Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Receives $77.57 Average Target Price from Brokerages

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have received an average rating of “Moderate Buy” from the six brokerages that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $77.57.

Several equities analysts have recently weighed in on CCOI shares. TheStreet upgraded Cogent Communications from a “c+” rating to a “b” rating in a report on Thursday, February 29th. StockNews.com cut Cogent Communications from a “hold” rating to a “sell” rating in a report on Thursday, April 25th. JPMorgan Chase & Co. cut their price objective on Cogent Communications from $74.00 to $73.00 and set a “neutral” rating on the stock in a report on Wednesday, March 6th. TD Cowen lifted their price objective on Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Finally, KeyCorp lifted their price objective on Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, March 1st.

Cogent Communications Price Performance

Cogent Communications stock opened at $63.07 on Friday. The firm has a market capitalization of $2.99 billion, a P/E ratio of 2.36 and a beta of 0.39. Cogent Communications has a 1 year low of $57.35 and a 1 year high of $86.00. The business has a 50-day moving average of $66.73 and a 200-day moving average of $69.48. 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) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.95) by $0.79. The company 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%. On average, equities analysts anticipate that Cogent Communications will post -3.35 EPS for the current year.

Cogent Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 9th. Shareholders of record on Friday, March 15th were paid a $0.965 dividend. This is a boost from Cogent Communications’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.86 annualized dividend and a yield of 6.12%. Cogent Communications’s payout ratio is presently 14.43%.

Insider Transactions at Cogent Communications

In other news, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $76.62, for a total transaction of $147,110.40. Following the sale, the executive now owns 54,822 shares in the company, valued at approximately $4,200,461.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Henry W. Kilmer sold 2,400 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $73.47, for a total transaction of $176,328.00. Following the transaction, the vice president now directly owns 41,000 shares of the company’s stock, valued at approximately $3,012,270. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO James Bubeck sold 1,920 shares of the business’s stock in a transaction that occurred on 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 disclosure for this sale can be found here. Insiders have sold a total of 69,320 shares of company stock worth $4,669,997 in the last 90 days. Corporate insiders own 11.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC grew its holdings in Cogent Communications by 25.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 12,021 shares of the technology company’s stock valued at $785,000 after buying an additional 2,454 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Cogent Communications by 1.1% during the 1st quarter. BNP Paribas Financial Markets now owns 38,040 shares of the technology company’s stock valued at $2,485,000 after acquiring an additional 419 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Cogent Communications during the 1st quarter valued at $937,000. IFM Investors Pty Ltd bought a new stake in shares of Cogent Communications during the 1st quarter valued at $325,000. Finally, Capital Insight Partners LLC lifted its position in shares of Cogent Communications by 6.7% during the 1st quarter. Capital Insight Partners LLC now owns 62,138 shares of the technology company’s stock valued at $4,059,000 after acquiring an additional 3,927 shares during the period. 92.45% of the stock is owned by institutional investors and hedge funds.

About Cogent Communications

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.