Cogent Communications Holdings, Inc. (NASDAQ:CCOI – Get Rating) – Equities research analysts at KeyCorp upped their Q3 2022 earnings estimates for shares of Cogent Communications in a report issued on Thursday, May 5th. KeyCorp analyst B. Nispel now forecasts that the technology company will post earnings of $0.37 per share for the quarter, up from their previous estimate of $0.30. KeyCorp also issued estimates for Cogent Communications’ Q4 2022 earnings at $0.39 EPS and FY2023 earnings at $1.45 EPS.
Cogent Communications (NASDAQ:CCOI – Get Rating) last issued its earnings results on Friday, April 29th. The technology company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.22). Cogent Communications had a negative return on equity of 6.39% and a net margin of 5.15%. The company had revenue of $149.20 million during the quarter, compared to analyst estimates of $149.10 million. During the same period in the prior year, the business earned $0.41 earnings per share. Cogent Communications’s quarterly revenue was up 1.6% on a year-over-year basis.
A number of other equities analysts have also weighed in on CCOI. StockNews.com started coverage on Cogent Communications in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Citigroup decreased their price target on Cogent Communications from $73.00 to $70.00 in a research report on Monday, May 2nd. Wells Fargo & Company lowered Cogent Communications from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $75.00 to $65.00 in a research report on Wednesday, January 12th. TheStreet downgraded Cogent Communications from a “b-” rating to a “c” rating in a research note on Friday, April 29th. Finally, The Goldman Sachs Group downgraded Cogent Communications from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $70.00 to $57.00 in a research note on Tuesday, January 11th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cogent Communications currently has an average rating of “Hold” and a consensus price target of $75.38.
NASDAQ:CCOI opened at $60.07 on Monday. Cogent Communications has a 1 year low of $56.53 and a 1 year high of $80.50. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 93.86 and a beta of 0.31. The business has a fifty day moving average of $64.32 and a 200-day moving average of $68.51.
Several hedge funds have recently modified their holdings of CCOI. BlackRock Inc. raised its stake in shares of Cogent Communications by 10.2% in the 4th quarter. BlackRock Inc. now owns 7,072,055 shares of the technology company’s stock valued at $517,534,000 after acquiring an additional 654,635 shares in the last quarter. Norges Bank bought a new position in shares of Cogent Communications in the 4th quarter valued at approximately $26,124,000. Goldman Sachs Group Inc. grew its holdings in Cogent Communications by 160.2% in the 3rd quarter. Goldman Sachs Group Inc. now owns 400,460 shares of the technology company’s stock valued at $28,369,000 after buying an additional 246,528 shares during the last quarter. Reaves WH & Co. Inc. grew its holdings in Cogent Communications by 1,206.2% in the 1st quarter. Reaves WH & Co. Inc. now owns 214,964 shares of the technology company’s stock valued at $14,263,000 after buying an additional 198,507 shares during the last quarter. Finally, Assenagon Asset Management SA grew its holdings in Cogent Communications by 1,363.6% in the 4th quarter. Assenagon Asset Management SA now owns 116,726 shares of the technology company’s stock valued at $8,542,000 after buying an additional 108,751 shares during the last quarter. 86.06% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP John B. Chang sold 600 shares of the firm’s stock in a transaction dated Thursday, March 17th. The stock was sold at an average price of $62.96, for a total transaction of $37,776.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO James Bubeck sold 1,920 shares of the firm’s stock in a transaction dated Tuesday, March 1st. The stock was sold at an average price of $62.94, for a total value of $120,844.80. The disclosure for this sale can be found here. Insiders have sold a total of 3,170 shares of company stock valued at $201,846 over the last ninety days. Company insiders own 11.00% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 27th. Stockholders of record on Friday, May 13th will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, May 12th. This is an increase from Cogent Communications’s previous quarterly dividend of $0.86. This represents a $3.52 dividend on an annualized basis and a dividend yield of 5.86%. Cogent Communications’s dividend payout ratio (DPR) is 534.38%.
About Cogent Communications (Get Rating)
Cogent Communications Holdings, Inc., through its subsidiaries, provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, 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.
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