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

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has been given a consensus recommendation of “Hold” by the eleven research firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $24.90.

CCOI has been the subject of a number of research reports. Wells Fargo & Company dropped their target price on Cogent Communications from $23.00 to $18.00 and set an “equal weight” rating for the company in a report on Thursday, May 7th. Royal Bank Of Canada decreased their price target on shares of Cogent Communications from $22.00 to $18.00 and set a “sector perform” rating on the stock in a research note on Wednesday, May 6th. UBS Group dropped their price objective on shares of Cogent Communications from $21.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Wall Street Zen raised shares of Cogent Communications from a “strong sell” rating to a “sell” rating in a report on Saturday, June 27th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $22.00 target price on shares of Cogent Communications in a research report on Friday, May 29th.

Cogent Communications Trading Up 2.2%

Shares of NASDAQ CCOI opened at $12.52 on Thursday. The firm has a market cap of $627.00 million, a P/E ratio of -3.53 and a beta of 0.80. The business’s 50 day moving average is $15.49 and its 200-day moving average is $19.71. Cogent Communications has a 1-year low of $11.43 and a 1-year high of $54.37.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Monday, May 4th. The technology company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.03) by $0.20. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 17.53%.The business had revenue of $239.19 million during the quarter, compared to the consensus estimate of $241.31 million. During the same period in the previous year, the company posted ($1.09) EPS. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. Analysts forecast that Cogent Communications will post -4.25 EPS for the current year.

Cogent Communications Announces Dividend

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

Insider Activity at Cogent Communications

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC lifted its position in Cogent Communications by 208.6% during the first quarter. Parallel Advisors LLC now owns 1,432 shares of the technology company’s stock worth $27,000 after purchasing an additional 968 shares during the period. Quarry LP acquired a new stake in Cogent Communications during the third quarter worth about $27,000. Caitong International Asset Management Co. Ltd bought a new position in Cogent Communications in the 4th quarter valued at about $28,000. Hantz Financial Services Inc. increased its holdings in Cogent Communications by 313.9% in the 4th quarter. Hantz Financial Services Inc. now owns 1,486 shares of the technology company’s stock valued at $32,000 after buying an additional 1,127 shares during the period. Finally, Kestra Advisory Services LLC acquired a new position in shares of Cogent Communications in the 4th quarter valued at approximately $43,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

About Cogent Communications

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.