UBS Group initiated coverage on shares of Cogent Communications (NASDAQ:CCOI – Free Report) in a research note published on Thursday morning, Marketbeat reports. The brokerage issued a buy rating and a $102.00 price target on the technology company’s stock.
A number of other research firms also recently issued reports on CCOI. TD Cowen boosted their target price on shares of Cogent Communications from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Citigroup increased their price objective on shares of Cogent Communications from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, August 19th. Bank of America lowered Cogent Communications from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $75.00 to $65.00 in a research report on Wednesday, August 21st. KeyCorp increased their price target on Cogent Communications from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. boosted their price objective on Cogent Communications from $70.00 to $76.00 and gave the company a “neutral” rating in a report on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $80.25.
Get Our Latest Stock Analysis on CCOI
Cogent Communications Price Performance
Cogent Communications (NASDAQ:CCOI – Get Free Report) last announced its earnings results on Thursday, November 7th. The technology company reported ($1.33) EPS for the quarter, beating the consensus estimate of ($1.34) by $0.01. The company had revenue of $257.20 million for the quarter, compared to analyst estimates of $258.69 million. Cogent Communications had a negative return on equity of 36.31% and a net margin of 3.73%. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.13) EPS. On average, analysts expect that Cogent Communications will post -4.54 earnings per share for the current year.
Cogent Communications Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $0.995 per share. The ex-dividend date of this dividend is Friday, November 22nd. This is a boost from Cogent Communications’s previous quarterly dividend of $0.99. This represents a $3.98 annualized dividend and a yield of 5.01%. Cogent Communications’s dividend payout ratio (DPR) is 510.26%.
Insiders Place Their Bets
In other news, VP John B. Chang sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $71.67, for a total value of $100,338.00. Following the transaction, the vice president now owns 71,580 shares in the company, valued at $5,130,138.60. The trade was a 1.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sheryl Lynn Kennedy sold 1,350 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $80.58, for a total value of $108,783.00. Following the completion of the transaction, the director now directly owns 10,318 shares of the company’s stock, valued at approximately $831,424.44. This represents a 11.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,500 shares of company stock valued at $5,008,175 in the last three months. 11.40% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Cogent Communications
A number of hedge funds and other institutional investors have recently made changes to their positions in CCOI. State Street Corp raised its position in Cogent Communications by 1.3% in the third quarter. State Street Corp now owns 1,750,810 shares of the technology company’s stock worth $132,921,000 after acquiring an additional 22,738 shares during the period. EdgePoint Investment Group Inc. raised its holdings in shares of Cogent Communications by 0.3% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 1,542,503 shares of the technology company’s stock worth $117,107,000 after purchasing an additional 5,307 shares during the period. Harspring Capital Management LLC lifted its stake in Cogent Communications by 6.0% in the second quarter. Harspring Capital Management LLC now owns 1,176,500 shares of the technology company’s stock valued at $66,402,000 after purchasing an additional 66,500 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in Cogent Communications by 0.4% during the third quarter. Thrivent Financial for Lutherans now owns 1,039,458 shares of the technology company’s stock valued at $78,916,000 after purchasing an additional 4,197 shares during the period. Finally, Geode Capital Management LLC increased its position in Cogent Communications by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,014,322 shares of the technology company’s stock worth $77,021,000 after buying an additional 3,093 shares during the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.
About Cogent Communications
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.
Further Reading
- Five stocks we like better than Cogent Communications
- Low PE Growth Stocks: Unlocking Investment Opportunities
- ORIC: Working with Two Pharma Giants, Analysts See +100% Upside
- 3 Grocery Stocks That Can Help Take a Bite Out of Inflation
- Freeport-McMoRan, Copper Demand Short-Term Pain, Long-Term Gain
- The 3 Best Blue-Chip Stocks to Buy Now
- Time to Load Up on Home Builders?
Receive News & Ratings for Cogent Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cogent Communications and related companies with MarketBeat.com's FREE daily email newsletter.