Analysts Set Cogent Communications Holdings, Inc. (NASDAQ:CCOI) PT at $77.57

Cogent Communications Holdings, Inc. (NASDAQ:CCOI) has earned an average rating of “Moderate Buy” from the six research firms that are presently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $77.57.

A number of research firms have recently issued reports on CCOI. KeyCorp raised their price objective on Cogent Communications from $85.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. StockNews.com cut Cogent Communications from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. TheStreet raised Cogent Communications from a “c+” rating to a “b” rating in a research report on Thursday, February 29th. TD Cowen raised their price objective on Cogent Communications from $81.00 to $84.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. Finally, Bank of America cut Cogent Communications from a “buy” rating to a “neutral” rating and cut their price objective for the company from $85.00 to $75.00 in a research report on Thursday, March 7th.

Cogent Communications Stock Up 1.1 %

NASDAQ:CCOI opened at $64.90 on Friday. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $3.08 billion, a PE ratio of 2.43 and a beta of 0.39. Cogent Communications has a 52-week low of $57.35 and a 52-week high of $86.00. The stock has a 50-day simple moving average of $67.25 and a 200 day simple moving average of $69.55.

Cogent Communications (NASDAQ:CCOI) last issued its quarterly earnings results on Thursday, February 29th. The technology company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.95) by $0.79. Cogent Communications had a negative return on equity of 23.66% and a net margin of 135.34%. The firm had revenue of $272.10 million during the quarter, compared to analysts’ expectations of $275.82 million. On average, sell-side analysts expect that Cogent Communications will post -3.35 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Friday, March 15th were given a dividend of $0.965 per share. This represents a $3.86 dividend on an annualized basis and a dividend yield of 5.95%. This is an increase from Cogent Communications’s previous quarterly dividend of $0.96. The ex-dividend date was Thursday, March 14th. Cogent Communications’s dividend payout ratio is presently 14.43%.

Insider Buying and Selling

In related news, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $76.62, for a total transaction of $147,110.40. Following the completion of the sale, the executive now owns 54,822 shares of the company’s stock, valued at $4,200,461.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Dave Schaeffer sold 26,174 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $64.21, for a total transaction of $1,680,632.54. Following the completion of the sale, the chief executive officer now owns 4,653,203 shares of the company’s stock, valued at $298,782,164.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO James Bubeck sold 1,920 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $76.62, for a total transaction of $147,110.40. Following the sale, the executive now directly owns 54,822 shares of the company’s stock, valued at approximately $4,200,461.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 69,320 shares of company stock worth $4,669,997. Company insiders own 11.00% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

Several institutional investors and hedge funds have recently bought and sold shares of CCOI. Handelsbanken Fonder AB raised its stake in Cogent Communications by 93.2% during the third quarter. Handelsbanken Fonder AB now owns 9,330 shares of the technology company’s stock worth $578,000 after acquiring an additional 4,500 shares in the last quarter. Ellsworth Advisors LLC acquired a new position in Cogent Communications during the third quarter worth about $374,000. Copeland Capital Management LLC raised its stake in Cogent Communications by 0.7% during the third quarter. Copeland Capital Management LLC now owns 969,139 shares of the technology company’s stock worth $59,990,000 after acquiring an additional 6,550 shares in the last quarter. Xponance Inc. acquired a new position in Cogent Communications during the third quarter worth about $275,000. Finally, Raymond James & Associates raised its stake in Cogent Communications by 26.8% during the third quarter. Raymond James & Associates now owns 589,196 shares of the technology company’s stock worth $36,471,000 after acquiring an additional 124,348 shares in the last quarter. Institutional investors own 92.45% 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 in North America, Europe, Oceania, South America, and Africa. The company offers on-net Internet access and private network services to law firms, financial services firms, and advertising and marketing firms, as well as heath care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable television companies, web hosting companies, media service providers, mobile phone operators, content delivery network companies, and commercial content and application service providers.