Cogent Communications (NASDAQ:CCOI) Receives Reiterates Rating from 888

888 reaffirmed their reiterates rating on shares of Cogent Communications (NASDAQ:CCOI – Get Rating) in a research note released on Monday morning, Benzinga reports.

CCOI has been the subject of a number of other research reports. William Blair reaffirmed an outperform rating on shares of Cogent Communications in a report on Thursday, February 23rd. StockNews.com began coverage on shares of Cogent Communications in a report on Thursday, May 18th. They set a hold rating for the company. Royal Bank of Canada boosted their price target on shares of Cogent Communications from $61.00 to $69.00 and gave the company an outperform rating in a report on Tuesday, March 7th. JPMorgan Chase & Co. downgraded shares of Cogent Communications from an overweight rating to a neutral rating and reduced their price target for the company from $72.00 to $70.00 in a report on Monday, May 8th. Finally, Credit Suisse Group boosted their price target on shares of Cogent Communications from $57.00 to $60.00 and gave the company a neutral rating in a report on Friday, February 24th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $67.33.

Cogent Communications Price Performance

Shares of NASDAQ:CCOI traded up $2.22 during midday trading on Monday, reaching $63.37. The company had a trading volume of 269,666 shares, compared to its average volume of 293,920. The stock’s fifty day moving average price is $65.03 and its 200-day moving average price is $62.65. The stock has a market capitalization of $3.06 billion, a P/E ratio of 288.06 and a beta of 0.44. Cogent Communications has a one year low of $46.75 and a one year high of $75.00.

Cogent Communications (NASDAQ:CCOI – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The technology company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The business had revenue of $116.10 million during the quarter, compared to analyst estimates of $153.79 million. Cogent Communications had a net margin of 1.68% and a negative return on equity of 2.48%. The business’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.02 earnings per share. As a group, sell-side analysts forecast that Cogent Communications will post 0.36 earnings per share for the current year.

Cogent Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 2nd. Shareholders of record on Thursday, May 18th will be given a $0.935 dividend. The ex-dividend date of this dividend is Wednesday, May 17th. This is a boost from Cogent Communications’s previous quarterly dividend of $0.93. This represents a $3.74 annualized dividend and a yield of 5.90%. Cogent Communications’s payout ratio is 1,700.08%.

Insiders Place Their Bets

In other Cogent Communications news, CEO Dave Schaeffer sold 35,000 shares of the business’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $65.38, for a total value of $2,288,300.00. Following the sale, the chief executive officer now directly owns 5,023,781 shares in the company, valued at $328,454,801.78. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Cogent Communications news, CEO Dave Schaeffer sold 35,000 shares of the business’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $65.38, for a total transaction of $2,288,300.00. Following the sale, the chief executive officer now owns 5,023,781 shares in the company, valued at approximately $328,454,801.78. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Sheryl Lynn Kennedy sold 600 shares of the business’s stock in a transaction dated Monday, March 13th. The stock was sold at an average price of $61.66, for a total value of $36,996.00. Following the sale, the director now owns 7,209 shares in the company, valued at approximately $444,506.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 64,068 shares of company stock worth $4,209,866. 11.40% of the stock is owned by corporate insiders.

Institutional Trading of Cogent Communications

Several institutional investors and hedge funds have recently bought and sold shares of CCOI. JPMorgan Chase & Co. lifted its position in shares of Cogent Communications by 8.1% in the first quarter. JPMorgan Chase & Co. now owns 461,369 shares of the technology company’s stock worth $29,398,000 after purchasing an additional 34,591 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cogent Communications by 4.2% in the first quarter. Geode Capital Management LLC now owns 849,596 shares of the technology company’s stock worth $54,136,000 after purchasing an additional 34,384 shares in the last quarter. Azimuth Capital Investment Management LLC lifted its position in shares of Cogent Communications by 1.6% in the first quarter. Azimuth Capital Investment Management LLC now owns 92,535 shares of the technology company’s stock worth $5,896,000 after purchasing an additional 1,455 shares in the last quarter. Belpointe Asset Management LLC lifted its position in shares of Cogent Communications by 68.5% in the first quarter. Belpointe Asset Management LLC now owns 1,289 shares of the technology company’s stock worth $82,000 after purchasing an additional 524 shares in the last quarter. Finally, Advisor Partners II LLC lifted its position in shares of Cogent Communications by 1.9% in the first quarter. Advisor Partners II LLC now owns 27,706 shares of the technology company’s stock worth $1,765,000 after purchasing an additional 506 shares in the last quarter. Institutional investors and hedge funds own 85.15% of the company’s stock.

About Cogent Communications

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Cogent Communications Holdings, Inc engages in the provision of Internet access and Internet Protocol (IP) communications solutions. It offers Internet access and data transport through its fiber optic, IP data-only network, ethernet transport, and colocation services. The company was founded by David Schaeffer in August 1999 and is headquartered in Washington, DC.