KeyCorp upgraded shares of Cogent Communications (NASDAQ:CCOI – Get Rating) from a sector weight rating to an overweight rating in a research report released on Tuesday, Marketbeat.com reports. KeyCorp currently has $64.00 price target on the technology company's stock. KeyCorp also issued estimates for Cogent Communications' Q3 2022 earnings at $0.31 EPS, FY2022 earnings at $0.91 EPS, Q1 2023 earnings at $0.27 EPS, Q2 2023 earnings at $0.31 EPS, Q3 2023 earnings at $0.37 EPS, Q4 2023 earnings at $0.40 EPS and FY2023 earnings at $1.35 EPS.
A number of other research firms have also recently issued reports on CCOI. Cowen cut their target price on Cogent Communications to $62.00 in a research note on Tuesday, August 9th. Credit Suisse Group lowered their price target on Cogent Communications to $74.00 in a report on Tuesday, August 9th. Finally, StockNews.com lowered Cogent Communications from a buy rating to a hold rating in a report on Saturday, August 13th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Cogent Communications currently has an average rating of Hold and an average target price of $67.71.
Get Cogent Communications alerts:Cogent Communications Price Performance
NASDAQ:CCOI opened at $52.26 on Tuesday. The firm's fifty day moving average price is $56.72 and its 200 day moving average price is $60.04. Cogent Communications has a 1-year low of $49.01 and a 1-year high of $80.50. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of 56.19, a price-to-earnings-growth ratio of 4.23 and a beta of 0.36.
Cogent Communications (NASDAQ:CCOI – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The technology company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. Cogent Communications had a net margin of 7.44% and a negative return on equity of 9.43%. The business had revenue of $148.50 million for the quarter, compared to analyst estimates of $150.68 million. During the same period in the previous year, the firm earned ($0.05) EPS. The business's revenue for the quarter was up .4% compared to the same quarter last year. As a group, analysts expect that Cogent Communications will post 0.8 earnings per share for the current fiscal year.Cogent Communications Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 31st. Investors of record on Thursday, August 18th were paid a $0.905 dividend. This represents a $3.62 dividend on an annualized basis and a dividend yield of 6.93%. This is an increase from Cogent Communications's previous quarterly dividend of $0.88. The ex-dividend date was Wednesday, August 17th. Cogent Communications's dividend payout ratio (DPR) is presently 389.25%.
Insiders Place Their Bets
In other news, CFO Thaddeus Gerard Weed sold 4,850 shares of the business's stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $52.35, for a total transaction of $253,897.50. Following the sale, the chief financial officer now directly owns 53,550 shares in the company, valued at $2,803,342.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Thaddeus Gerard Weed sold 4,850 shares of the business's stock in a transaction on Friday, September 9th. The stock was sold at an average price of $52.35, for a total value of $253,897.50. Following the sale, the chief financial officer now owns 53,550 shares of the company's stock, valued at approximately $2,803,342.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lewis H. Ferguson sold 940 shares of the business's stock in a transaction on Monday, September 12th. The shares were sold at an average price of $55.13, for a total value of $51,822.20. Following the completion of the sale, the director now directly owns 13,471 shares in the company, valued at approximately $742,656.23. The disclosure for this sale can be found here. Company insiders own 11.00% of the company's stock.
Institutional Trading of Cogent Communications
Several institutional investors have recently bought and sold shares of CCOI. Hennion & Walsh Asset Management Inc. raised its position in shares of Cogent Communications by 37.3% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 15,273 shares of the technology company's stock worth $1,013,000 after acquiring an additional 4,146 shares during the last quarter. Advisor Group Holdings Inc. raised its position in shares of Cogent Communications by 6.5% during the first quarter. Advisor Group Holdings Inc. now owns 22,051 shares of the technology company's stock worth $2,627,000 after acquiring an additional 1,354 shares during the last quarter. Swiss National Bank increased its holdings in Cogent Communications by 7.5% in the first quarter. Swiss National Bank now owns 101,400 shares of the technology company's stock valued at $6,728,000 after purchasing an additional 7,100 shares during the last quarter. Harber Asset Management LLC increased its holdings in Cogent Communications by 150.4% in the first quarter. Harber Asset Management LLC now owns 76,620 shares of the technology company's stock valued at $5,084,000 after purchasing an additional 46,020 shares during the last quarter. Finally, MQS Management LLC bought a new stake in Cogent Communications in the first quarter valued at about $281,000. Institutional investors and hedge funds own 86.84% of the company's stock.
Cogent Communications Company Profile
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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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