Analysts Set Cogent Communications Holdings, Inc. (NASDAQ:CCOI) PT at $25.71

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has been assigned an average recommendation of “Hold” from the nine ratings firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $25.7143.

Several brokerages have issued reports on CCOI. Zacks Research upgraded Cogent Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Wells Fargo & Company reissued an “equal weight” rating and set a $27.00 price target (down from $45.00) on shares of Cogent Communications in a research report on Friday, November 7th. Citigroup reduced their price objective on Cogent Communications from $33.00 to $25.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. UBS Group reiterated a “neutral” rating and set a $27.00 target price (down previously from $50.00) on shares of Cogent Communications in a research note on Friday, November 7th. Finally, KeyCorp restated an “overweight” rating on shares of Cogent Communications in a research report on Wednesday, December 10th.

Insider Activity at Cogent Communications

In related news, Director Sheryl Lynn Kennedy sold 2,400 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $21.34, for a total transaction of $51,216.00. Following the completion of the transaction, the director owned 10,012 shares in the company, valued at $213,656.08. The trade was a 19.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lewis H. Ferguson sold 4,000 shares of the company’s stock in a transaction on Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total value of $81,360.00. Following the transaction, the director owned 19,267 shares of the company’s stock, valued at approximately $391,890.78. The trade was a 17.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 11.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cogent Communications

Several hedge funds and other institutional investors have recently modified their holdings of the company. AlphaQuest LLC acquired a new stake in shares of Cogent Communications in the 1st quarter worth about $36,000. Quarry LP bought a new position in Cogent Communications in the 3rd quarter worth about $27,000. Farther Finance Advisors LLC increased its stake in shares of Cogent Communications by 297.8% in the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock valued at $36,000 after purchasing an additional 554 shares during the period. Resources Management Corp CT ADV bought a new stake in shares of Cogent Communications during the first quarter valued at approximately $48,000. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of Cogent Communications during the second quarter valued at approximately $40,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

Cogent Communications Price Performance

Shares of CCOI stock opened at $20.62 on Friday. The firm has a fifty day moving average of $23.99 and a two-hundred day moving average of $36.12. The firm has a market cap of $1.01 billion, a P/E ratio of -5.05 and a beta of 0.81. Cogent Communications has a 1-year low of $15.96 and a 1-year high of $84.06. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.02 and a quick ratio of 2.02.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, November 6th. The technology company reported ($0.87) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.15) by $0.28. The business had revenue of $241.95 million for the quarter, compared to analyst estimates of $246.13 million. Cogent Communications had a negative net margin of 19.72% and a negative return on equity of 208.70%. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.33) EPS. As a group, research analysts anticipate that Cogent Communications will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 8th. Shareholders of record on Friday, November 21st were issued a $0.02 dividend. The ex-dividend date of this dividend was Friday, November 21st. This represents a $0.08 dividend on an annualized basis and a yield of 0.4%. Cogent Communications’s dividend payout ratio (DPR) is currently -1.96%.

About Cogent Communications

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.