Cogent Communications (NASDAQ:CCOI) Given Reiterates Rating at 888

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

Other research analysts have also recently issued research reports about the stock. William Blair reiterated an outperform rating on shares of Cogent Communications in a research note on Thursday, February 23rd. Bank of America raised shares of Cogent Communications from an underperform rating to a buy rating and boosted their target price for the stock from $45.00 to $85.00 in a report on Wednesday, May 3rd. JPMorgan Chase & Co. cut shares of Cogent Communications from an overweight rating to a neutral rating and cut their target price for the company from $72.00 to $70.00 in a research note on Monday, May 8th. StockNews.com started coverage on shares of Cogent Communications in a research note on Thursday, May 18th. They issued a hold rating on the stock. Finally, Royal Bank of Canada raised their price objective on Cogent Communications from $61.00 to $69.00 and gave the company an outperform rating in a research report on Tuesday, March 7th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Cogent Communications presently has an average rating of Hold and an average price target of $67.33.

Cogent Communications Stock Up 3.6 %

Shares of NASDAQ:CCOI traded up $2.22 on Monday, hitting $63.37. The company had a trading volume of 269,659 shares, compared to its average volume of 293,920. Cogent Communications has a 1 year low of $46.75 and a 1 year high of $75.00. The firm’s 50-day simple moving average is $65.03 and its two-hundred day simple moving average is $62.65. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 288.06 and a beta of 0.44.

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 for the quarter, topping the consensus estimate of $0.12 by $0.01. Cogent Communications had a negative return on equity of 2.48% and a net margin of 1.68%. The company had revenue of $116.10 million for the quarter, compared to analysts’ expectations of $153.79 million. During the same period in the prior year, the firm earned $0.02 earnings per share. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. Equities research analysts anticipate that Cogent Communications will post 0.36 EPS for the current year.

Cogent Communications Increases Dividend

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

Insiders Place Their Bets

In related news, CEO Dave Schaeffer sold 35,000 shares of the firm’s stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $65.38, for a total value of $2,288,300.00. Following the completion of the transaction, the chief executive officer now owns 5,023,781 shares in the company, valued at approximately $328,454,801.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Thaddeus Gerard Weed sold 4,850 shares of the firm’s stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $64.30, for a total transaction of $311,855.00. Following the completion of the transaction, the chief financial officer now owns 73,250 shares of the company’s stock, valued at $4,709,975. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Dave Schaeffer sold 35,000 shares of the company’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $65.38, for a total transaction of $2,288,300.00. Following the completion of the sale, the chief executive officer now directly owns 5,023,781 shares in the company, valued at $328,454,801.78. The disclosure for this sale can be found here. In the last quarter, insiders have sold 64,068 shares of company stock valued at $4,209,866. Insiders own 11.40% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

Institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in shares of Cogent Communications by 8.1% during the first quarter. JPMorgan Chase & Co. now owns 461,369 shares of the technology company’s stock valued at $29,398,000 after acquiring an additional 34,591 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Cogent Communications by 4.2% in the 1st quarter. Geode Capital Management LLC now owns 849,596 shares of the technology company’s stock valued at $54,136,000 after buying an additional 34,384 shares during the period. Azimuth Capital Investment Management LLC increased its holdings in shares of Cogent Communications by 1.6% during the 1st quarter. Azimuth Capital Investment Management LLC now owns 92,535 shares of the technology company’s stock worth $5,896,000 after buying an additional 1,455 shares during the last quarter. Belpointe Asset Management LLC raised its position in shares of Cogent Communications by 68.5% during the 1st quarter. Belpointe Asset Management LLC now owns 1,289 shares of the technology company’s stock valued at $82,000 after buying an additional 524 shares during the period. Finally, Advisor Partners II LLC lifted its holdings in Cogent Communications by 1.9% in the first quarter. Advisor Partners II LLC now owns 27,706 shares of the technology company’s stock valued at $1,765,000 after acquiring an additional 506 shares during the last quarter. 85.15% of the stock is currently owned by institutional investors and hedge funds.

Cogent Communications Company Profile

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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.