Cogent Communications Holdings, Inc. (NASDAQ: CCOI – RATING) — Equity researchers at Oppenheimer downgraded their forecast for Cogent Communications’ fourth-quarter 2022 quarterly forecast in a research note published Thursday, Nov. 3. Estimates of stock earnings (EPS). Oppenheimer analyst T. Horan now expects the tech company to report earnings of $0.18 per share for the quarter, down from a previous forecast of $0.22. The current consensus estimate for Cogent Communications’ full-year earnings is $0.80 per share. Oppenheimer also released estimates for Cogent Communications to earn $0.83 per share in fiscal 2023 and $2.58 per share in fiscal 2026.
Cogent Communications (NASDAQ: CCOI – Get Rating) last reported quarterly earnings numbers on Thursday, Aug. 4. The tech company reported earnings per share of $0.24 for the quarter, beating analysts’ consensus estimate of $0.22 by $0.02. The company’s revenue for the quarter was $148.5 million, compared with analysts’ expectations of $150.68 million. Cogent Communications’ return on equity was 4.17% and its net profit margin was 3.83%. The company’s quarterly revenue rose 0.4% from a year earlier. In the same quarter last year, the company reported earnings per share ($0.05).
CCOI has been the subject of many other research reports. Credit Suisse downgraded Cogent Communications to “neutral” from “outperform” in a research note on Tuesday, Oct. 11, and lowered its stock price target to $56.00 from $74.00. Cowen lowered its price target on Cogent Communications to $62.00 in a research note on Tuesday, Aug. 9. In a Friday report, Wells Fargo & Company cut its price target on Cogent Communications to $53.00 from $55.00 and set an “underweight” rating on the company. StockNews.com begins coverage of Cogent Communications in a report on Wednesday, October 12. They issued a “hold” rating on the company. Finally, KeyCorp upgraded Cogent Communications from “Sector Weight” to “Overweight” in a report on Tuesday, Sept. 27, with a $64.00 price target for the company. Two analysts have a sell rating on the stock, two have a hold rating, and two have a buy rating on the company. The stock currently has a “hold” consensus rating and a consensus price target of $63.43, according to MarketBeat.
Cogent Communications rose 0.0%
Cogent Communications shares opened Monday at $53.88. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of 112.25, a price-to-earnings ratio of 4.26, and a beta of 0.33. The stock has a 50-day moving average of $52.55 and a 200-day moving average of $57.54. Cogent Communications had a 52-week low of $46.75 and a 52-week high of $80.50.
Cogent Communications increases dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 2. Shareholders of record on Friday, November 18 will receive a dividend of $0.915. This is a positive change from Cogent Communications’ previous quarterly dividend of $0.91. This translates to an annualized dividend of $3.66 and a dividend yield of 6.79%. The ex-dividend date for this dividend is Thursday, November 17. Cogent Communications currently has a payout ratio of 754.18%.
In other news, director Lewis H. Ferguson sold 940 shares of Cogent Communications in trading on Monday, September 12. The stock sold at an average price of $55.13 for a total value of $51,822.20. Following the transaction, the directors now directly own 13,471 shares of the company’s stock, worth approximately $742,656.23. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Lewis H. Ferguson sold 940 shares of the company in a transaction that took place on Monday, September 12. The stock sold at an average price of $55.13 for a total volume of $51,822.20. Following the transaction, the directors now directly own 13,471 shares of the company’s stock, worth approximately $742,656.23. The transaction was disclosed in a filing with the U.S. Securities and Exchange Commission, which can be accessed via this hyperlink. In addition, Chief Financial Officer Thaddeus Gerard Weed sold 4,850 shares of the company in a transaction that took place on Friday, September 9. The stock sold at an average price of $52.35 for a total value of $253,897.50. Following the transaction, the CFO now directly owns 53,550 shares of the company, valued at $2,803,342.50. Disclosures for this sale can be found here. Company insiders own 11.00% of the company’s shares.
Hedge funds weigh persuasive communications
Several hedge funds and other institutional investors have recently bought and sold the stock. McIlrath & Eck LLC increased its position in Cogent Communications by 70.8% in the second quarter. McIlrath & Eck LLC now owns 468 shares of the tech company’s stock, worth $28,000, after acquiring an additional 194 shares in the previous quarter. Exchange Traded Concepts LLC increased its stake in Cogent Communications by 2.1% in the second quarter. Exchange Traded Concepts LLC now owns 10,484 shares of the tech company’s stock, worth $637,000, after purchasing an additional 220 shares in the previous quarter. Victory Capital Management Inc. increased its stake in Cogent Communications by 2.7% in the second quarter. Victory Capital Management Inc. now owns 9,657 shares of the tech company’s stock, worth $587,000, after buying an additional 253 shares in the previous quarter. Van ECK Associates Corp increased its stake in Cogent Communications by 3.6% in the second quarter. Van ECK Associates Corp now owns 7,333 shares of the tech company’s stock, worth $445,000, after buying an additional 255 shares in the previous quarter. Finally, Oppenheimer Asset Management increased its stake in Cogent Communications by 3.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 7,797 shares of the tech company’s stock, worth $517,000, after buying an additional 270 shares in the previous quarter. 86.84% of the stock is held by institutional investors and hedge funds.
About Youxin Communication
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Cogent Communications Holdings, Inc, through its subsidiaries, provides high-speed Internet access, private networks and data center colocation space services in North America, Europe, Asia, South America, Australia and Africa. The company provides online Internet access and private network services to law firms, financial services companies, advertising and marketing companies, as well as health care providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, cable companies . 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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