Royal Bank Of Canada Reiterates “Buy” Rating for Cogent Communications Holdings, Inc. (CCOI)
Cogent Communications Holdings, Inc. (NASDAQ:CCOI)‘s stock had its “buy” rating reiterated by stock analysts at Royal Bank Of Canada in a report issued on Monday. They currently have a $48.00 price target on the technology company’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 0.31% from the stock’s current price.
Several other brokerages have also recently issued reports on CCOI. Off Wall Street assumed coverage on Cogent Communications Holdings in a research note on Monday, July 31st. They issued a “sell” rating and a $29.00 price objective for the company. Cowen and Company restated a “hold” rating and issued a $42.00 price objective on shares of Cogent Communications Holdings in a research note on Friday, July 28th. BidaskClub cut Cogent Communications Holdings from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Zacks Investment Research cut Cogent Communications Holdings from a “hold” rating to a “sell” rating in a research note on Friday, August 4th. Finally, Deutsche Bank AG restated a “buy” rating and issued a $48.00 price objective (up from $47.00) on shares of Cogent Communications Holdings in a research note on Friday, July 14th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $42.45.
Shares of Cogent Communications Holdings (CCOI) opened at 47.85 on Monday. Cogent Communications Holdings has a 1-year low of $34.23 and a 1-year high of $47.88. The company has a market capitalization of $2.14 billion, a P/E ratio of 136.71 and a beta of 0.71. The firm’s 50 day moving average price is $44.16 and its 200-day moving average price is $42.20.
Cogent Communications Holdings (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.02). Cogent Communications Holdings had a negative return on equity of 27.66% and a net margin of 3.39%. The firm had revenue of $119.80 million during the quarter, compared to analysts’ expectations of $120.23 million. During the same quarter in the previous year, the business earned $0.09 earnings per share. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. Analysts expect that Cogent Communications Holdings will post $0.47 EPS for the current year.
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In other Cogent Communications Holdings news, Director Steven D. Brooks sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $43.25, for a total value of $432,500.00. Following the sale, the director now directly owns 26,400 shares of the company’s stock, valued at $1,141,800. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Timothy G. Oneill sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $41.95, for a total value of $41,950.00. Following the completion of the sale, the vice president now directly owns 42,052 shares in the company, valued at $1,764,081.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,466 shares of company stock worth $1,365,104. 9.48% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of CCOI. Flinton Capital Management LLC grew its holdings in Cogent Communications Holdings by 63.4% in the second quarter. Flinton Capital Management LLC now owns 2,640 shares of the technology company’s stock valued at $106,000 after purchasing an additional 1,024 shares during the period. LS Investment Advisors LLC grew its holdings in Cogent Communications Holdings by 74.2% in the first quarter. LS Investment Advisors LLC now owns 2,571 shares of the technology company’s stock valued at $111,000 after purchasing an additional 1,095 shares during the period. Sei Investments Co. grew its holdings in Cogent Communications Holdings by 29.7% in the second quarter. Sei Investments Co. now owns 2,923 shares of the technology company’s stock valued at $117,000 after purchasing an additional 670 shares during the period. Pacad Investment Ltd. acquired a new stake in Cogent Communications Holdings in the second quarter valued at approximately $140,000. Finally, Elkfork Partners LLC grew its holdings in Cogent Communications Holdings by 36.5% in the first quarter. Elkfork Partners LLC now owns 3,434 shares of the technology company’s stock valued at $148,000 after purchasing an additional 918 shares during the period. 93.48% of the stock is currently owned by institutional investors.
Cogent Communications Holdings Company Profile
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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