Recent Research Analysts’ Ratings Changes for Cogent Communications (CCOI)

Posted by Paula Ricardo on Sep 6th, 2024

Several brokerages have updated their recommendations and price targets on shares of Cogent Communications (NASDAQ: CCOI) in the last few weeks:

9/3/2024 – Cogent Communications had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $74.00 price target on the stock.
8/27/2024 – Cogent Communications had its price target raised by analysts at KeyCorp from $80.00 to $90.00. They now have an “overweight” rating on the stock.
8/21/2024 – Cogent Communications was downgraded by analysts at Bank of America Co. from a “neutral” rating to an “underperform” rating. They now have a $65.00 price target on the stock, down previously from $75.00.
8/19/2024 – Cogent Communications had its price target raised by analysts at Citigroup Inc. from $70.00 to $82.00. They now have a “buy” rating on the stock.
8/13/2024 – Cogent Communications had its price target raised by analysts at Bank of America Co. from $70.00 to $75.00. They now have a “neutral” rating on the stock.
8/12/2024 – Cogent Communications had its price target raised by analysts at JPMorgan Chase & Co. from $70.00 to $76.00. They now have a “neutral” rating on the stock.
8/9/2024 – Cogent Communications had its price target raised by analysts at The Goldman Sachs Group, Inc. from $56.00 to $62.00. They now have a “neutral” rating on the stock.
8/9/2024 – Cogent Communications had its price target raised by analysts at TD Cowen from $78.00 to $82.00. They now have a “buy” rating on the stock.
7/29/2024 – Cogent Communications had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $74.00 price target on the stock.

Cogent Communications Stock Performance

NASDAQ CCOI traded down $0.57 during mid-day trading on Friday, reaching $71.71. 131,630 shares of the stock were exchanged, compared to its average volume of 455,577. The company has a market capitalization of $3.52 billion, a P/E ratio of 2.84 and a beta of 0.41. Cogent Communications Holdings, Inc. has a 1 year low of $50.80 and a 1 year high of $86.00. The company has a debt-to-equity ratio of 4.43, a quick ratio of 2.20 and a current ratio of 2.20. The business’s 50 day moving average is $67.07 and its 200-day moving average is $64.42.

Cogent Communications (NASDAQ:CCOI – Get Free Report) last issued its earnings results on Thursday, August 8th. The technology company reported ($0.68) earnings per share for the quarter, topping the consensus estimate of ($1.27) by $0.59. The business had revenue of $260.40 million for the quarter, compared to analysts’ expectations of $264.32 million. Cogent Communications had a negative return on equity of 32.14% and a net margin of 4.26%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.13) EPS. On average, equities research analysts forecast that Cogent Communications Holdings, Inc. will post -4.66 EPS for the current fiscal year.

Cogent Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd will be given a dividend of $0.985 per share. This represents a $3.94 annualized dividend and a dividend yield of 5.49%. The ex-dividend date is Thursday, August 22nd. This is an increase from Cogent Communications’s previous quarterly dividend of $0.98. Cogent Communications’s payout ratio is currently 15.61%.

Insider Buying and Selling

In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $54.60, for a total transaction of $3,276,000.00. Following the sale, the chief executive officer now directly owns 4,493,038 shares in the company, valued at approximately $245,319,874.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cogent Communications news, CEO Dave Schaeffer sold 60,000 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $54.60, for a total value of $3,276,000.00. Following the transaction, the chief executive officer now directly owns 4,493,038 shares in the company, valued at approximately $245,319,874.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Marc Montagner acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were acquired at an average price of $52.61 per share, for a total transaction of $526,100.00. Following the acquisition, the director now directly owns 79,468 shares of the company’s stock, valued at $4,180,811.48. The disclosure for this purchase can be found here. Insiders sold a total of 185,870 shares of company stock worth $11,124,759 in the last 90 days. Company insiders own 11.40% of the company’s stock.

Institutional Investors Weigh In On Cogent Communications

Institutional investors and hedge funds have recently bought and sold shares of the business. Thrivent Financial for Lutherans grew its stake in shares of Cogent Communications by 2,739.1% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,035,261 shares of the technology company’s stock valued at $58,430,000 after buying an additional 998,796 shares in the last quarter. EdgePoint Investment Group Inc. lifted its holdings in shares of Cogent Communications by 500.1% during the first quarter. EdgePoint Investment Group Inc. now owns 1,051,568 shares of the technology company’s stock valued at $68,699,000 after acquiring an additional 876,326 shares during the period. Capital World Investors raised its stake in shares of Cogent Communications by 327.7% in the first quarter. Capital World Investors now owns 981,623 shares of the technology company’s stock valued at $64,129,000 after acquiring an additional 752,133 shares during the last quarter. Norges Bank bought a new position in shares of Cogent Communications in the fourth quarter valued at about $50,430,000. Finally, Westwood Holdings Group Inc. acquired a new position in Cogent Communications during the 4th quarter worth $48,184,000. Institutional investors and hedge funds own 92.45% of the company’s stock.

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.