Cogent Communications (NASDAQ:CCOI) Given “Reiterates” Rating at 888

888 reissued their reiterates rating on shares of Cogent Communications (NASDAQ:CCOI – Get Rating) in a research report sent to investors on Monday morning, Benzinga reports.

A number of other research analysts have also issued reports on the company. Bank of America raised Cogent Communications from an underperform rating to a buy rating and lifted their target price for the stock from $45.00 to $85.00 in a report on Wednesday, May 3rd. JPMorgan Chase & Co. lowered Cogent Communications from an overweight rating to a neutral rating and lowered their target price for the stock from $72.00 to $70.00 in a report on Monday, May 8th. Royal Bank of Canada lifted their target price on Cogent Communications from $61.00 to $69.00 and gave the stock an outperform rating in a report on Tuesday, March 7th. Credit Suisse Group lifted their target price on Cogent Communications from $57.00 to $60.00 and gave the stock a neutral rating in a report on Friday, February 24th. Finally, StockNews.com started coverage on Cogent Communications in a report on Thursday, May 18th. They set a hold rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $67.33.

Cogent Communications Stock Up 3.6 %

Shares of Cogent Communications stock traded up $2.22 on Monday, hitting $63.37. 269,659 shares of the company’s stock traded hands, compared to its average volume of 293,920. The stock has a market cap of $3.06 billion, a P/E ratio of 288.06 and a beta of 0.44. The firm’s 50-day moving average is $65.03 and its 200 day moving average is $62.65. Cogent Communications has a 52-week low of $46.75 and a 52-week high of $75.00.

Cogent Communications (NASDAQ:CCOI – Get Rating) last announced its quarterly earnings data on Thursday, May 4th. The technology company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.01. Cogent Communications had a negative return on equity of 2.48% and a net margin of 1.68%. The firm had revenue of $116.10 million for the quarter, compared to analysts’ expectations of $153.79 million. During the same period last year, the business posted $0.02 earnings per share. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. Equities research analysts forecast that Cogent Communications will post 0.36 EPS for the current year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 2nd. Shareholders of record on Thursday, May 18th will be paid a $0.935 dividend. This is a positive change from Cogent Communications’s previous quarterly dividend of $0.93. The ex-dividend date is Wednesday, May 17th. This represents a $3.74 annualized dividend and a yield of 5.90%. Cogent Communications’s dividend payout ratio is presently 1,700.08%.

Insider Buying and Selling at Cogent Communications

In other news, VP John B. Chang sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $73.00, for a total transaction of $365,000.00. Following the sale, the vice president now owns 42,360 shares of the company’s stock, valued at $3,092,280. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP John B. Chang sold 5,000 shares of the stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $73.00, for a total transaction of $365,000.00. Following the completion of the transaction, the vice president now directly owns 42,360 shares in the company, valued at $3,092,280. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Dave Schaeffer sold 35,000 shares of the stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $65.38, for a total value of $2,288,300.00. Following the transaction, the chief executive officer now owns 5,023,781 shares of the company’s stock, valued at $328,454,801.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,068 shares of company stock valued at $4,209,866. 11.40% of the stock is currently owned by company insiders.

Institutional Trading of Cogent Communications

Hedge funds have recently made changes to their positions in the business. Spire Wealth Management lifted its holdings in Cogent Communications by 155.8% during the 1st quarter. Spire Wealth Management now owns 399 shares of the technology company’s stock worth $25,000 after purchasing an additional 243 shares during the last quarter. Fortis Capital Advisors LLC acquired a new stake in Cogent Communications during the 4th quarter worth approximately $28,000. Quadrant Capital Group LLC raised its holdings in Cogent Communications by 123.3% in the 4th quarter. Quadrant Capital Group LLC now owns 690 shares of the technology company’s stock valued at $39,000 after acquiring an additional 381 shares in the last quarter. Signaturefd LLC raised its holdings in Cogent Communications by 50.8% in the 3rd quarter. Signaturefd LLC now owns 742 shares of the technology company’s stock valued at $39,000 after acquiring an additional 250 shares in the last quarter. Finally, Belpointe Asset Management LLC acquired a new position in Cogent Communications in the 4th quarter valued at $44,000. 85.15% of the stock is owned by institutional investors and hedge funds.

Cogent Communications Company Profile

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Cogent Communications Holdings, Inc engages in the provision of Internet access and Internet Protocol (IP) communications solutions. It offers Internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.