Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Receives $75.86 Consensus Price Target from Brokerages

by · The Markets Daily

Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Free Report) has received an average recommendation of “Hold” from the seven research firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $75.86.

CCOI has been the topic of a number of recent analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $74.00 price target on shares of Cogent Communications in a research report on Tuesday, September 3rd. KeyCorp boosted their price target on shares of Cogent Communications from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. The Goldman Sachs Group boosted their price target on shares of Cogent Communications from $56.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. upped their target price on shares of Cogent Communications from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Finally, TD Cowen upped their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, August 9th.

View Our Latest Report on CCOI

Insider Buying and Selling

In related news, Director Lewis H. Ferguson sold 1,550 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $72.62, for a total transaction of $112,561.00. Following the completion of the sale, the director now directly owns 17,748 shares of the company’s stock, valued at $1,288,859.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Lewis H. Ferguson sold 1,550 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $72.62, for a total transaction of $112,561.00. Following the completion of the sale, the director now directly owns 17,748 shares of the company’s stock, valued at $1,288,859.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $72.82, for a total transaction of $4,369,200.00. Following the sale, the chief executive officer now directly owns 4,373,038 shares of the company’s stock, valued at $318,444,627.16. The disclosure for this sale can be found here. Insiders sold a total of 64,870 shares of company stock valued at $4,716,057 over the last ninety days. Insiders own 11.40% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

Large investors have recently bought and sold shares of the company. EdgePoint Investment Group Inc. increased its holdings in shares of Cogent Communications by 46.2% in the second quarter. EdgePoint Investment Group Inc. now owns 1,537,196 shares of the technology company’s stock worth $86,759,000 after acquiring an additional 485,628 shares in the last quarter. Harspring Capital Management LLC grew its position in shares of Cogent Communications by 6.0% in the 2nd quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock valued at $66,402,000 after purchasing an additional 66,500 shares during the period. Thrivent Financial for Lutherans increased its stake in Cogent Communications by 2,739.1% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock worth $58,430,000 after purchasing an additional 998,796 shares in the last quarter. Capital World Investors raised its holdings in Cogent Communications by 327.7% during the 1st quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock worth $64,129,000 after buying an additional 752,133 shares during the period. Finally, Hood River Capital Management LLC raised its holdings in Cogent Communications by 18.9% during the 2nd quarter. Hood River Capital Management LLC now owns 874,174 shares of the technology company’s stock worth $49,338,000 after buying an additional 138,680 shares during the period. Institutional investors own 92.45% of the company’s stock.

Cogent Communications Stock Performance

NASDAQ CCOI opened at $76.51 on Tuesday. The stock has a market cap of $3.75 billion, a P/E ratio of 3.03 and a beta of 0.40. The company’s 50-day simple moving average is $70.86 and its 200 day simple moving average is $64.06. Cogent Communications has a twelve month low of $50.80 and a twelve month high of $86.00. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 4.43.

Cogent Communications (NASDAQ:CCOI – Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.68) EPS for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.59. The firm had revenue of $260.40 million for the quarter, compared to analyst estimates of $264.32 million. Cogent Communications had a net margin of 4.26% and a negative return on equity of 32.14%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.13) earnings per share. As a group, research analysts forecast that Cogent Communications will post -4.46 earnings per share for the current fiscal year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were paid a dividend of $0.985 per share. This represents a $3.94 dividend on an annualized basis and a dividend yield of 5.15%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.98. The ex-dividend date was Thursday, August 22nd. Cogent Communications’s payout ratio is 15.61%.

About Cogent Communications

(Get Free Report

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.

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