Cogent Communications Holdings, Inc. (NASDAQ: CCOI – Rated ) has an average Hold rating of 11 brokerages currently covering the stock, according to Marketbeat Ratings. Two equity research analysts have issued a Sell recommendation, two have given a Hold recommendation and three have issued a Buy recommendation to the stock. Brokers who have reported on the stock in the last year have an average 1-year price target of $65.00.
Recently, many brokerages have commented on CCOI. StockNews.com began coverage on shares of Cogent Communications in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Moffett Nathanson upped their price target on Cogent Communications to $93.00 in a report on Thursday. KeyCorp upgraded shares of Cogent Communications from an “sector weight” rating to an “overweight” rating and set a $64.00 price target on the stock in a research note on Tuesday, September 27th. Wells Fargo & Company cut their price target on Cogent Communications from $55.00 to $53.00 and set an “underweight” rating on the company in a research report on Friday, November 4th. Finally, Goldman Sachs Group cut their price target on Cogent Communications from $49.00 to $43.00 and set a “sell” rating on the stock in a report on Monday, November 7th.
Internal Activities of Cogent Communications
In other news, Vice President Raymond B. Kummer sold 4,800 shares of Cogent Communications in a trade dated Wednesday, November 16th. The stock has an average selling price of $58.01 and a total value of $278,448.00. Following the transaction, the vice president now directly owns 50,400 shares of the company, worth $2,923,704. The transaction was disclosed in a filing with the SEC, which is available on the SEC website. In other news, Vice President Raymond B. Kummer sold 4,800 shares of the company in trading on Wednesday, November 16. These shares sold at an average price of $58.01 for a total value of $278,448.00. Following the sale, the vice president now owns 50,400 shares of the company, worth $2,923,704. The sale was disclosed in a filing with the U.S. Securities and Exchange Commission, which is available at this hyperlink. Additionally, director Marc Montagner purchased 10,000 shares of the company in a transaction that occurred on Wednesday, November 9th. The average purchase cost of these shares was $54.88 per share, for a total transaction value of $548,800.00. Following the transaction, the directors now directly own 71,212 shares of the company stock, worth approximately $3,908,114.56. The disclosure for this purchase can be found here. In the past three months, insiders have sold 10,590 shares of the company worth $584,168. 11.00% of shares are owned by insiders.
Institutional transactions for Cogent Communications
Institutional investors and hedge funds recently adjusted their holdings in the company. BlackRock Inc. boosted its position in Cogent Communications by 2.1% in the third quarter. BlackRock Inc. now owns 7,390,862 shares of the tech company worth $385,506,000 after purchasing an additional 149,238 shares last quarter. Vanguard Group Inc. increased its stake in Cogent Communications by 1.8% in the third quarter. Vanguard Group Inc. now owns 5,172,729 shares of the tech company worth $269,811,000 after buying an additional 90,137 shares last quarter. Renaissance Technologies LLC increased its stake in Cogent Communications by 6.8% in the second quarter. Renaissance Technologies LLC now owns 2,312,056 shares of the tech company worth $140,481,000 after purchasing an additional 147,700 shares during that period. Vaughan Nelson Investment Management LP increased its stake in Cogent Communications by 10.1% in the second quarter. Vaughan Nelson Investment Management LP now owns 1,966,077 shares of the tech company worth $119,459,000 after purchasing an additional 179,771 shares last quarter. Finally, State Street Corp increased its position in Cogent Communications by 2.8% during the second quarter. State Street Corp now owns 1,754,375 shares of the tech company worth $106,596,000 after acquiring an additional 48,110 shares during that period. 86.84% of the shares are currently held by institutional investors.
Cogent Communications shares rose 1.9%
Shares of CCOI opened at $58.25 on Nasdaq Friday. The company has a market cap of $2.8 billion, a P/E ratio of 121.36, a PEG ratio of 8.83, and a beta of 0.33. Cogent Communications had a one-year low of $46.75 and a one-year high of $80.06. The company’s 50-day moving average is $53.23 and its 200-day moving average is $57.12.
Persuasive communication pays dividends
The company also recently announced a quarterly dividend, payable 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. The ex-dividend date is Thursday, November 17. This represents an annualized dividend of $3.66 and a dividend yield of 6.28%. Cogent Communications’ dividend payout ratio (DPR) currently stands at 754.18%.
About Cogent Communications
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 firms, as well as healthcare providers, educational institutions and other professional services businesses, other Internet service providers, telephone companies, and 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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