Analysts Set Cogent Communications Holdings Inc (NASDAQ:CCOI) Target Price at $76.71

Shares of Cogent Communications Holdings Inc (NASDAQ:CCOI) have earned a consensus rating of “Hold” from the twelve research firms that are currently covering the firm, MarketBeat.com reports. Seven analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $76.71.

Several research analysts have recently issued reports on CCOI shares. Zacks Investment Research raised Cogent Communications from a “hold” rating to a “strong-buy” rating and set a $77.00 price objective for the company in a research note on Monday, March 2nd. ValuEngine downgraded Cogent Communications from a “buy” rating to a “hold” rating in a research note on Friday, May 1st. JPMorgan Chase & Co. upped their price objective on Cogent Communications from $61.00 to $76.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Moffett Nathanson upped their target price on Cogent Communications from $56.00 to $64.00 in a report on Friday. Finally, Citigroup upgraded Cogent Communications from a “neutral” rating to a “buy” rating and upped their target price for the company from $80.00 to $85.00 in a report on Tuesday, June 16th.

In other Cogent Communications news, VP Timothy G. Oneill sold 400 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $80.49, for a total transaction of $32,196.00. Following the transaction, the vice president now directly owns 33,600 shares in the company, valued at approximately $2,704,464. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Timothy G. Oneill sold 2,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $76.81, for a total value of $153,620.00. Following the transaction, the vice president now owns 34,000 shares in the company, valued at $2,611,540. The disclosure for this sale can be found here. Insiders have sold a total of 10,070 shares of company stock worth $776,009 over the last 90 days. Company insiders own 10.71% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp lifted its holdings in shares of Cogent Communications by 6.5% in the 1st quarter. State Street Corp now owns 1,326,226 shares of the technology company’s stock worth $108,711,000 after purchasing an additional 80,921 shares in the last quarter. NJ State Employees Deferred Compensation Plan bought a new position in shares of Cogent Communications in the 1st quarter worth $246,000. AXA bought a new position in shares of Cogent Communications in the 1st quarter worth $1,426,000. Zimmer Partners LP lifted its holdings in shares of Cogent Communications by 44.4% in the 1st quarter. Zimmer Partners LP now owns 314,172 shares of the technology company’s stock worth $25,753,000 after purchasing an additional 96,532 shares in the last quarter. Finally, Advisor Group Holdings Inc. bought a new position in shares of Cogent Communications in the 1st quarter worth $470,000. Institutional investors own 85.83% of the company’s stock.

NASDAQ CCOI traded down $1.44 during trading on Friday, hitting $76.88. 8,294 shares of the company’s stock were exchanged, compared to its average volume of 335,501. The company has a market cap of $3.69 billion, a PE ratio of 95.51, a P/E/G ratio of 7.27 and a beta of 0.21. Cogent Communications has a fifty-two week low of $53.24 and a fifty-two week high of $92.96. The stock’s 50 day moving average price is $77.15 and its two-hundred day moving average price is $76.50.

Cogent Communications (NASDAQ:CCOI) last issued its earnings results on Thursday, May 7th. The technology company reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.02). Cogent Communications had a negative return on equity of 20.95% and a net margin of 6.79%. The business had revenue of $140.90 million for the quarter, compared to analyst estimates of $141.78 million. During the same period in the previous year, the firm posted $0.20 EPS. The firm’s revenue was up 5.0% compared to the same quarter last year. On average, equities analysts predict that Cogent Communications will post 0.99 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Friday, May 22nd were issued a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.54%. This is a boost from Cogent Communications’s previous quarterly dividend of $0.66. The ex-dividend date was Thursday, May 21st. Cogent Communications’s dividend payout ratio is presently 357.89%.

About Cogent Communications

Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services primarily to small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America, Europe, Asia, Australia, and Brazil.

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Analyst Recommendations for Cogent Communications (NASDAQ:CCOI)

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