A number of other analysts also recently issued reports on CCOI. Royal Bank of Canada lifted their target price on Cogent Communications from $48.00 to $50.00 and gave the company a sector perform rating in a research report on Monday, February 25th. ValuEngine raised Cogent Communications from a hold rating to a buy rating in a research report on Thursday, March 14th. Zacks Investment Research raised Cogent Communications from a sell rating to a hold rating in a research report on Tuesday, April 30th. Deutsche Bank downgraded Cogent Communications from a buy rating to a hold rating in a research report on Thursday, May 2nd. Finally, Oppenheimer downgraded Cogent Communications from an outperform rating to a market perform rating in a research report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $51.71.
CCOI opened at $58.67 on Friday. The firm has a 50-day moving average price of $58.42. Cogent Communications has a 1 year low of $42.40 and a 1 year high of $61.43. The firm has a market cap of $2.74 billion, a P/E ratio of 93.13, a price-to-earnings-growth ratio of 8.38 and a beta of 0.57.
Cogent Communications (NASDAQ:CCOI) last released its earnings results on Thursday, May 2nd. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The business had revenue of $134.20 million for the quarter, compared to the consensus estimate of $135.21 million. Cogent Communications had a negative return on equity of 22.47% and a net margin of 5.92%. Cogent Communications’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.15 earnings per share. Equities analysts forecast that Cogent Communications will post 0.89 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Friday, May 17th were issued a dividend of $0.60 per share. The ex-dividend date was Thursday, May 16th. This represents a $2.40 dividend on an annualized basis and a yield of 4.09%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.58. Cogent Communications’s dividend payout ratio (DPR) is presently 380.95%.
In related news, CFO Thaddeus Gerard Weed sold 1,400 shares of Cogent Communications stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $60.84, for a total transaction of $85,176.00. Following the completion of the transaction, the chief financial officer now owns 72,550 shares in the company, valued at $4,413,942. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Raymond B. Kummer sold 2,400 shares of Cogent Communications stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $61.24, for a total value of $146,976.00. Following the transaction, the vice president now owns 41,400 shares of the company’s stock, valued at approximately $2,535,336. The disclosure for this sale can be found here. Insiders have sold 36,425 shares of company stock valued at $2,116,309 in the last quarter. 10.17% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in shares of Cogent Communications by 24.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 99,143 shares of the technology company’s stock valued at $5,533,000 after acquiring an additional 19,538 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Cogent Communications by 19.3% in the 4th quarter. Rhumbline Advisers now owns 131,389 shares of the technology company’s stock valued at $5,940,000 after acquiring an additional 21,235 shares during the last quarter. Oregon Public Employees Retirement Fund bought a new stake in shares of Cogent Communications in the 4th quarter valued at approximately $719,000. Piedmont Investment Advisors Inc. increased its holdings in shares of Cogent Communications by 3.4% in the 4th quarter. Piedmont Investment Advisors Inc. now owns 9,954 shares of the technology company’s stock valued at $450,000 after acquiring an additional 324 shares during the last quarter. Finally, Prudential Financial Inc. increased its holdings in shares of Cogent Communications by 4.1% in the 4th quarter. Prudential Financial Inc. now owns 77,299 shares of the technology company’s stock valued at $3,495,000 after acquiring an additional 3,014 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.
About Cogent Communications
Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.
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