Cogent Communications (NASDAQ:CCOI) Stock Rating Reaffirmed by 888

888 reiterated their reiterates rating on shares of Cogent Communications (NASDAQ:CCOI – Get Rating) in a research note published on Monday morning, Benzinga reports.

CCOI has been the subject of several other reports. Royal Bank of Canada raised their target price on shares of Cogent Communications from $61.00 to $69.00 and gave the company an outperform rating in a research note on Tuesday, March 7th. JPMorgan Chase & Co. lowered shares of Cogent Communications from an overweight rating to a neutral rating and lowered their price objective for the company from $72.00 to $70.00 in a research report on Monday, May 8th. William Blair reiterated an outperform rating on shares of Cogent Communications in a research report on Thursday, February 23rd. Credit Suisse Group increased their price objective on shares of Cogent Communications from $57.00 to $60.00 and gave the company a neutral rating in a research report on Friday, February 24th. Finally, Bank of America upgraded shares of Cogent Communications from an underperform rating to a buy rating and increased their price objective for the company from $45.00 to $85.00 in a research report on Wednesday, May 3rd. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cogent Communications presently has a consensus rating of Hold and an average target price of $67.33.

Cogent Communications Stock Performance

Shares of NASDAQ CCOI traded up $2.22 during midday trading on Monday, reaching $63.37. The stock had a trading volume of 269,659 shares, compared to its average volume of 293,920. Cogent Communications has a 12-month low of $46.75 and a 12-month high of $75.00. The stock has a 50-day moving average of $65.03 and a 200-day moving average of $62.65. The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of 288.06 and a beta of 0.44.

Cogent Communications (NASDAQ:CCOI – Get Rating) last posted its quarterly earnings results on Thursday, May 4th. The technology company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The company had revenue of $116.10 million for the quarter, compared to analysts’ expectations of $153.79 million. Cogent Communications had a negative return on equity of 2.48% and a net margin of 1.68%. The firm’s revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.02 EPS. As a group, analysts forecast that Cogent Communications will post 0.36 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 2nd. Stockholders of record on Thursday, May 18th will be given a $0.935 dividend. The ex-dividend date is Wednesday, May 17th. This represents a $3.74 dividend on an annualized basis and a dividend yield of 5.90%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.93. Cogent Communications’s payout ratio is presently 1,700.08%.

Insider Transactions at Cogent Communications

In other news, CEO Dave Schaeffer sold 35,000 shares of Cogent Communications stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $65.38, for a total value of $2,288,300.00. Following the transaction, the chief executive officer now owns 5,023,781 shares of the company’s stock, valued at approximately $328,454,801.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cogent Communications news, CEO Dave Schaeffer sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $65.38, for a total transaction of $2,288,300.00. Following the sale, the chief executive officer now owns 5,023,781 shares of the company’s stock, valued at approximately $328,454,801.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Thaddeus Gerard Weed sold 4,850 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $64.30, for a total transaction of $311,855.00. Following the sale, the chief financial officer now directly owns 73,250 shares in the company, valued at approximately $4,709,975. The disclosure for this sale can be found here. Insiders have sold a total of 64,068 shares of company stock valued at $4,209,866 in the last 90 days. Insiders own 11.40% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

Hedge funds have recently modified their holdings of the company. Raymond James Trust N.A. increased its stake in Cogent Communications by 2.2% in the first quarter. Raymond James Trust N.A. now owns 6,486 shares of the technology company’s stock valued at $413,000 after purchasing an additional 138 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Cogent Communications by 4.4% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 3,884 shares of the technology company’s stock valued at $247,000 after purchasing an additional 162 shares during the last quarter. Creative Planning increased its stake in Cogent Communications by 3.1% in the fourth quarter. Creative Planning now owns 6,123 shares of the technology company’s stock valued at $350,000 after purchasing an additional 186 shares during the last quarter. CWM LLC grew its position in shares of Cogent Communications by 31.0% during the fourth quarter. CWM LLC now owns 807 shares of the technology company’s stock worth $46,000 after acquiring an additional 191 shares during the last quarter. Finally, Maryland State Retirement & Pension System grew its position in shares of Cogent Communications by 1.1% during the fourth quarter. Maryland State Retirement & Pension System now owns 17,638 shares of the technology company’s stock worth $1,007,000 after acquiring an additional 192 shares during the last quarter. Hedge funds and other institutional investors own 85.15% of the company’s stock.

About Cogent Communications

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Cogent Communications Holdings, Inc engages in the provision of Internet access and Internet Protocol (IP) communications solutions. It offers Internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.