Cogent Communications Holdings, Inc. (CCOI) Issues Earnings Results, Misses Estimates By $0.06 EPS
Cogent Communications Holdings, Inc. (NASDAQ:CCOI) released its quarterly earnings results on Wednesday. The technology company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.06), Bloomberg Earnings reports. The firm had revenue of $123.00 million for the quarter, compared to analysts’ expectations of $123.60 million. Cogent Communications Holdings had a negative return on equity of 27.66% and a net margin of 3.39%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.08 EPS.
CCOI has been the topic of a number of research reports. BidaskClub upgraded Cogent Communications Holdings from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Zacks Investment Research downgraded Cogent Communications Holdings from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Royal Bank Of Canada restated a “buy” rating and set a $45.00 price target on shares of Cogent Communications Holdings in a research note on Sunday, July 9th. Deutsche Bank AG restated a “buy” rating and set a $48.00 price target (up previously from $47.00) on shares of Cogent Communications Holdings in a research note on Friday, July 14th. Finally, Cowen and Company restated a “hold” rating and set a $42.00 price target on shares of Cogent Communications Holdings in a research note on Friday, July 28th. Three analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. Cogent Communications Holdings presently has an average rating of “Hold” and a consensus target price of $44.23.
In other news, Director Steven D. Brooks sold 10,000 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $43.25, for a total transaction of $432,500.00. Following the sale, the director now directly owns 26,400 shares in the company, valued at approximately $1,141,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Henry W. Kilmer sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $46.45, for a total value of $139,350.00. Following the sale, the vice president now owns 36,600 shares in the company, valued at $1,700,070. The disclosure for this sale can be found here. Insiders have sold a total of 30,466 shares of company stock worth $1,380,404 over the last quarter. Insiders own 9.48% of the company’s stock.
Cogent Communications Holdings Company Profile
Cogent Communications Holdings, Inc is a facilities-based provider of Internet access and Internet Protocol (IP), communications services. The Company’s network is specifically designed and optimized to transmit data using IP. The Company delivers its services primarily to small and medium-sized businesses, communications service providers and other bandwidth-intensive organizations in North America, Europe and in Japan.
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