CCOI has been the subject of several other reports. Zacks Investment Research lowered shares of Cogent Communications from a hold rating to a sell rating in a report on Monday, August 12th. Credit Suisse Group assumed coverage on shares of Cogent Communications in a report on Friday, May 31st. They set an outperform rating and a $68.00 price objective on the stock. CIBC reissued a market perform rating on shares of Cogent Communications in a report on Friday, May 10th. Wells Fargo & Co reissued a hold rating on shares of Cogent Communications in a report on Friday, August 9th. Finally, Deutsche Bank lowered shares of Cogent Communications from a buy rating to a hold rating in a report on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. Cogent Communications has a consensus rating of Hold and an average price target of $58.17.
Shares of NASDAQ:CCOI opened at $58.07 on Wednesday. Cogent Communications has a 52-week low of $42.40 and a 52-week high of $64.24. The stock has a market cap of $2.82 billion, a P/E ratio of 86.03, a price-to-earnings-growth ratio of 9.80 and a beta of 0.56. The business’s 50 day moving average is $60.97 and its 200 day moving average is $56.40.
Cogent Communications (NASDAQ:CCOI) last announced its quarterly earnings data on Thursday, August 8th. The technology company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.06). Cogent Communications had a negative return on equity of 20.58% and a net margin of 5.97%. The firm had revenue of $134.79 million during the quarter, compared to the consensus estimate of $136.12 million. During the same period last year, the company earned $0.14 EPS. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cogent Communications will post 0.77 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 9th. Stockholders of record on Friday, August 23rd will be issued a dividend of $0.62 per share. This is a boost from Cogent Communications’s previous quarterly dividend of $0.60. This represents a $2.48 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend is Thursday, August 22nd. Cogent Communications’s payout ratio is 380.95%.
In other news, CFO Thaddeus Gerard Weed sold 1,400 shares of the business’s 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 sale, the chief financial officer now directly owns 72,550 shares in the company, valued at $4,413,942. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Timothy G. Oneill sold 1,000 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $57.52, for a total value of $57,520.00. Following the sale, the vice president now owns 42,252 shares in the company, valued at $2,430,335.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,970 shares of company stock worth $1,412,349. Company insiders own 10.17% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. purchased a new position in shares of Cogent Communications in the second quarter worth $30,000. Royce & Associates LP boosted its position in Cogent Communications by 29.2% during the 1st quarter. Royce & Associates LP now owns 810 shares of the technology company’s stock valued at $44,000 after acquiring an additional 183 shares in the last quarter. Arbor Wealth Management LLC acquired a new stake in shares of Cogent Communications in the 2nd quarter worth $59,000. Quadrant Capital Group LLC raised its stake in Cogent Communications by 296.4% in the 1st quarter. Quadrant Capital Group LLC now owns 1,328 shares of the technology company’s stock worth $70,000 after acquiring an additional 993 shares during the last quarter. Finally, Winslow Evans & Crocker Inc. raised its stake in Cogent Communications by 163.6% in the 2nd quarter. Winslow Evans & Crocker Inc. now owns 1,476 shares of the technology company’s stock worth $88,000 after acquiring an additional 916 shares during the last quarter. Institutional investors own 87.60% of the company’s stock.
Cogent Communications Company Profile
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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