on Thursday, February 29th. The technology company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.79. The business had revenue of $272.10 million during the quarter, compared to analyst estimates of $275.82 million. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. Equities analysts predict that Cogent Communications will post -3.35 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Friday, March 15th were issued a dividend of $0.965 per share. This represents a $3.86 annualized dividend and a yield of 6.10%. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.96. Cogent Communications’s payout ratio is currently 14.43%.

Insider Buying and Selling at Cogent Communications

In other Cogent Communications news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $76.62, for a total transaction of $147,110.40. Following the completion of the sale, the executive now owns 54,822 shares of the company’s stock, valued at $4,200,461.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $76.62, for a total value of $147,110.40. Following the transaction, the executive now directly owns 54,822 shares in the company, valued at $4,200,461.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $73.47, for a total value of $176,328.00. Following the completion of the transaction, the vice president now owns 41,000 shares in the company, valued at $3,012,270. The disclosure for this sale can be found here. Over the last quarter, insiders sold 69,320 shares of company stock valued at $4,669,997. Company insiders own 11.40% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

Large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its position in shares of Cogent Communications by 895.0% in the third quarter. EverSource Wealth Advisors LLC now owns 398 shares of the technology company’s stock worth $25,000 after buying an additional 358 shares in the last quarter. Fortis Capital Advisors LLC purchased a new stake in shares of Cogent Communications in the fourth quarter worth about $28,000. SRS Capital Advisors Inc. lifted its position in shares of Cogent Communications by 313.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 505 shares of the technology company’s stock worth $38,000 after buying an additional 383 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in shares of Cogent Communications by 109.9% in the fourth quarter. Hexagon Capital Partners LLC now owns 636 shares of the technology company’s stock worth $48,000 after buying an additional 333 shares in the last quarter. Finally, Belpointe Asset Management LLC lifted its position in shares of Cogent Communications by 68.5% in the first quarter. Belpointe Asset Management LLC now owns 1,289 shares of the technology company’s stock worth $82,000 after buying an additional 524 shares in the last quarter. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

Cogent Communications Company Profile

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.