Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Stock Now Rated “Hold” by Sell-Side Brokerages

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has been assigned a consensus rating of “Hold” from the eleven ratings firms that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $19.55.

A number of analysts have recently weighed in on CCOI shares. Royal Bank Of Canada lowered their target price on Cogent Communications from $18.00 to $12.00 and set a “sector perform” rating for the company in a research note on Thursday, August 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of Cogent Communications in a research report on Monday, August 17th. Wells Fargo & Company decreased their price target on shares of Cogent Communications from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. UBS Group set a $9.00 price target on shares of Cogent Communications in a report on Wednesday, August 19th. Finally, Citigroup dropped their price objective on shares of Cogent Communications from $20.00 to $11.50 and set a “neutral” rating for the company in a research report on Thursday, August 13th.

Cogent Communications Price Performance

Cogent Communications stock opened at $6.74 on Friday. The company has a market capitalization of $345.20 million, a PE ratio of -7.02 and a beta of 0.81. Cogent Communications has a one year low of $6.61 and a one year high of $41.53. The business has a 50 day simple moving average of $8.65 and a 200 day simple moving average of $15.80.

Cogent Communications (NASDAQ:CCOI) last announced its earnings results on Thursday, August 6th. The technology company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.00) by $2.38. The firm had revenue of $235.56 million for the quarter, compared to analyst estimates of $239.55 million. During the same quarter last year, the business earned ($1.21) EPS. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. Equities analysts anticipate that Cogent Communications will post -3.13 earnings per share for the current fiscal year.

Cogent Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Friday, August 21st were issued a $0.02 dividend. The ex-dividend date was Friday, August 21st. This represents a $0.08 annualized dividend and a yield of 1.2%. Cogent Communications’s dividend payout ratio (DPR) is currently -8.33%.

Insider Buying and Selling

In other Cogent Communications news, CFO Thaddeus Weed sold 4,850 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $9.37, for a total transaction of $45,444.50. Following the completion of the sale, the chief financial officer directly owned 193,050 shares of the company’s stock, valued at approximately $1,808,878.50. The trade was a 2.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cogent Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of CCOI. Parallel Advisors LLC boosted its position in shares of 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 buying an additional 968 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Cogent Communications in the fourth quarter valued at approximately $28,000. Public Employees Retirement System of Ohio bought a new stake in Cogent Communications in the 2nd quarter valued at about $26,000. Inspire Investing LLC lifted its position in shares of Cogent Communications by 73.5% during the 1st quarter. Inspire Investing LLC now owns 5,049 shares of the technology company’s stock valued at $95,000 after acquiring an additional 2,139 shares during the period. Finally, Nykredit A S acquired a new stake in shares of Cogent Communications during the 2nd quarter worth approximately $32,000. 92.45% of the stock is owned by institutional investors.

About Cogent Communications

Cogent Communications Holdings, Inc (NASDAQ: CCOI) is a telecommunications company that provides high-speed Internet connectivity and data transport services to businesses, telecommunications carriers, content providers, government agencies and educational institutions. The company operates a global, facilities-based fiber-optic network and is recognized as a Tier 1 Internet service provider.

Cogent’s offerings include dedicated Internet access, IP transit, Ethernet and other private network connectivity services.