Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Receives Average Rating of “Hold” from Analysts

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have received a consensus rating of “Hold” from the nine ratings firms that are presently covering the company, Marketbeat.com reports. One 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 analysts that have covered the stock in the last year is $25.7143.

A number of equities analysts have issued reports on CCOI shares. Citigroup reduced their price target on shares of Cogent Communications from $33.00 to $25.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. The Goldman Sachs Group cut their price objective on shares of Cogent Communications from $40.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Weiss Ratings reissued a “sell (d+)” rating on shares of Cogent Communications in a report on Monday, December 22nd. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $27.00 price target (down from $45.00) on shares of Cogent Communications in a report on Friday, November 7th. Finally, UBS Group reaffirmed a “neutral” rating and set a $27.00 price target (down from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th.

Cogent Communications Stock Performance

Shares of CCOI opened at $23.72 on Thursday. The company has a debt-to-equity ratio of 49.06, a quick ratio of 2.02 and a current ratio of 2.02. The stock has a 50-day moving average of $21.08 and a two-hundred day moving average of $33.75. The stock has a market cap of $1.17 billion, a P/E ratio of -5.81 and a beta of 0.81. Cogent Communications has a one year low of $15.96 and a one year high of $84.06.

Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.87) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.15) by $0.28. Cogent Communications had a negative return on equity of 208.70% and a negative net margin of 19.72%.The firm had revenue of $241.95 million during the quarter, compared to analysts’ expectations of $246.13 million. During the same period last year, the business posted ($1.33) earnings per share. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. As a group, research analysts predict that Cogent Communications will post -4.55 EPS for the current year.

Cogent Communications Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 8th. Investors of record on Friday, November 21st were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.3%. The ex-dividend date was Friday, November 21st. Cogent Communications’s dividend payout ratio (DPR) is currently -1.96%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Cogent Communications

A number of institutional investors have recently modified their holdings of CCOI. Quarry LP acquired a new stake in Cogent Communications in the third quarter valued at approximately $27,000. Farther Finance Advisors LLC lifted its position in shares of Cogent Communications by 297.8% during the 2nd quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock valued at $36,000 after buying an additional 554 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new position in shares of Cogent Communications during the 2nd quarter valued at approximately $40,000. GAMMA Investing LLC grew its stake in Cogent Communications by 466.9% in the 4th quarter. GAMMA Investing LLC now owns 2,262 shares of the technology company’s stock valued at $49,000 after acquiring an additional 1,863 shares during the period. Finally, Versant Capital Management Inc increased its holdings in Cogent Communications by 333.7% in the 3rd quarter. Versant Capital Management Inc now owns 1,557 shares of the technology company’s stock worth $60,000 after acquiring an additional 1,198 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

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.