Cogent Communications Holdings, Inc. (NASDAQ:CCOI) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Cogent Communications Holdings, Inc. (NASDAQ:CCOI) have earned an average rating of “Hold” from the nine brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $25.7143.

Several research analysts recently issued reports on the company. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $27.00 target price (down from $45.00) on shares of Cogent Communications in a research report on Friday, November 7th. UBS Group restated a “neutral” rating and set a $27.00 price objective (down from $50.00) on shares of Cogent Communications in a research report on Friday, November 7th. Zacks Research raised Cogent Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. JPMorgan Chase & Co. decreased their target price on shares of Cogent Communications from $37.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, November 13th. Finally, Royal Bank Of Canada lowered their price target on shares of Cogent Communications from $40.00 to $23.00 and set a “sector perform” rating for the company in a report on Thursday, November 13th.

Insider Transactions at Cogent Communications

In related news, Director Lewis H. Ferguson sold 4,000 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $20.34, for a total transaction of $81,360.00. Following the sale, the director owned 19,267 shares in the company, valued at $391,890.78. This represents a 17.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sheryl Lynn Kennedy sold 2,400 shares of Cogent Communications stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $21.34, for a total value of $51,216.00. Following the completion of the sale, the director owned 10,012 shares of the company’s stock, valued at approximately $213,656.08. The trade was a 19.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 11.40% of the company’s stock.

Hedge Funds Weigh In On Cogent Communications

A number of institutional investors and hedge funds have recently modified their holdings of CCOI. Quarry LP bought a new stake in shares of Cogent Communications in the 3rd quarter valued at $27,000. AlphaQuest LLC acquired a new stake in Cogent Communications in the first quarter worth $36,000. Farther Finance Advisors LLC increased its stake in Cogent Communications by 297.8% in the second quarter. Farther Finance Advisors LLC now owns 740 shares of the technology company’s stock valued at $36,000 after purchasing an additional 554 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of Cogent Communications during the second quarter valued at about $40,000. Finally, Byrne Asset Management LLC bought a new position in shares of Cogent Communications during the 2nd quarter worth about $41,000. 92.45% of the stock is currently owned by institutional investors.

Cogent Communications Stock Up 1.4%

NASDAQ:CCOI opened at $22.56 on Friday. Cogent Communications has a one year low of $15.96 and a one year high of $84.06. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.02 and a quick ratio of 2.02. The company has a market cap of $1.11 billion, a PE ratio of -5.53 and a beta of 0.83. The firm’s 50 day simple moving average is $26.19 and its 200 day simple moving average is $37.03.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings results on Thursday, November 6th. The technology company reported ($0.87) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.15) by $0.28. The firm had revenue of $241.95 million during the quarter, compared to the consensus estimate of $246.13 million. Cogent Communications had a negative net margin of 19.72% and a negative return on equity of 208.70%. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter last year, the firm earned ($1.33) earnings per share. On average, research analysts anticipate that Cogent Communications will post -4.55 earnings per share for the current year.

Cogent Communications Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 8th. Investors of record on Friday, November 21st were issued a $0.02 dividend. The ex-dividend date was Friday, November 21st. This represents a $0.08 annualized dividend and a yield of 0.4%. Cogent Communications’s payout ratio is presently -1.96%.

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.